Wednesday 21 September 2022 03:44 AM Credit Suisse report finds Australians are now richest people in the world trends now
Australia is the world's richest country following a surge in property prices with the typical resident now worth more than $400,000, a Swiss bank has declared.
Credit Suisse's annual Global Wealth Report for 2022 revealed Australia is the world's wealthiest nation based on the median - or middle - wealth of every adult.
The typical Australian adult was worth $US273,900 ($A409,075), the bank found - making them richer than the likes of residents of Belgium, New Zealand, Hong Kong, Denmark, Switzerland, Canada, Netherlands, the United Kingdom and France.
The report noted median wealth - as opposed to average wealth - was higher in countries with less income inequality, and that Australia particularly benefited from a surge in pandemic relief measures and record-low 0.1 per cent interest rates.
Australia is the world's richest country following a surge in property prices with the typical resident now worth more than $400,000, a Swiss bank has declared. Credit Suisse's annual Global Wealth Report for 2022 revealed Australia is the world's wealthiest nation based on the median - or middle - wealth of every adult (pictured is a woman at Sydney's Bondi Beach)
When it came to a different metric - average wealth - Switzerland was No.1 on $US696,000 ($A1.041million) - making it the only nation of millionaires in Australian dollars.
On this measure, Australia ranked fourth with average wealth of $US550,110 ($A822,316) behind the United States on $US579,050 ($A865,768) and Hong Kong on $US552,930 ($A826,969).
The Credit Suisse report covered 2021 when Reserve Bank interest rates were still at a record-low of 0.1 per cent and national property prices surged by 22.1 per cent, marking the biggest annual increase since 1989.
Sydney's median house price last year climbed by 29.4 per cent to $1.375million as Brisbane's equivalent value soared by 30.4 per cent to $782,967, CoreLogic data showed.
Credit Suisse noted property prices had increased by 31 per cent in Australia, outranking New Zealand's 25 per cent increase.
'Housing markets were initially subdued during the peak of the pandemic,
