Bloomberg News

Australia’s Richest Widen Net-Worth Gap Versus Nation’s Poorest

October 13, 2011

Oct. 14 (Bloomberg) -- The richest Australians saw their wealth rise at more than triple the pace of the poorest as the nation’s economy withstood the global recession of 2009, a government report showed.

Average net worth jumped 15 percent to A$2.2 million ($2.2 million) for the wealthiest households in the four years through June 30, 2010, compared with a 4 percent gain to A$31,829 for those at the other end and an 11 percent increase to A$427,168 for those in the middle, the Australian Bureau of Statistics said in a report released today.

The Australian economy has avoided a recession for two decades as demand for the nation’s iron ore, coal and natural gas from Asia’s developing economies bolsters exports, keeps unemployment near 5 percent and lifts wages.

Sixty-two percent of households were in the highest net worth category in 2010, up from 61 percent in 2006, and 1 percent are in the lowest, little changed from four years earlier, according to the report.

The average net worth of all Australian households rose 14 percent to A$719,561, today’s report showed.

Australia ranked sixth worldwide in gross domestic product per capital in 2010, up from 15th place five years earlier, according to International Monetary Fund figures.

--Editor: Iain Wilson

To contact the reporter on this story: Brendan Murray in Sydney at brmurray@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus