Figures show Australia’s wealth is growing but benefits are not spread evenly

Original article by Charis Chang – Page: Online : 31-Oct-19

The Roy Morgan Wealth Report shows that Australia’s net wealth has increased by 90.5 per cent, or $4107bn, between 2007 and 2019. The nation’s wealth increased by 47.6 per cent when the CPI is taken into account. The net wealth of individual Australians has also increased since the global financial crisis, but this increase has not been spread evenly across the population. Median net wealth has increased by 26.3 per cent to $1.7m, although this has fallen by 2.2 per cent when adjusted for the CPI. However, the top decile of Australians have increased their wealth by 60 per cent since 2007, while the lowest decile remains in negative wealth, with their net wealth rising from -$20,000 to -$19,000. Roy Morgan CEO Michele Levine says wealth inequality can breed distrust in society.


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