Australia has long held the nickname the ‘lucky country’. And according to the latest global data, there might be more truth to that than many of us realise.
A major international wealth report has placed Australia near the top of the global prosperity list—but if that’s the case, why do so many Australians still feel like they’re struggling to make ends meet?
The rise of the everyday millionaire
The UBS Global Wealth Report introduces a new term—‘EMILLIs’ or Everyday Millionaires. This refers to individuals with investable assets between 1-5 million United States Dollar (USD).
Australia is home to around 1.9 million EMILLIs, driven largely by property market and the relatively high rate of home ownership.
More than 70 per cent of Australian wealth is tied up in non-financial assets such as real estate, while only a little over 10 per cent is held in cash or deposits.
This heavy reliance on property has been a mixed blessing.
While property values have lifted the net worth of many homeowners, they’ve also made life harder for those still trying to get into the market.
For them, the dream of home ownership can feel increasingly out of reach.
Wealth growth amid cost-of-living pressures
Since the start of this decade, average wealth in Australia has grown by more than 15 per cent.
Australia ranks fifth globally for average adult wealth and second for median wealth, with median wealth per adult now sitting just above $415,000—behind only Luxembourg, and ahead of Switzerland, the United Kingdom, and the United States.
Yet, despite those encouraging figures, many Australians say they’re still feeling financially stretched.
Much of this is due to rising living costs. Groceries, utilities and fuel are all more expensive, meaning many people don’t feel the benefit of their growing assets.
And for many, their wealth is tied up in bricks and mortar—not available to use in their daily budgets.
The middle class is thriving
The report also highlights a bright spot: Australia’s middle class is doing comparatively well.
Unlike the ultra-rich, middle-income Australians have benefited most from the steady rise in property values—particularly in suburban and regional areas.
According to Domain’s Property Price Forecast Report for FY2025, property prices in Australia’s capital cities are projected to rise by 6 per cent over the next financial year.
That could mean a $70,000 increase in the average home’s value. By the end of this financial year, the median house price in capital cities is forecast to reach $1.2 million.
Superannuation: A growing asset
Another key to Australia’s wealth is the superannuation system.
With a growing $4 trillion superannuation pool, Australians are better positioned for retirement than many of their international counterparts.
The median growth fund is expected to return 9 per cent this financial year, strengthening retirement security for those nearing the end of their working lives.
Why don’t we feel rich?
Despite all the data, many Australians still don’t feel wealthy. Here’s why:
- Rising living costs: Essentials like food, fuel, energy and healthcare are taking a larger chunk of the budget.
- Wealth inequality: The gap between the ultra-rich and the average household remains wide.
- Property market pressures: Those not already on the ladder may find home ownership feels increasingly unreachable.
- Asset-rich, cash-poor: Much of the wealth is tied up in property, leaving little in the bank for day-to-day spending.
What does the future hold?
The outlook remains positive, with property values likely to continue rising and superannuation playing a growing role in financial security.
But addressing day-to-day cost-of-living pressures and ensuring wealth is more fairly distributed will be essential if Australia hopes to retain its reputation as one of the world’s most prosperous countries.
Your turn: How are you feeling about Australia’s wealth?
Do you feel like you’re benefiting from Australia’s strong global standing? Or is the rising cost of everyday living making it hard to enjoy any of this prosperity?
We’d love to hear your take. Drop a comment below and join the conversation.
Also read: Australia’s wealthiest in 2025 unveiled—can you guess who made the cut?
Why don’t I feel rich:- I come in Range 1 & 4, Asset-Rich (Property – Home) but living “Pay Day to Pay Day”. My Bank balance is virtually Zero, as what I receive in income, goes out on Bills and Living Expenses.
I may get a Holiday in 3 or 4 years time, after the Mortgage is paid off !!
The rich get richer, and the poor get poorer. A saying that has been around from when I was kid. I am now 81. Has always been this way and will never change I believe.