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Rich keep getting richer
Wealthier Australians have cashed in on a period of high growth, while struggling Aussies have barely moved up, according to market research.
Rich keep getting richer
Wealthier Australians have cashed in on a period of high growth, while struggling Aussies have barely moved up, according to market research.
Numbers in Roy Morgan’s Wealth Report show that the top 30 percentile of Australians have grown their personal wealth by over 60 per cent since 2007, while the bottom 10 per cent went from minus $20,000 in wealth to minus $19,000 in the same period.
Roy Morgan CEO Michele Levine credited the growth in wealth to older Aussies who have cashed in on the country’s good fortunes while also considering it to be “the luck of the draw”.
“Basically, people in their late 50s through to their late 60s have lived through an environment of massive growth,” Ms Levine said.
On the other end of the spectrum, “if someone is coming into a situation now, where we are approaching a time where we won’t have big inflation, we won’t have interest rates, we won’t have high growth”.
“This is not something you can just start in the world and all goes well,” Ms Levine said.
How has the nation performed since 2007?
The figures show that depending on individual circumstances, the national statistics since 2007 can either show Australia as a country going forward by great leaps or regressing.
Net wealth actual has grown by 90.5 per cent, while net wealth CPI adjusted has grown by 47.6 per cent.
Over the same period, median CPI adjusted net wealth has fallen 2.2 per cent since 2007.
Personal assets have almost doubled between 2007 and 2019, having grown from $5.2 trillion to $9.872 trillion, according to Roy Morgan.
As assets have increased, so too have debts, although by a lower percentage than assets: Debt has risen from $691 billion in 2007 to $1.2 trillion in 2019.
CPI adjusted figures show the average Aussie has just under $500,000 in assets.
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