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Revealed: how Australians became $42,000 poorer on average this year - as people in most other developed nations got richer

A typical Australian's average wealth in terms of their assets fell to $562,290 Credit Suisse Global Wealth Report revealed Australians lost $41,758 this yearThis occurred as the Swiss became $25,915 richer while US wealth rose $17,450Swiss bank blamed falling Australian house prices for plunge in per capita richesAustralia's tally of millionaires dived by 124,000 as property values kept falling

Australians have become $42,000 poorer on average this year as people in most other developed nations got richer, a Swiss bank has revealed.

Credit Suisse's Global Wealth Report for 2019 had plenty of good news for those in Switzerland, the United States, Japan, the Netherlands, New Zealand and Singapore.

As individuals in most developed nations saw their wealth increase, Australians saw the worth of their assets dive by $41,758 or $US28,670 - to an average of $562,290 ($US386,058).

Revealed: how Australians became $42,000 poorer on average this year - as people in most other developed nations got richer

Australians have become $42,000 poorer on average this year as people in most other developed nations got richer, a Swiss bank has revealed. This occurred as individuals in the United States and Switzerland saw their wealth increase

Australia at a glance

Wealth levels fell $41,758 ($US28,670)

Average wealth in terms of assets per adult stands at $562,290 ($US386,058)

Tally of millionaires fell by 124,000 to 1.18million

Source: Credit Suisse Global Wealth Report, 2019 

By comparison, Swiss per capital wealth levels surged by $25,915 ($US17,790) as equivalent American wealth climbed by $17,450 ($US11,980).  

Diving house prices in Sydney and Melbourne in particular had eroded wealth levels in Australia, with Credit Suisse noting national property prices had fallen by six per cent during the past year.

Australia was also the only nation to experience a real estate price fall of more than two per cent, the report said.  

Declining property prices were a major factor in Australia's tally of millionaires, falling by 124,000 to 1.18million during the 2018-19 financial year.

Diving house prices in Sydney and Melbourne in particular had eroded wealth levels in Australia, with Credit Suisse noting national property prices had fallen by six per cent during the past year (pictured is a house at Carlton North in inner-city Melbourne)

This occurred as the US added 675,000 millionaires while China and Japan each added 150,000 people to this elite group. 

Collectively, Australia's wealth levels plunged by $645.2billion ($US443billion), putting it in the same league of losers as Turkey, Pakistan.

American wealth conversely surged by $5.5trillion ($US3.8trillion). 

The news wasn't all bad for Australia.

Average wealth levels of $562,290 for every adult are still 16 per cent above where they were in 2011.

Even with the currency now worth just 68.66 US cents, Credit Suisse noted Australia's wealth per adult was still the fourth highest in the world in US dollars, ranking only second after Switzerland.  

Australia's millionaire tally of 1.18 millionaires makes up 2.6 per cent of the world's 46.79 millions despite making up 0.4 per cent of the world's adult population.

As individuals in most developed nations saw their wealth increase, Australians saw their riches dive by $41,758 or $US28,670 - to an average of $562,290 ($US386,058) 

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