Australians Overtake Swiss To Lead World In Median Wealth Stakes

Great news through in the Sydney Morning Herald, showing that Australia has seized from Switzerland the global title of having the highest "median wealth per adult", in Credit Suisse's 2018 Global Wealth Report released on Friday.

The article went on to cover that wealth is defined in the report as the sum of all assets, including residential property, deposits, shares and super, minus all debts – a concept otherwise known as “net worth”.

Residential Property obviously being the highlight here as the base to all of our wealth.

The results show that if every Australian adult lined up in a row, the middle person would have a net worth of $US191,453 – about $270,000 at Friday’s exchange rate.

That puts us a nose ahead of the middle Swiss adult's net worth of $US183,339.

Switzerland retains, however, its dominance over the global ranking for average wealth per adult - which it has topped every year since the survey began in 2000. The net worth of the average Swiss adult is $US530,240. Australia comes in second place with an average wealth per adult of $US411,060 (almost $580,000).

Australian Unemployment rate hitting a seven-year low

The jobless rate has hit a seven-year low, dropping to 5 per cent in September.

Employment increased by only 5600 jobs in seasonally adjusted terms, but the 0.3 percentage point decrease in the number of people looking for jobs was also a factor in the overall unemployment rate dropping from 5.3 per cent in August.

Great news for continuing growth in our emerging property markets!

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Have a great weekend and catch you next week!

Warm Regards,

Troy