Many countries are richer than Australia, especially when considering metrics like GDP per capita, where nations like Luxembourg, Singapore, Ireland, Qatar, Switzerland, Norway, the Netherlands, and Denmark consistently rank higher, driven by high-income sectors or natural resources, though Australia also ranks very high globally in terms of average wealth per adult.
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.
Australia currently stands as the second-wealthiest country in the world, with a median wealth per adult of US$268,000 (AU$413,000). In other words, half the population has more than this amount and half has less.
South Sudan is widely considered the poorest country in the world in 2025-2026, consistently ranking first due to extremely low GDP per capita and a high percentage (over 80%) of its population living in extreme poverty, driven by prolonged civil conflict, displacement, and disruption of its agricultural economy. Other nations frequently cited as among the poorest include Burundi, the Central African Republic, and Yemen, also suffering from conflict and instability.
According to Credit Suisse's Global Wealth Report, the average wealth of Australian households was $628,000 per adult in 2020, the fourth highest in the world behind Switzerland, the United States and Hong Kong (North America as shown on the graph refers to the region, as does Asia-Pacific and Europe).
So, on average Australians pay about $3,000 more than Americans a year. Both countries veer close to the OECD average, which was $12,911 USD. Residence of high-tax, high-benefits countries like Norway, in contrast, pay rates of over $30,000 USD.
A low income in Australia varies, but generally involves earning below the median (around $1,425/week in Aug 2025) or below specific government thresholds, like the $948/week ($24,95/hr) National Minimum Wage (as of July 2025) for full-time work, with lower thresholds applying for benefits like the Low Income Health Care Card (around $800/week for singles). For tax purposes, incomes under $37,500-$45,000 might qualify for offsets, while affordable housing eligibility depends heavily on household size, with singles needing under $52,100 annually for low-cost options.
But despite the economic uptick of recent years, Tasmania is still the poorest Australian state.
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.
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.
It's important to recognise that a $100,000 salary is above the average in Australia.
1. United States. The US has held the position of the world's strongest economy since 1871, after surpassing the UK at the time. The US dollar (USD) is one of the strongest currencies in the world and the most popular currency to trade overall.
The economy of India is a developing mixed economy with a notable public sector in strategic sectors. It is the world's fourth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 136th by nominal GDP and 119th by PPP-adjusted GDP.
Afghanistan remains the poorest country in Asia, with decades of war, political upheaval, and humanitarian crises leaving deep scars on its economy. With weak infrastructure, heavy reliance on aid, and limited industrial output, the average Afghan citizen faces severe income constraints.
Which are the Poorest Countries in the World?
Mungallala Methodist Church was built in 1964. It has now closed. In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
Hobart, Tasmania, is widely recognized as the cheapest major city, but smaller regional towns in Queensland and South Australia can offer even lower living costs.
Queensland is sunny and humid, making it an ideal destination for outdoor enthusiasts. Melbourne and Tasmania are cooler compared to other Australian states. Adelaide and Perth have warm, dry summers and mild winters, which might suit you if you're into warmer weather.
The average Australian full-time worker is now earning more than $2000 a week for the first time in history. New figures from the Australian Bureau of Statistics (ABS) show the average ordinary full-time weekly earnings for adults hit $2011.40 before tax in May.
Yes, $36 an hour (around $75k annually) is a solid wage in Australia, generally considered good as it's above the minimum wage and near or slightly above the median earnings for many full-time roles, providing a comfortable living, though it's below the average for higher-paid professionals, depending on location and lifestyle needs.