Wealth up almost 50 per cent: ABS

Australians are now 45 per cent wealthier than in the mid-1990s, official data from the Australian Bureau of Statistics shows. The value of household wealth, mostly defined by income levels and major assets including superannuation, grew strongly between 1994-2000. The increase was strongly influenced by rising real estate prices.

Middle and older age groups in particular experienced a large increase in average and median wealth. This peaks in the 55-64-year-old group, then declines as people retire. The richest 10 per cent of households has remained fairly stable over the period, however, with this group holding about 44 per cent of all wealth. In 2000, New South Wales had the highest average household wealth, at $345,400, largely due to the higher house values in that state compared with others.

Advertisement