New figures have revealed how much money and assets you need to be considered wealthy in Australia and where the rich invest their funds.
If you’ve ever wondered how the other side lives, new statistics have provided an insight into just how much money you need to be rich in Australia.
The Australian Bureau of Statistics released its Survey of Income and Housing 2017/18 last week, and it gives people a snapshot of the assets and debts of Australians.
The ABS has separated Australia’s population into five segments, called quintiles, each representing 20 per cent of the population.
It found average household wealth has grown to about $1.02 million, from nearly $749,000 in 2005/06.
Household wealth is calculated by adding up all the assets owned by a household and then subtracting the value of debts such as home loans.
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