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Australia is the second richest nation in the world when it comes to individual wealth, but it may not be. Swiss financial services provider Credit Suisse assesses Australia as the world's most cashed-in country after Switzerland, based on median wealth per capita (pictured is Australia's richest female billionaire, mining magnate Gina Rinehart)

Australia is the second richest nation in the world when it comes to the wealth of middle class individuals, but that may not be the case.

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The Swiss financial services provider Credit Suisse assesses Australia as the world's most cashed-in country after Switzerland, based on median wealth per capita.

The country Down Under also has the world record for going the longest without recession.

However, the economy is growing at the slowest pace since the global financial crisis ten years ago and retail sales in the year to September have the largest annual decline in 28 years ago, the Australian Statistical Office revealed this week.

Australia is the second richest nation in the world when it comes to individual wealth, but it may not be. Swiss financial services provider Credit Suisse assesses Australia as the world's most cashed-in country after Switzerland, based on median wealth per capita (pictured is Australia's richest female billionaire, mining magnate Gina Rinehart)

Australia is the second richest nation in the world when it comes to individual wealth, but it may not be. Swiss financial services provider Credit Suisse assesses Australia as the world's most cashed-in country after Switzerland, based on median wealth per capita (pictured is Australia's richest female billionaire, mining magnate Gina Rinehart)

Richest countries in the world based on median individual wealth

Switzerland: $ US 227,891 ($ A330,595)

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Australia: $ US181,361 ($ A263,000)

Hong Kong *: $ US146,900 ($ A213,100)

Belgium: $ US117,090 ($ A169,640)

New Zealand: $ US116,440 ($ A168,726)

Japan: $ US110,408 ($ A159,985)

Canada: $ US107.004 ($ A155.052)

France: US $ 101,940 ($ A147,730)

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UK: $ US97,452 ($ A141,226)

Singapore: $ US96,967 ($ A140,539)

* Part of China

Source: Credit Suisse Global Wealth Report, 2019

Cash register activity decreased by 0.2 percent, corrected for inflation in real terms, which is the largest decrease since June 1991 – when Australia was last in recession.

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This happened even though people with an average and average income, with a salary of $ 48,000 to $ 90,000 a year, earned new tax cuts of $ 1,080 as part of the election budget.

Although Australia remains a prosperous nation, thanks to the strong Chinese demand for raw materials, it is a particularly priceless place to live.

Sydney is the third most expensive real estate market in the world, after Hong Kong and Vancouver, when the average house prices were compared with the average income of households.

In fact, four Australian capitals are among the 20 most priceless cities in the world, with Melbourne at number 4, making it for Los Angeles, San Francisco and London.

Adelaide came in at number 14, while Brisbane made the list at number 18, making them even before New York.

Retail sales in the year to September have the largest annual decline in 28 years ago. Cash register activity declined by 0.2 percent, corrected for inflation in real terms, marking the largest decrease since June 1991 - when Australia was last in recession (pictured is a David Jones store. The department store chain in August stated that it suffered a & # 39; retail recession & # 39;)
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Retail sales in the year to September have the largest annual decline in 28 years ago. Cash register activity declined by 0.2 percent, corrected for inflation in real terms, marking the largest decrease since June 1991 - when Australia was last in recession (pictured is a David Jones store. The department store chain in August stated that it suffered a & # 39; retail recession & # 39;)

Retail sales in the year to September have the largest annual decline in 28 years ago. Cash register activity declined by 0.2 percent, corrected for inflation in real terms, marking the largest decrease since June 1991 – when Australia was last in recession (pictured is a David Jones store. The department store chain in August stated that it suffered a & # 39; retail recession & # 39;)

The rating agency Moody & # 39; s Investors Service expected the affordability of homes in Australia to deteriorate in 2020, when property values ​​in Sydney and Melbourne recovered from a record decline that began in 2017.

& # 39; Affordability will deteriorate in 2020 as house prices recover, & # 39; it said.

House prices in Melbourne rose 2.3 percent in October – the largest monthly increase since November 2009, CoreLogic data showed.

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House prices in Sydney rose by 1.7 percent for the second consecutive month.

Many Australians clearly have wealth in ownership.

According to Credit Suisse's Global Wealth Report for 2019, Australia is the second richest country after Switzerland based on the median wealth of adults.

Sydney is & # 39; the world's third most expensive real estate market, after Hong Kong and Vancouver, when average house prices were compared with average salaries, US data think Demographia showed (pictured is a house in Vaucluse on the eastern suburbs of Sydney )

Sydney is & # 39; the world's third most expensive real estate market, after Hong Kong and Vancouver, when average house prices were compared with average salaries, US data think Demographia showed (pictured is a house in Vaucluse on the eastern suburbs of Sydney )

Sydney is & # 39; the world's third most expensive real estate market, after Hong Kong and Vancouver, when average house prices were compared with average salaries, US data think Demographia showed (pictured is a house in Vaucluse on the eastern suburbs of Sydney )

The typical Australian in the middle has assets worth $ US181,360 ($ A263,000) and is therefore behind the $ US227,890 ($ A330,595) of Switzerland, but before Kong Kong $ US146,900 ($ A213 .100).

The number of 1.18 million millionaires in Australia is 2.6 percent of 46.8 million millionaires in the world, even though it accounts for only 0.4 percent of the world's adult population.

Some billionaires from the country, from Gina Rinehart to Andrew Forrest, earn their money by winning iron ore, the raw material used to make steel.

The strong Chinese demand for this commodity helped Australia to record a current account surplus in the June quarter for the first time since 1975.

This meant that for the first time in 44 years the value of exports was worth more than imports, with a trade account surplus of $ 5.9 billion.

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