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Who's the fairest of them all?
By Tammy May

Australia has the fairest wealth distributionAs I’m writing these words in the lead up to Australia Day, I’m conscious of the changes going on in our country. Holden is closing up shop, Darrell Lea has already gone, and Rosella, too. Qantas is crying poor and Billabong is up the creek without a paddle. It’s clear that the Australian economy is changing and many households will be doing it tough in 2014.

But the news is not all gloomy. Each year, Credit Suisse publishes its Global Wealth Report, a comparison of wealth trends around the world. Their definition of wealth takes into consideration an adult population's cash and assets, minus debts. In 2013, Australia came in second behind the USA for the highest level of average wealth. Aussies are also over-represented when it comes to the super-rich. The report says that we make up 3.8 per cent of the world’s top wealth holders, despite having just 0.4 per cent of the world’s adult population.

Is it trickling down? Apparently, yes. Australia topped the list for median wealth at $233,504 per adult. Median wealth is the midpoint between richest and poorest, which means that Australia has the fairest and most equal distribution of wealth in the world. The Australian economy may be in transition, but it’s nice to think that the values of fairness and equality can remain unchanged.

Wishing you a fair and fabulous Australia Day!

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