Quote:
Originally Posted by glenc
"In 2011, average wealth in Australia, at
USD 397,000, was second highest in the world
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Since housing represents much of an individuals wealth, the comparison to other western countries is distorted by us being at different stages of the housing boom cycle. Japan's boom ended 2 decades ago and the US and Europe have had falling house prices for several years while we're near the top of our boom. In another decade we will feel significantly less wealthy having seen house values evaporate but still needing to service the debt.
We'll still be well off compared to most other humans on the planet though - plenty of natural resources for a relatively small population.