Key facts
- Australia's median wealth has decreased by nearly 7% between 2020 and 2025.
- Average personal net wealth in Australia increased by 19% during the same period.
- The richest individuals are accumulating a larger share of national wealth.
- Globally, nearly one million new millionaires were created in 2025, a record increase.
- Median wealth declined in 18 out of 29 countries analyzed, including Germany, the US, and the UK.
- Australia ranks third globally in median net wealth, with nearly $US211,000 per adult.
Australia's median wealth has declined by nearly 7% since 2020, despite average wealth increasing by 19% over the same period, according to a new global wealth report from UBS. This divergence indicates that the wealthiest individuals are capturing a disproportionately larger share of the nation's wealth.
The report, which analyzed data up to 2025, found that while nearly a million new millionaires were created globally in 2025, the gains were unevenly distributed. In Australia, this trend is pronounced, with median wealth contracting while average wealth grew, suggesting a widening gap between the rich and the broader population.
Independent economist Saul Eslake noted that Australia has experienced significant increases in wealth inequality, primarily driven by housing. Despite this, Australia maintains the third-highest median net wealth globally, at nearly $US211,000 (A$306,000) per adult, behind Luxembourg and Belgium. In contrast, the US, despite having high average wealth, ranked 28th out of 30 countries for median wealth.
Eslake suggested that widening inequality can negatively impact economic growth, citing arguments that wealthy individuals save more and that rising inequality can fuel populist policies detrimental to the economy. He also pointed out that Australia's tax system does little to mitigate wealth inequality, advocating for measures such as an inheritance tax on estates above $5 million or $10 million, with exemptions for surviving spouses.