Quote:

We're the richest nation on earth, according to a Credit Suisse report AUSTRALIANS are the world's wealthiest people on a median basis and second in the world behind Switzerland on an average basis, according to a new report. The Credit Suisse report also notes the European sovereign debt crisis is not expected to stop a new generation of millionaires emerging in the next five years, with the greatest wealth growth likely to occur in the booming Asia-Pacific. On a median measure Australian adults are worth nearly $US221,704 ($217,559), nearly four times the amount of each US adult. The proportion of Australian adults worth more than $US100,000 is eight times the global average. The high wealth rate in Australia is attributed to the strong Australian dollar, property ownership levels and a robust labour market. Australia also has one of the highest home ownership rates in the world, with property making up about 65 per cent of consumers' wealth. Start of sidebar. Skip to end of sidebar. .End of sidebar. Return to start of sidebar. The Credit Suisse Global Wealth report shows worldwide wealth is estimated at $US231 trillion and is forecast to hit $US314 trillion by 2016, despite the current market upheaval. The report says there are 27.9 million millionaires in the world, of which Australia accounts for 4 per cent. Credit Suisse forecasts that number will reach 45.6 million in the next five years with the greatest growth to come from China. It is estimated that the world's fastest-growing economy now has 1.01 million millionaires and that could rise to 2.4 million as the nation's industrialisation and urbanisation continues. Credit Suisse's Asia-Pacific head of private banking, Marcel Kreis, said the current European crisis showed the world economy would need to rely on the emerging nations for future growth. "These are times of unprecedented economic, social and political change," he said. "We are seeing a reshaping of the world economic order where the emerging markets will play a far more important role. "If you look at Asia-Pacific rates, China has been strong for 10 years. The world is pinning its hopes on avoiding a mid-term recession on the ongoing positive fallout and developments in China and the Asian region. "Twenty years ago, if the US hit recession or growth slowed then Asia would catch a cold and dip into recession." Australia's interest rates are widely divergent from Europe and the US, the higher rates here underpinning the strength of the Australian dollar and a reflection of Australia's boom-time conditions. Now, an interest rate cut at the Reserve Bank's November board meeting is considered a strong possibility. "The household sector has been subdued for some time but that has been seen as making room for the investment in the external sectors, especially mining," said Credit Suisse's Australian strategist Adnan Kucukalic . "The RBA is now weighing up and questioning whether the domestic economy could do with some help." .

http://www.theaustralian.com.au/business/economics/were-the-richest-nation-on-earth-according-to-a-credit-suisse-report/story-e6frg926-1226171128694

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It would be interesting to revisit that list in 10 yeas time.  Would bet that the australia will only just scrape in to the top 10, and the only other countries to stay on the list would be japan, iceland and singapore

Deborahmac09 wrote on Oct 21^st, 2011 at 12:17am:

Quote: We're the richest nation on earth, according to a Credit Suisse report AUSTRALIANS are the world's wealthiest people on a median basis and second in the world behind Switzerland on an average basis, according to a new report. The Credit Suisse report also notes the European sovereign debt crisis is not expected to stop a new generation of millionaires emerging in the next five years, with the greatest wealth growth likely to occur in the booming Asia-Pacific. On a median measure Australian adults are worth nearly $US221,704 ($217,559), nearly four times the amount of each US adult. The proportion of Australian adults worth more than $US100,000 is eight times the global average. The high wealth rate in Australia is attributed to the strong Australian dollar, property ownership levels and a robust labour market. Australia also has one of the highest home ownership rates in the world, with property making up about 65 per cent of consumers' wealth. Start of sidebar. Skip to end of sidebar. .End of sidebar. Return to start of sidebar. The Credit Suisse Global Wealth report shows worldwide wealth is estimated at $US231 trillion and is forecast to hit $US314 trillion by 2016, despite the current market upheaval. The report says there are 27.9 million millionaires in the world, of which Australia accounts for 4 per cent. Credit Suisse forecasts that number will reach 45.6 million in the next five years with the greatest growth to come from China. It is estimated that the world's fastest-growing economy now has 1.01 million millionaires and that could rise to 2.4 million as the nation's industrialisation and urbanisation continues. Credit Suisse's Asia-Pacific head of private banking, Marcel Kreis, said the current European crisis showed the world economy would need to rely on the emerging nations for future growth. "These are times of unprecedented economic, social and political change," he said. "We are seeing a reshaping of the world economic order where the emerging markets will play a far more important role. "If you look at Asia-Pacific rates, China has been strong for 10 years. The world is pinning its hopes on avoiding a mid-term recession on the ongoing positive fallout and developments in China and the Asian region. "Twenty years ago, if the US hit recession or growth slowed then Asia would catch a cold and dip into recession." Australia's interest rates are widely divergent from Europe and the US, the higher rates here underpinning the strength of the Australian dollar and a reflection of Australia's boom-time conditions. Now, an interest rate cut at the Reserve Bank's November board meeting is considered a strong possibility. "The household sector has been subdued for some time but that has been seen as making room for the investment in the external sectors, especially mining," said Credit Suisse's Australian strategist Adnan Kucukalic . "The RBA is now weighing up and questioning whether the domestic economy could do with some help." . http://www.theaustralian.com.au/business/economics/were-the-richest-nation-on-earth-according-to-a-credit-suisse-report/story-e6frg926-1226171128694

