Yes, Australia is generally considered richer than the UK on a per person basis, boasting higher GDP per capita and significantly higher median wealth, meaning the average Australian citizen is wealthier than the average Brit, though the UK has a larger overall economy. Factors like strong natural resources, high immigration, and a fortunate economic history contribute to Australia's higher per capita wealth, but the UK's large population means its total economic output (GDP) remains much larger.
Australia has a much higher GDP per capita than the UK, but this is misleading because of our high levels of foreign investment. A lot of that GDP benefits foreign shareholders. A better measure is Gross National Income per capita.
In general, both countries offer access to an excellent quality of life. The choice which is right for you will depend on a variety of factors, such as your preferred lifestyle, climate, and travel connections.
Australia has a higher median wealth than nearly every nation on Earth, second only to Luxembourg. Wealth means different things to different people – while most measure it in dollars, many would argue that true wealth is also about living a long and fulfilling life.
The richest country by GDP (PPP) per capita is often cited as Singapore, followed closely by Luxembourg, depending on the specific report and year, with Singapore leading in 2025 estimates with around $156,000-$157,000 per person, while Luxembourg is a strong contender just below that, highlighting small, finance-heavy economies as wealthiest per person.
Which are the Poorest Countries in the World?
Here is the complete list of 10 richest cities:
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
After adjusting for purchasing power the United States GDP per inhabitant totaled 63,400 international US dollar (int. US$) in 2020. According to IMF estimates, Germany was the second highest ranked G20 country (54,100 int. US$) followed by Australia (51,700 int.
It's important to recognise that a $100,000 salary is above the average in Australia.
The United Nations process the annual World Happiness Report to understand what happiness is and how it affects our lives, cultures and economy. Australia is ranked under 12, Canada 15 and the United States is 16th and a popular destination for most South Africans, the United Kingdom is 17th.
No, Australia is not 90% white; while a large majority identify with European ancestry (around 76-80% in recent years), a significant and growing portion identifies as Asian, African, Middle Eastern, or Indigenous, making it a highly multicultural nation with diverse ethnic backgrounds, not overwhelmingly white. Recent census data shows European ancestry (English, Irish, etc.) makes up a large chunk, but Asian ancestries are also substantial, with over 17% Asian population and around 3.8% identifying as Aboriginal or Torres Strait Islander, per the 2021 census data from Wikipedia.
Yes, $70k is a fair salary in Australia, often near the median income, making it a decent living for a single person, especially outside major cities, but it can be tight in expensive areas or for those with high living costs like mortgages, with full-time averages now closer to $90k-$100k.
The UK and Australian Tax Systems: An Overall Comparison
Although income tax is generally lower in the UK (due to the progressive tax bandings), the Australian system includes a considerably lesser Medicare tax in comparison to the UK's National Insurance rates.
However, the "First World" is generally thought of as the capitalist, industrial, wealthy, and developed countries. This definition includes the countries of North America and Western Europe, Japan, South Korea, Australia, and New Zealand.
By 2050, China is projected to be the world's richest country by total GDP, leading a significant shift where emerging economies like India, Indonesia, Brazil, and Russia rise to challenge traditional giants, with the U.S. potentially falling to third, while Singapore might become the richest per capita (PPP), though these predictions depend heavily on technological progress, political stability, and growth rates.
While backpacking Australia doesn't have to be ridiculously expensive, having around $5000 is a really good safety net that will cover you for at least a month of accommodation and basic living expenses while you get your feet.
The cheapest countries for Australians to visit generally include Southeast Asian nations like Vietnam, Indonesia (especially outside Bali), Thailand, Malaysia, and the Philippines, offering great value on flights and on-the-ground costs due to strong currency exchange and budget-friendly options. Nearby Oceania countries like Fiji and New Zealand also provide affordable short trips, with destinations like Cambodia, Sri Lanka, and India offering excellent value once you arrive.
While exact real-time figures vary, estimates from around 2025 suggest approximately 400,000 to over 500,000 Australians held over $1 million in superannuation, with about 2.5% of the population reaching this milestone as of mid-2021, a figure that has likely grown with strong investment returns, though many more hold significant balances and millions are projected to reach this goal by retirement, especially men.
In terms of mean wealth, the average Australian adult had US$550,110 in 2021 after seeing an annual increase of US$66,350 in their net worth. This put Australia at number four in the world, after Switzerland, the United States and Hong Kong.
If we only look at full time workers, the middle income was around $83,000 a year in 2024. For part time worker, more likely to women, the middle was closer to $40,000 a year. If you earn more than $180,000 a year, you earn more than 95 out of 100 workers in Australia, 95% of workers earn less than that.
Sydney is Australia's richest city, leading with the most resident millionaires, centi-millionaires, and billionaires, driven by its strong financial sector, global appeal, and high-end real estate market, followed closely by Melbourne, with both cities consistently ranking globally for wealth. These cities attract High-Net-Worth Individuals (HNWIs) due to amenities, business opportunities, and exclusive suburbs like Sydney's Point Piper and Melbourne's Toorak.
New York City, New York
As the country's financial capital, it houses more millionaires and billionaires than any other U.S. city. New York's mix of finance, culture, and global influence keeps it firmly at the top. No other American city matches its scale of wealth or its role as a global financial center.
Top 10 most and least expensive cities in the world 2024
The top 10 most expensive cities are, in order from rank 1 to rank 10: Hong Kong, Singapore, Zurich, Geneva, Basel, Bern, New York City, London, Nassau and Los Angeles.