Original article by Roy Morgan
Market Research Update – Page: Online : 10-Jul-24

New financial data from Roy Morgan’s Wealth Report shows that among the larger banks, Macquarie has the wealthiest customers. Macquarie customers’ net wealth per capita is a market leading $943,000. Macquarie customers have higher incomes than customers of other large banks, and they are also the most likely to own or to be paying off homes, the main source of Australians’ wealth. In second place is St George with net wealth per capita of $662,000. St George’s customers are centred in Sydney where housing prices are the highest in the country, contributing to that city having greater per capita wealth than elsewhere in Australia. In third please is Westpac, with net wealth per capita of $646,000, the highest of the top four banks. Westpac customers are more likely to own property than customers of the other top four banks. They are also older and more likely to be Baby Boomers, giving them more time to have accumulated wealth. Meanwhile, the Commonwealth Bank has the lowest net wealth per capita of the banks reported ($474,000). Its customers are more likely to be Gen Z than customers of the other large banks. The latest data covers the 12 months to March 2024. Over this period net wealth per capita among all Australians aged 14+ stood at $503,000. Net wealth per capita is often below average among customers of the smaller regional banks and credit unions.

CORPORATES
ROY MORGAN LIMITED, MACQUARIE BANK LIMITED – ASX MBL, ST GEORGE BANK LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA