Australia falls to stone cold last in Credit Suisse wealth report
Quote:An influential global wealth survey has highlighted the world’s greatest loser in economic outcomes this year — Australia. Although the report is in $US, and reflects the impact of falling house prices and a falling $A – and although Australians remain among the richest people in the world – it also confirms that Australia’s economy is being poorly managed. Alan Austin reports.
Credit Suisse is a Swiss finance corporation with a prestigious research division and a solid reputation. It publishes a lengthy Global Wealth Report each year and an even longer Global Wealth Databook.
In his introduction to the 2019 Wealth Report, released Monday, Urs Rohner, Chairman of Credit Suisse’s Board of Directors, only mentions one economy adversely:
The United States added 675,000 newcomers [to the millionaires club], more than half of the global total. Japan and China each contributed more than 150,000, but Australia lost 124,000 millionaires following a fall in average wealth.
Average wealth per adult
The data embedded in both the report and the databook are damning of Australia’s extraordinary loss of wealth. Regarding average wealth per adult, the report states:
“The main loser was Australia (down $US28,670), with other significant losses in Norway (down $US7,520), Turkey (down $US5,230) and Belgium (down $US4,330).” Clearly the other losses are chicken feed compared with Australia’s $US28,670 — which is a thumping $A41,750.
The report emphasises Australia’s shame with a prominent chart showing the winners and losers. This graph is theirs, not ours. The comment in red italics is ours.
Quote:Australia is one of a tiny minority of countries with wealth per adult lower in 2019 than back in 2012.
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