Increase in average wealth by wealth group
This graph compares the increase in real value (after inflation is taken into account) of average wealth holdings of each wealth group. Between 2003-04 and 2017-18: The average wealth of the highest 20% wealth group rose by 68%. The average wealth of the middle 20% wealth group rose by 36% The average wealth of the lowest 20% wealth group rose by 6%.
Change in shares of overall wealth by wealth group
This shows changes in the shares of overall household wealth held by each wealth group. Between 2003-04 and 2017-18, the highest 20% wealth group increased its share of overall wealth by 4.5%, while the share of all other groups declined. This represents an unambiguous increase in wealth inequality over the period.
Trends in average household wealth in different assets
This shows compares the real value (after inflation is taken into account) of average wealth holdings in different assets. The average value of owner-occupied housing (the largest component of household wealth) rose strongly before the Global Financial Crisis, declined between 2009-10 and 2011-12, and then resumed its strong growth. Overall, the average value of owner-occupied housing rose by 28% (after inflation) during this period. The value of other real estate (investment property) followed a similar pattern. But grew much more strongly overall, by 61%. The average value of superannuation holdings grew very strongly and consistently across the period (by 119% overall), so that its share of wealth holdings increased. From 2003-04 to 2015-16, the share of owner-occupied housing in all household wealth fell from 45% to 39%, though it remained the largest component. The share of wealth in superannuation rose from 14% to 20% (reflecting the gradual maturing of the superannuation…
Trends in the concentration of wealth in different assets, from 2003-04 to 2017-18
From 2003-04 to 2017-18, the overall value of household wealth rose by 56% after inflation, led by strong growth in the value of superannuation, shares and other financial investments, and investment property. In that time, the average value of superannuation held by households (including those who do not have it) rose by 141% from $89,000 to $214,000, shares and other financial assets rose by 74% from $121,000 to $210,000 and investment property rose by 66% from $71,000 to $119,000. The average value of the largest asset - owner-occupied housing - grew at a more modest 35% from $294,000 in 2003 to $398,000 in 2017, along with 8% growth in the value of other non-financial assets from $86,000 to $92,000.
Household wealth distribution in OECD nations
In 2014, wealth was less unequally distributed in Australia than on average throughout the OECD, with 46% of household wealth in Australia held by the top 10% of households ranked by wealth. In contrast, income inequality is greater in Australia than in most OECD nations.
Trends in wealth inequality by asset type
This graph shows the contribution of each asset class to overall wealth inequality, and how this changed over time. The sum of these contributions is the Gini coefficient for each year, which rose from 0.57 in 2003-04 to 0.62 in 2017-18. It also shows the contribution of different components of household wealth (asset classes) to overall wealth inequality. The three asset classes making the greatest contributions to wealth inequality at the end of the period in 2015-16 (when the Gini coefficient was 0.62) were owner-occupied housing (contributing 0.22, reflecting its high overall weight among household assets), shares and business income (contributing 0.15, reflecting its high concentration in high-wealth households), and superannuation (contributing 0.12, reflecting its high overall weight among household assets). The main contributors to growth in wealth inequality from 2003-04 to 2017-18 were superannuation (whose contribution to the Gini coefficient for wealth rose by 0.04) and…
Components of Australia’s wealth
Ths graph shows the parts of Australia's wealth. 2017-18: 39% of household wealth is held in owner-occupied housing, 12% in investment property, 21% in superannuation another 20% in shares and other financial assets (such as bonds and bank accounts), and 9% in other non-financial assets such as cars. 2015-16: A large component of Australia’s household wealth (39%) is held in the family home, followed by 20% in superannuation , and 19% in financial assets such as shares and business assets. Around 12% is held in other real estate – investment properties - and 10% in other non‑financial assets such as vehicles and home contents.
Shares of wealth across wealth groups by asset type
This graph shows how different types of wealth holdings are distributed across wealth groups. It shows that ownership of shares, investment real estate and superannuation is highly concentrated. 2017-18: The wealthiest 20% group holds 81% of shares and other financial investments; and 83% of investment property. Superannuation is also shared unequally, with 61% by value held by the highest 20%, and 20% held by the next highest wealth group. Owner-occupied housing is more equally distributed, with 55% by value held by the highest 20%, and 27% by the second-highest wealth group. 2015-16: The highest 20% of the wealth distribution owns over 80% of all wealth in investment properties and shares and over 60% of all superannuation assets. Household wealth in the residential home is more evenly distributed, though the highest 20% still holds 54% of all wealth in this form. The most evenly distributed asset type is ‘other non‑financial assets’ (e.g. vehicles and home contents), since…
Trends in average wealth
This shows changes in the real value (after inflation) of net household wealth. The average value of household wealth (minus debts such as home mortgages) rose steadily from $644,000 in 2003-04 to $836,000 in 2009-10, when the Global Financial Crisis occurred. Average wealth then dipped slightly to $802,000 in 2011-12 before rising again to $936,000 in 2015-16.
