Australia’s Wealth Story Is Changing
What the latest data reveals about prosperity, inequality and the choices ahead.
When we founded Yeates & Co, we looked closely at wealth in Australia and the issues individuals and families would need to consider in the years ahead. The UBS 2025 Global Wealth Report was a key reference point. With the 2026 report now released, it is timely to revisit the data and consider what has changed. We first set this out in “Here is why the conversation matters”.
It’s timely to update our analysis with the most recent data for 2026:
- 1,600,000 Australians have net assets worth more than AUD 1.45 million, and the number increased by 25,000 last year. It’s like adding the population of Alice Springs to the millionaires’ club each year.
- Australians have the third-highest median wealth at $306,074, down from $415,000 in 2025, behind Luxembourg and Belgium.
- We rank fifth based on average wealth per adult at $894,182, down from $970,000 in 2025.
- Assuming each wealth holder supports three direct and five indirect beneficiaries, around 12.8 million people share in Australia’s wealth assets. That means 45.7% of Australians benefit from asset accumulation in some way, beyond government benefits, employment and other income.
- By global standards, Australia remains one of the more equal societies in terms of wealth distribution. By contrast, the US sits among the most unequal, closer to countries such as Russia and Saudi Arabia. The trend is also moving in Australia’s favour, with equality improving here while declining elsewhere.
Australians hold most of their wealth in non-financial assets, especially property. It is easy to conclude that property ownership is the reason Australians are so wealthy. At Yeates & Co, we take a different view: wealth has been built over successive generations by making use of opportunities within the tax system, not through smart asset selection.
Why wealth has grown
Our view remains that Australia’s wealth growth has been driven less by asset selection and more by tax-favoured assets and strategies, including superannuation, the principal residence and negative gearing. As public sentiment and tax policy shift, individuals and families may need to rethink their investment strategies, reduce unnecessary risk and ensure their wealth structures remain fit for the future.
These settings can encourage inefficient use of capital and contribute to overvalued housing stock. Over time, that creates risks for future growth and wealth accumulation. This reflects the thinking behind our approach — see “What makes our approach original?”.
How wealthy families are responding
Family offices globally are increasingly focused on geopolitical conflict and rising sovereign debt. Many of the world’s wealthy are responding by diversifying geographically beyond North America and broadening their asset allocation.
Why the policy debate matters
Our 2025 view remains unchanged: Australia is still one of the world’s wealthiest and most successful societies. Current political debate that challenges the success of the Australian model often overlooks the data and risks focusing attention on the wrong issues. Poorly targeted policy changes could weaken the economic and social foundations that support future prosperity.
Understanding your place in the world helps you focus on what matters, set aside peripheral issues, and, where needed, adjust your personal and legacy strategy to capture new opportunities and manage risk. There is no such thing as a “do nothing” approach.