Australians World’s Wealthiest on Housing, Credit Suisse Says
Australians have the world’s highest median worth and the Asia-Pacific topped Europe as the largest wealth-holding region, according to Credit Suisse Group AG. (CSGN)
Australians have a median wealth per adult of $193,653, the Credit Suisse global wealth report showed, the highest of 216 countries surveyed. With plentiful land, sparse population, natural resources and high home prices, Australia’s proportion of individuals with wealth above $100,000 is the most of any country and eight times the world average, the report said.
Europe’s sovereign debt-crisis contributed to a $10.9 trillion loss in the value of household assets in that region during the past year, according to the report.
“These are times of unprecedented economic change, and a radical reconfiguration of the world’s economic order is taking shape,” said Francesco de Ferrari, Singapore-based head of private banking for Asia Pacific at Credit Suisse. “Asia- Pacific, which makes up two thirds of the world’s middle class of emerging consumers, remains the key growth engine of the world economy and global wealth.”
A global economic slowdown has prompted policymakers from the U.S. to Europe and China to add to stimulus measures in 2012 to boost growth. In Australia, central bank Governor Glenn Stevens has been cutting interest rates to revive demand outside of a resource boom that may peak earlier than previously forecast.
To contact the reporter on this story: Adam Haigh in Sydney at email@example.com
To contact the editor responsible for this story: Nick Gentle at firstname.lastname@example.org