According to The Australian Financial Review, Australia has overtaken Switzerland to record the highest median wealth in the world, driven by high property prices and large superannuation balances.
For Aussies battling high petrol, energy and other living costs it may not feel like it but on average we are also the second wealthiest nation on the planet, according to Credit Suisse's annual Global Wealth Report.
The report shows average wealth per adult in Australia sits the second highest in the world after Switzerland. The Swiss sit on balances of $US530,240, while Australians average $US411,060 per adult while in the US average wealth is $US403,970.
"Australia continues to be among the wealthiest countries in the world due to our superannuation system, an unprecedented 26 years of continuous economic growth, high real estate prices, the strength of the Australian dollar, and plentiful natural resources," said Michael Marr, head of the private bank at Credit Suisse Australia, said.
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