Wealth inequality in Australia is getting worse

Original article by Roy Morgan
Market Research Update – Page: Online : 24-Sep-18

The first edition of the Roy Morgan Wealth Report shows that net wealth has grown strongly in Australia, but the biggest gains have been among the wealthiest 10% of Australians. They had an average per capita wealth of over $2 million and held 48.3% of net wealth in 2017, compared to 46.8% in 2007. Meanwhile, the poorest 50% of Australians have seen their total share of net wealth fall from 3.9% to 3.7% over the last decade. The report also shows that growing personal wealth is highly correlated to income level, with those earning over $130,000 having an average net wealth of $1.2 million, which is nearly five times those earning less than $15,000 ($248,000). The report is based on over half a million in depth face-to-face interviews conducted over the decade from 2007 to 2017 across Australia.


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