Author Topic: Australians richest in the world. (Read 4115 times)

jr · « **on:** October 17, 2014, 01:53:43 PM »

Are people from outside Australia aware of this, or are we flying under the radar. Judging by the sheer amount of immigrants coming here, a lot of (third world) people are aware and want a piece of the action.

Thanks to their houses, Australians are the richest people in the world, according to the investment bank Credit Suisse.

The fifth annual study by the Swiss bank of global wealth trends found the median Australian adult was worth more than $US225,000 ($258,000) in June, well ahead of the second wealthiest population on this measure, the Belgians, at $US173,000.

They were followed by the Italians, French and British, all at around $US110,000.
Only 6 per cent of Australians have wealth below $US10,000, compared with 29 per cent in the United States and 70 per cent for the world as a whole.

Household wealth in Australia is heavily skewed to "real assets" – essentially property – which average $US319,700 per household, or 60 per cent of gross assets. This is the second highest in the world after Norway.

Since 2000, the net wealth of the average, or mean (as opposed to median), adult Australian has more than quadrupled, from $US103,151 to $US431,000. That makes us the second richest population on this measure, behind the Swiss at $US581,000.

Read more: http://www.smh.com.au/business/the-economy/property-makes-australians-the-world8217s-richest-says-credit-suisse-20141014-1163ip.html#ixzz3GR9wxLsy

Teutonic Knight · « **Reply #1 on:** October 17, 2014, 02:02:23 PM »

Keep quiet , taxman is

, $:-\$

Teutonic Knight · « **Reply #2 on:** October 17, 2014, 02:04:28 PM »

the Belgians (Analbolichalo) & US $ 173 000 ..........

denarii · « **Reply #3 on:** October 17, 2014, 02:09:38 PM »

denarii · « **Reply #4 on:** October 17, 2014, 02:11:26 PM »

denarii · « **Reply #5 on:** October 17, 2014, 02:20:41 PM »

typical aussie real estate 'entrepreneur'

denarii · « **Reply #6 on:** October 17, 2014, 02:42:05 PM »

you should read macrobusiness.com.au, mpettis.com or debtdeflation.com by steve keen.

denarii · « **Reply #7 on:** October 17, 2014, 02:44:57 PM »

one of the best charts on regional mortgage debt

denarii · « **Reply #8 on:** October 17, 2014, 02:49:02 PM »

Quote from: jr on October 17, 2014, 02:45:17 PM

I've read these websites on occasion, the problem is that they've been wrong for so long about the housing market, one day they will be right, who knows when though.

i dont know what you mean by 'wrong' i doubt macrobusiness have said they are making short term calls. they arent making day trading recommendations. they are talking about the structural economic environment and how its likely to play out.

The True Adonis · « **Reply #9 on:** October 17, 2014, 03:05:13 PM »

Isn`t it true the Aborigines create the most problems in Australia?

denarii · « **Reply #10 on:** October 17, 2014, 03:39:31 PM »

tbh i dont remember steve keen making market calls. but maybe that is just my memory i used to mainly listen to him on either kingworldnews.com or max keisers keiserreport.

The True Adonis · « **Reply #11 on:** October 17, 2014, 04:21:23 PM »

Quote from: jr on October 17, 2014, 03:27:20 PM

I don't think so, there's not that many of them around. I never see or hear about them. Maybe in their remote "outback" communities they cause problems.

Lebanese crime gangs and arab ISIS supporters seem to be causing the most problems at the moment, on the east coast at least.

Interesting. I know the Aboriginal rate of incarceration is extremely high per capita as well as crimes per capita, particularly violent.

ISIS supporters eh? Crazy how its come to that, people supporting the worst of humanity.

D-Cord · « **Reply #12 on:** October 17, 2014, 04:25:22 PM »

We are very proud of the nation we have built.

Lustral · « **Reply #13 on:** October 17, 2014, 04:29:08 PM »

Qatar and Norway are far richer per capita for a start, then if you wanna go GDP you could list USA, China, Japan, UK etc etc richer. Not richest at all.

Looks like Ireland did 7 years ago. Let's get rich by selling each other houses on borrowed money. My house is worth 1.2m - cool, gonna buy one for 1.4m and sell it for 2m! (forgetting that with one house you have to buy in same market).

The True Adonis · « **Reply #14 on:** October 17, 2014, 04:31:12 PM »

Seems like total inflation to me. I know Australia has to pay a ton for things we pay nearly nothing for. I remember Basile totaling up the bill for his CPU build and it was ridiculous.

SchmoeTown · « **Reply #15 on:** October 17, 2014, 04:40:14 PM »

Yeah, over here you go to an auction and it's spot the non chinese person. To the regular white australian house prices are an absolute joke and completely out of reach. Forced to go live out in the sticks whilst immigrants buy up all the properties in the suburbs

Lustral · « **Reply #16 on:** October 17, 2014, 04:55:09 PM »

Quote from: SchmoeTown on October 17, 2014, 04:40:14 PM

Yeah, over here you go to an auction and it's spot the non chinese person. To the regular white australian house prices are an absolute joke and completely out of reach. Forced to go live out in the sticks whilst immigrants buy up all the properties in the suburbs

It's called a housing bubble. All bubbles burst.

