Australia’s median wealth falls almost 7% since 2020 despite the rich getting richer, report says

Average wealth among Australians climbed by 19% so far this decade but median wealth dropped 7%, suggesting most of the gains were by those already at the top. Photograph: Ian Waldie/Getty Images View image in fullscreen Average wealth among Australians climbed by 19% so far this decade but median wealth dropped 7%, suggesting most of the gains were by those already at the top. Photograph: Ian Waldie/Getty Images Australia’s median wealth falls almost 7% since 2020 despite the rich getting richer, report says Swiss bank UBS finds ‘growing divide between the wealthiest and the broader population’ as country adds more than 25,000 more millionaires Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Middle Australia’s wealth is going backwards while the richest claim an ever-greater share of the pile, according to new research that shows more than 25,000 people across the country became millionaires last year. The latest global wealth report from the Swiss bank UBS said 2025 marked “an extraordinary year”, in which close to a million new millionaires were created worldwide – a record increase in a single year. While hailing the rapid rise in personal riches, the report also warned that the “gains were uneven”. Australia’s 178 billionaires are $25.7bn richer than last year as 3.7 million live in poverty Read more “While average wealth rose notably, median wealth actually declined in most markets, highlighting a growing divide between the wealthiest and the broader population,” it said. The median delivers a better insight of “typical” wealth levels at the middle of the scale, while the average can be distorted by the distribution of outcomes – such as a small group of very wealthy individuals. Sign up for the Breaking News Australia email This effect was evident in Australia, where UBS calculated that average personal net wealth climbed by 19% so far this decade – even after accounting for high and persistent inflation over that time between 2020 and 2025. But this masked a nearly 7% contraction in the median wealth of Australian adults over the period, suggesting expanding wealth has favoured those at the top. Australia is not alone. Chart listing top 30 countries by median wealth Through the past six years, median wealth is lower in 18 of the 29 countries analysed by UBS, including a roughly 20% decline in Germany, the US and the UK. In contrast, median wealth in the 2020s has jumped by 50% in Japan, 20% in India, and more than 10% in South Korea. Saul Eslake, an independent economist, said: “Australia hasn’t experienced as much widening in income inequality as quite a lot of other similar countries but we have had big increases in wealth inequality . “The biggest driver of inequality by wealth is housing .” Property wealth and compulsory superannuation helped Australian adults have the third-highest median net wealth in the world, at nearly $US211,000 (A$306,000), behind Luxembourg an