Wealthy households in Australia have continued on a path of significant growth in the period since 2005-6, new figures from the Australian Bureau of Statistics (ABS) have shown.
The data, reported as part of the Household Wealth and Wealth Distribution in Australia report, revealed the richest families have increased their net worth by 15 per cent during the last five years.
Examining the country's wealthiest 20 per cent of households, analysts discovered that this group had an average of $2.2 million (£1.4 million) worth of belongings per home.
Researchers also found that over two-thirds of Australian residents own their own home either outright or with a mortgage, with owner-occupied dwellings being the main asset held by the majority of people.
Earlier this month, the ABS revealed that the country's average life expectancy has improved by two to three years during the last decade, which coincides with an increase to the average household income.
Posted by Ravin Chatlani
The data, reported as part of the Household Wealth and Wealth Distribution in Australia report, revealed the richest families have increased their net worth by 15 per cent during the last five years.
Examining the country's wealthiest 20 per cent of households, analysts discovered that this group had an average of $2.2 million (£1.4 million) worth of belongings per home.
Researchers also found that over two-thirds of Australian residents own their own home either outright or with a mortgage, with owner-occupied dwellings being the main asset held by the majority of people.
Earlier this month, the ABS revealed that the country's average life expectancy has improved by two to three years during the last decade, which coincides with an increase to the average household income.
Posted by Ravin Chatlani