Every country's politicians will say they are unique snowflakes or they have strong economic fundamentals but they are lying. Then they will say it was unforeseen, there will be cuts (unless you're French socialists and you live as champagne socialists until country implodes), a new party will come in build up economy (they won't, it builds itself in spite of government), they will have a giveaway budget that derails recovery before the next election then a couple of years later shit will hit the fan again.

Worst thing is, we live in an accelerating culture. Where once a recession to boom cycle was 30 years then 15 years it is now, judging by house prices and stock markets 7 years. Soon it will be less until people say "do you remember August 2037? We were balling, then came September". In November they will claim all is well then January it will all go tits up.

Wolfox · « **Reply #17 on:** October 17, 2014, 05:20:02 PM »

They can't even afford a 15 minute shower in that giant desert. How rich could they be.

Lustral · « **Reply #18 on:** October 17, 2014, 05:28:14 PM »

Quote from: Wolfox on October 17, 2014, 05:20:02 PM

They can't even afford a 15 minute shower in that giant desert. How rich could they be.

Well they have a shit load of gold and diamonds. Tourism is meh. Finance ain't bad. Lot of commodities anyway - zinc etc. However with a minimum wage of $16 I think yet cigarettes cost $20 per pack what is the point?

Teutonic Knight · « **Reply #19 on:** October 17, 2014, 05:54:29 PM »

Quote from: The True Adonis on October 17, 2014, 03:05:13 PM

Isn`t it true the Aborigines create the most problems in Australia?

Social security parasites !.

Lustral · « **Reply #20 on:** October 17, 2014, 06:13:24 PM »

Quote from: Teutonic Knight on October 17, 2014, 05:54:29 PM

Social security parasites !.

They lack the enzyme to process alcohol (alcohol dehydrogenase) so are prone to be alcos plus 50,000 years of doing nothing (innovation wise) was interrupted by brits with guns. I would prob find them annoying too but it would have been like aliens with time travel coming here.

I'm so messed up on this issue. I want to succeed and humans to progress. I love science etc but do you think we are happier than the people in tahiti or hawaii were before money, 9 to 5s etc came along? Look at the substance abuse issues among them and native americans. Look at any factory worker or 9-5 drone. Off topic but it is a question that plagues me.

jude2 · « **Reply #21 on:** October 17, 2014, 06:49:24 PM »

A worth of 225,000 is consider rich?

Irongrip400 · « **Reply #22 on:** October 17, 2014, 07:27:04 PM »

It's that fat billionaire female skewing it. There's like 400 people there and she's the richest woman in the world, so it skews the facts. Nothing to see here folks, move along.

Tapeworm · « **Reply #23 on:** October 17, 2014, 10:56:16 PM »

Nonsense stat. Rich if you sold your house? Where you gonna live? In a shoe?

Housing in WA can't keep going up. It can't. People's salaries aren't going up at anywhere near the cost of housing or living. People won't be able to pay off the mortgage over a working lifetime. It used to be a big deal for me to say I worked on a million dollar house. These days I work on million dollar houses all the time. I was in one today. It was a piece of shit. I can't believe people are willing to pay so much for so little. Enough are to buoy the market, I guess.

I got here in '99 and thought the place was cheap. In the last 15 years it has become one of the most expensive places in the world but most people aren't struggling to keep up, somehow. It looks prosperous. Everyone's got new $100k SUVs and million dollar mortgages. They don't have any money but they have lots of nice shit. Tell ya what. It feels like a house of cards. If the mining industry hiccups hard enough there will be blood in the streets in 48 hours. People here take on staggering debt. Thousands of dollars a week coming in and going straight back out again. I knew an electrician who claimed he had to bill $1000 a day to keep afloat and that was six years ago. $250k+ a year earnings and these fools are living hand to mouth. But hey, why not, the money will keep flowing in forever, right? Perth will crash hard and fast when it happens. Or maybe everything will be just fine. Wtf do I know. I know I saw a bag of M&Ms in a gas station for $9. Not a jumbo size, just that little mini-snack size bag that they put M&Ms in. $9. Welcome to Perth.

galain · « **Reply #24 on:** October 17, 2014, 11:01:43 PM »

The housing bubble bursting is something we've been hearing for a long long time but it hasn't happened yet.

I'm sure it will, but at the prices things are at now, I can't imagine that houses will magically become affordable, even after the bubble bursts.

The problem is our negative gearing tax system which encourages multiple home ownership, and foreign investors who throw money at the real estate agents. When I left i was living in a small one bedroom 1960's ground floor apartment. It was in a good suburb in Melbourne, and in good condition, but still, it stood out on a street of restored terrace houses. It was in a block of 12 and certainly nothing special.

Some hong Kong businessman bought it for his daughter to live in while she went to uni. He paid $690,000.
For what it was, $200,000 would have been a lot.