Interesting...that one data set ends a decade ago...

... wrote on Nov 18^th, 2011 at 11:03am:

It would be interesting to revisit that list in 10 yeas time.  Would bet that the australia will only just scrape in to the top 10, and the only other countries to stay on the list would be japan, iceland and singapore

Luxembourg will remain steady, it's run like a gentlemans club. ;D

Zif you knew...

We fall for trickle down theory the hardest don't ya mean!??!

We are being laughed at for not taking a decent share of the minerals boom!!

I KNOW, LET'S IMPORT MORE CUSTOMERS AND CALL THEM WORKERS!!  :D :D

GEE, LUCKY AUSTRALIA IS GETTING AN NBN OTHERWISE THERE WOULD BE NOTHING TO SHOW FOR IT EXCEPT PAPER FORTUNES!

OH, AND A YOUTH THAT PREDOMINANTLY CAN'T AFFORD TO MOVE OUT OF HOME EVER!!  :o :o

Soren wrote on Nov 18^th, 2011 at 9:21pm:

Zif you knew...

Exactly, old boy. Not even likely to get signed in.

Quote:

GEE, LUCKY AUSTRALIA IS GETTING AN NBN OTHERWISE THERE WOULD BE NOTHING TO SHOW FOR IT EXCEPT PAPER FORTUNES! OH, AND A YOUTH THAT PREDOMINANTLY CAN'T AFFORD TO MOVE OUT OF HOME EVER!!   :o :o

Yes we are so rich that we can't even afford our kids to aquire their own independence and freedom of thought.
Where TF are we at?

Isn't it a main goal for a parent to have their kids evolve into a an independent person in thought and in action. Or is it the goal to have them sucking up to whoever might pay them the most for their servitude?

Amadd wrote on Nov 19^th, 2011 at 11:22pm:

Or is it the goal to have them sucking up to whoever might pay them the most for their servitude?

Well, how else would we continue our unbroken tradition of vassaldom? You tell me...

Quote:

Well, how else would we continue our unbroken tradition of vassaldom? You tell me...

It's an art isn't it?
There is certainly nothing very special which has evolved from any doctrine.

"Common sense" might be an historical option to revert back to. I think we'd prefer to take our chances on walking out of the front in full confidence that we can handle whatever comes our way.

Parents would do very well to teach that.

Amadd wrote on Nov 19^th, 2011 at 11:58pm:

Quote: Well, how else would we continue our unbroken tradition of vassaldom? You tell me... It's an art isn't it? There is certainly nothing very special which has evolved from any doctrine. "Common sense" might be an historical option to revert back to. I think we'd prefer to take our chances on walking out of the front in full confidence that we can handle whatever comes our way. Parents would do very well to teach that.

They would (do very well to teach that)...

But then along comes the Queen or a US President and we're back to acting like fawning, gibbering idiots.

