Australia has become the richest country in the world for families. (photo by Australian newspaper)
Australia is once again the richest country in the world, returning to the top of the list for the first time since 2013, thanks in large part to high house prices and generous pensions, according to the Australian newspaper.
According to the latest global survey by Credit Suisse (Credit Suisse), Australia has the highest average household wealth value in 211 countries, more than Switzerland, the United States, the UK and Canada, which have long been famous for being rich.
Despite instability in Australia's political environment and recent signs of weakness in equity and house prices, Australia's average household wealth still stands at $191453.
Australia has an average wealth of $411060 per adult, the second highest in the world, behind Switzerland.
However, Australia's household wealth component is more focused on non-financial assets, with an average of $304500, accounting for 60 percent of households' net worth, the report said.
The wealth of most households is linked to the value of their homes, and many do not feel as rich as reported data because they are unable to spend, pay pensions, and so on.
It is understood that Australia's current millionaire worth of US $1.3 million, in the next five years, the number of people will rise to 1.8 million, an increase of 41 percent.
In terms of equality of wealth, Australia has also performed better. Only 6% of Australians have a net worth of less than $10, 000. This compares with 18% in the UK and 28% in the US.
At present, Australia has 2910 super-rich, ranked 10th in the world.