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.
By comparing Canada vs Australia for students, it's evident that Canada is better than Australia in terms of the education system, cost of living, job opportunities, student visa and PR. Therefore, Indian students can choose Canada over Australia for higher education.
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.
Why Is Canada Wealthy? Canada is a wealthy nation because it has a strong and diversified economy. A large part of its economy depends on the mining of natural resources, such as gold, zinc, copper, and nickel, which are used extensively around the world.
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.
Canada is the 8th wealthiest country with USD 6.2 trillion in total private wealth. Canada has 364,100 individuals with more than 1 million dollars in net worth, 12,220 multi-millionaires (USD10m+), 524 individuals with more than 100 million dollars and 43 billionaires.
Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 13th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 20th-largest goods exporter and 24th-largest goods importer.
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.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
Quality education and future opportunities:
So, in addition to learning English, you can discover a variety of cultures. With competitive prices, world-class institutions, and a great quality of life, Canada is the best country for international students. Canada offers one of the best higher education systems.
Though Canada's passport was judged as “stagnant” due to this very reason, experts said other countries are getting stronger. In 2022, Canada was tied for the eighth spot with the Czech Republic, Greece, Malta and Australia, most of which improved ranking.
And according to the data, Australia is officially the eighth most beautiful country in the world just behind Canada with India, Japan and Italy taking the top three spots.
Foreign residents in Australia have no tax-free threshold. Key Takeaway: You will have to pay less tax on income in Australia, than you would in Canada. Generous government benefits in terms of food security and health benefits are offered in Canada. Moreover cost of living is a bit lower when compared with Australia.
Comparatively, the report placed Canada near the middle of the rankings for work-life balance with 3.7 per cent of its employed population working long hours. This compared to 7.7 per cent in France, 12.2 per cent in the U.K., 13 per cent in Australia and 25.2 per cent in South Korea.
A2– The average salary in Australia is relatively high compared to many other countries due to their strong economy, high cost of living, and labor laws.
Western Australia is the top region by GDP per capita in Australia. As of 2021, GDP per capita in Western Australia was 135,479 $.
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.
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.
In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.
The Australian middle class has a median household income of AUD$80,000. This statistic is a key indicator of the financial health of the Australian middle class.
The GDP per capita is calculated by dividing a country's GDP by its population. Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700.
Strong growth in 2021 solidified Australia's position as the world's 12th largest economy in 2021. Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy.
The UK has been crowned the world's fifth richest country in the world in a new report that measures the total wealth amassed by each country's individuals. Britain's population holds $9.24 trillion (£6.01 trillion) in private wealth, surpassing France, Italy, Canada and Australia.