Amadd wrote on Nov 19^th, 2011 at 11:22pm:

Quote: GEE, LUCKY AUSTRALIA IS GETTING AN NBN OTHERWISE THERE WOULD BE NOTHING TO SHOW FOR IT EXCEPT PAPER FORTUNES! OH, AND A YOUTH THAT PREDOMINANTLY CAN'T AFFORD TO MOVE OUT OF HOME EVER!!   :o :o Yes we are so rich that we can't even afford our kids to aquire their own independence and freedom of thought. Where TF are we at? Isn't it a main goal for a parent to have their kids evolve into a an independent person in thought and in action. Or is it the goal to have them sucking up to whoever might pay them the most for their servitude?

IT'S THE ECONOMY STUPID,... but we're all too uneducated enought to bother thinking what the economy is made of!!  :o ::) ::) :-[

NorthOfNorth wrote on Nov 19^th, 2011 at 11:35pm:

Amadd wrote on Nov 19th, 2011 at 11:22pm: Or is it the goal to have them sucking up to whoever might pay them the most for their servitude? Well, how else would we continue our unbroken tradition of vassaldom? You tell me...

vassaldom?  :o

Deborahmac09 wrote on Oct 21^st, 2011 at 12:17am:

Quote: We're the richest nation on earth, according to a Credit Suisse report AUSTRALIANS are the world's wealthiest people on a median basis and second in the world behind Switzerland on an average basis, according to a new report. The Credit Suisse report also notes the European sovereign debt crisis is not expected to stop a new generation of millionaires emerging in the next five years, with the greatest wealth growth likely to occur in the booming Asia-Pacific. On a median measure Australian adults are worth nearly $US221,704 ($217,559), nearly four times the amount of each US adult. The proportion of Australian adults worth more than $US100,000 is eight times the global average. The high wealth rate in Australia is attributed to the strong Australian dollar, property ownership levels and a robust labour market. Australia also has one of the highest home ownership rates in the world, with property making up about 65 per cent of consumers' wealth. Start of sidebar. Skip to end of sidebar. .End of sidebar. Return to start of sidebar. The Credit Suisse Global Wealth report shows worldwide wealth is estimated at $US231 trillion and is forecast to hit $US314 trillion by 2016, despite the current market upheaval. The report says there are 27.9 million millionaires in the world, of which Australia accounts for 4 per cent. Credit Suisse forecasts that number will reach 45.6 million in the next five years with the greatest growth to come from China. It is estimated that the world's fastest-growing economy now has 1.01 million millionaires and that could rise to 2.4 million as the nation's industrialisation and urbanisation continues. Credit Suisse's Asia-Pacific head of private banking, Marcel Kreis, said the current European crisis showed the world economy would need to rely on the emerging nations for future growth. "These are times of unprecedented economic, social and political change," he said. "We are seeing a reshaping of the world economic order where the emerging markets will play a far more important role. "If you look at Asia-Pacific rates, China has been strong for 10 years. The world is pinning its hopes on avoiding a mid-term recession on the ongoing positive fallout and developments in China and the Asian region. "Twenty years ago, if the US hit recession or growth slowed then Asia would catch a cold and dip into recession." Australia's interest rates are widely divergent from Europe and the US, the higher rates here underpinning the strength of the Australian dollar and a reflection of Australia's boom-time conditions. Now, an interest rate cut at the Reserve Bank's November board meeting is considered a strong possibility. "The household sector has been subdued for some time but that has been seen as making room for the investment in the external sectors, especially mining," said Credit Suisse's Australian strategist Adnan Kucukalic . "The RBA is now weighing up and questioning whether the domestic economy could do with some help." . http://www.theaustralian.com.au/business/economics/were-the-richest-nation-on-earth-according-to-a-credit-suisse-report/story-e6frg926-1226171128694

We may be the richest in the world as a Nation, but it matters how the riches are distributed.
Take the retirees , they are the second poorest after Ireland in the OECD, due to the means testing of the basic pension and the tax-free super for the over sixties if the super comes from a "taxed fund".

But we don't breed very well.
If it wasn't for Boat People and New Zealanders (let alone everyone else moving here) - our Population growth would still be in Recession and in many other decades - Depression.
Our youth need drugs or alcohol as a ritual excuse for romance and we have the greatest Aged Population ratio.

