{"id":29711,"date":"2020-12-18T10:27:21","date_gmt":"2020-12-17T21:27:21","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=29711"},"modified":"2020-12-18T10:27:21","modified_gmt":"2020-12-17T21:27:21","slug":"the-rich-the-comfortable-middle-and-the-rest-australias-wealth-and-income-ladder-revealed","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-rich-the-comfortable-middle-and-the-rest-australias-wealth-and-income-ladder-revealed\/","title":{"rendered":"The rich, the comfortable middle and the rest: Australia\u2019s wealth and income ladder revealed"},"content":{"rendered":"

PHOTO: Wealth. FILE<\/strong><\/p>\n

The richest tenth of households owns almost half Australia\u2019s private wealth followed by a \u201ccomfortable middle” of 30 per cent with 38 per cent, leaving the lowest 60 per cent – who tend to be younger \u2013 with 16 per cent of household wealth.<\/p>\n

That\u2019s the conclusion of new\u00a0research<\/a>\u00a0comparing the upper, middle and lower rungs of the nation\u2019s wealth and income ladder.<\/p>\n

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There are concerns economic inequality could worsen in the wake of the pandemic\u00a0<\/span>CREDIT:<\/span>LOUISE KENNERLEY SMH<\/cite><\/strong><\/em><\/p>\n<\/figcaption><\/figure>\n

The average net worth of the richest ten per cent reached $4.75 million in 2017-18, underpinned by substantial property assets and a disproportionate share of stocks and business investments. That group owns 46 per cent of household wealth.<\/p>\n

The next wealth rung \u2013 the comfortable middle \u2013 had average household net worth of just under $1.3 million. About half of that group\u2019s wealth is tied up in their own home although investment properties (with a net value of $104,000 on average) and superannuation also make substantial contributions.<\/p>\n

The bottom 60 per cent of Australian households had average wealth of $277,000, with owner-occupied housing and superannuation the biggest assets.<\/p>\n

The average wealth in households with a reference person aged 65 years and over was $1.38 million – 1.5 times that of younger age groups (with an average of $904,000).<\/p>\n

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