Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's.
Canada also has a diverse culture, with people from all over the world living there. Australia has several benefits for immigrants as well. The country is geographically diverse, with both dry and humid climates. Australia also has a large and growing economy, making it an attractive place to live.
Based on internationally comparable data, Australia currently enjoys a four percentage-point advantage over Canada in both the level of productivity—that is, the level of goods and services produced (output produced per hour worked)—and average income, as measured by per-person gross domestic product (GDP).
Australians are a third richer than New Zealanders. Per capita GDP (adjusted for purchasing power parity) is NZ$48,000 in Australia compared to just NZ$36,400 in New Zealand. This difference is remarkable given that the two countries enjoyed the same level of income for most of the twentieth century.
Almost 2.2 million Australians are millionaires after soaring asset prices pushed another 390,000 adults onto the top rungs of the global wealth ladder, according to a report by Credit Suisse that says Australians are the richest people in the world.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times. Russia is the most inequitable, with its average wealth 12.6 times that of the median wealth.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Australians collected a higher median wealth per adult than anywhere else in the world at $US273,900 ($A390,870) – nearly three times the median wealth of $US93,270 ($A133,100) in the US. Australia was followed on the rich list by Belgium and New Zealand, with the US trailing behind at number 18.
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
Canada offers academic expertise in several disciplines, such as Business Management, Nursing, Engineering, Media, Hospitality and Computer Science. In contrast, Australia offers educational expertise in fields like Information Technology, Accounting, Education, Healthcare, MBA, and Hotel Management.
Canada is cheaper compared to Australia for studying abroad. The tuition fees and the cost of living in Canada are lower than that in Australia. Which country offers higher salaries, Australia vs Canada, for Indian students? Canada offers higher average salaries to individuals than Australia.
Sydney ranked 1st best city to live in Australia vs Toronto ranked 6th in Canada, while ranked 2nd and 49th among best cities to live in the world.
Australia has a much better quality of life. Sydney is considered the most beautiful and one of the most livable cities in the world. 4 of the States capital cities: Perth, Melbourne, Sydney, and Adelaide are all in the top 10 most livable cities in the world. Whilst no cities in America are on that list.
A rich and diverse cultural history
Their diverse languages, philosophies and histories form the oldest surviving culture on Earth, one that stretches back millennia.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
The highest number of rich-listers live in the 2088 postcode in Sydney - which includes Mosman and Spit Junction - with 19,707 people earning $188,324, on average. In comparison, there were just 559 people in the 3944 Portsea postcode in Victoria's Mornington Peninsula, earning an average of $229,805 per year.
Other possible reasons for Australia's popularity among migrating millionaires, according to Mr Amoils, include Australia's lack of an estate duty, which encourages wealthy people to stay in the country and build their businesses for future generations.
High levels of education and training make us one of the world's most innovative countries. Our scientific institutions rank in the world's top 1% in 15 individual fields of research. These top-ranked fields including space science, physics, computer science and clinical medicine.
India has total wealth more than France, Canada, Australia and Italy while the US and China top the list of the wealthiest countries in the world, says a report by New World Wealth. India is world's sixth wealthiest country with total wealth of $8,230 billion, according to a report by New World Wealth.
“While the top 20 per cent, or quintile, of households by income have six times the income of the lowest quintile, the same ratio is 230 times when examining net assets.”
France has a GDP per capita of $42,000 as of 2020, while in Australia, the GDP per capita is $48,700 as of 2020.
According to Oxfam, the richest 1% of Aussies have accumulated 10 times more wealth than the bottom 50% in the past decade. In its latest report, titled Survival of the richest, Oxfam found that Australian billionaire wealth is 61% higher than it was before the pandemic.