As long as the women are off the unemployment and not having kids. John Howard was happy.
As long as there are less mouths to feed. Kevin Rudd was happy.

Australia's the Wealthiest Nation - but at what cost???????? :-?

It isn’t worth much when its value is depended on the world financial system.

It_is_the_Darkness wrote on Feb 29^th, 2012 at 8:11pm:

But we don't breed very well. If it wasn't for Boat People and New Zealanders (let alone everyone else moving here) - our Population growth would still be in Recession and in many other decades - Depression. Our youth need drugs or alcohol as a ritual excuse for romance and we have the greatest Aged Population ratio. As long as the women are off the unemployment and not having kids. John Howard was happy. As long as there are less mouths to feed. Kevin Rudd was happy. Australia's the Wealthiest Nation - but at what cost???????? :-?

We're quite sick actually!

The racist propganda on our front pages is one of the clearest examples of how sick a nation we really are!!

It's almost as if our national racist, hate-filled bigotry is attempting to fill the emptiness of a life spent counting too much coin.

Not all investments are good investments. We are selling our minerals off way too cheaply and we have all known this for far too long to not have done anything about it.

WE ARE A SICK NATION!!

  :o :o :o :-[

Totally agree!
We have been consistently one of the nations with the highest Suicide Rates in the world, sometimes we have had the highest but I think Finland is now #1.

...and yet this is hardly considered in the Media which is too interested in our Mercenary efforts ofr the USA's Military shenanigans.

Richest? that's a bold word to say when the RBA know better then any one that we are in debt and always will be.

Don't forget Australia Debt is your debt.

Thanks to our current banking and monetary system we will
always be in debt. that applies to all nations, so to say we are the richest? You are playing Australians as fools. one day it will bite you in the ass you Fed banks.

Everyone is in Debt.
But Australia and New Zealand are the only nations that seem to be funding the United Nations.
We are the only ones who pay our bills.

It_is_the_Darkness wrote on Mar 5^th, 2012 at 2:34pm:

Totally agree! We have been consistently one of the nations with the highest Suicide Rates in the world, sometimes we have had the highest but I think Finland is now #1. ...and yet this is hardly considered in the Media which is too interested in our Mercenary efforts ofr the USA's Military shenanigans.

AMERICA IS DEAD!

Free markets don't exist 'cos if they did they wouldn't be building standing armies that threaten every beast that had the hide to live.

IT'S ALL ABOUT IDEAS AND THE HIGHEST IDEAL GENERALLY WINS, WHATEVER THAT IS, BUT IT CERTAINLY AINT MODERN DAY AMERICA.

AMERICA HAS TO GET ITSELF STRAIGHT OR FACE BEING STRAIGHTENED OUT....which the process of has already started.

IN A NUTSHELL, THE WORLD IS WASTING IT'S RESOURCES PRETENDING FREE-MARKETS a) EXIST and b) ARE EVEN AN IDEAL WORTH AIMING FOR.

"...IT'S EVOLUTION, BABY..................!!"

It's always idolatry for some funny reason....

GO HOLLYWOOD AND THE FASHION VICTIMS OF THE WORLD,.......  :'(

Agree.

Some people in this thread just cant stomach good news.

;D

It doesn’t mean crap when our wealth is dependent on everyone else’s.
This is the problem with globalization.
Every nation is depended on everyone else and a baseless currency.
The currency is only backed by the people who trust it, and the small minority that controls the money have the power to alter public perception of the money.
So if they are to decide that the value of money should drop, and we go into depression.
Our nation will have to act very quickly to supply for itself or risk people starving, dehydrating, disease etc..

Not only that, Most of our wealth is based upon an economy that is heavily dependant upon overseas associations. I would say that only 25% of the Australian Economy is 'self-sufficient' or sustainable.
...just another 'Home Loan' Economy ::)

Doctor Jolly wrote on Mar 28^th, 2012 at 3:19pm:

Some people in this thread just cant stomach good news. ;D

wHEN YOU'RE WEALTHY YOUR WORRIES ARE, QUITE RIGHTLY, WASTING IT!