Editors Comments:
I've been saying for 15 years in my seminars, blogs and radio shows that us baby boomers are not only 25 % of the population but we control 50 % of the wealth. Finally that statement has been confirmed with this article showing that Australians baby boomers own 50% of the wealth.
Another article that came out recently stated that
| Australia's pensioners retiring overseas because they can't afford to live in Australia |
Guess where a they want to retire?
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They can buy four homes for the price of one in Sydney, Melbourne or Perth
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Baby boomers, those aged between 45 and 64, may make up less than a quarter of Australia's population but they hold more than half of the nation's wealth. That's according to a study by McCrindle Research, which broke down the household net worth of different generational groups as well. We also found out that the top 20% of the richest Australians hold 62% of the country's private wealth while those at the bottom end of the scale have less than 1%.
The wealth distribution imbalance isn't just a problem the US; the richest 20% of Australians have an average household net wealth of $2.5 million while the poorest 20% have around $35,500; in other words, the richest Australians have 71 times more wealth than the poorest. Wealth includes a combination of accumulated income and assets that are owned.
The median price for a house currently sits at $720,000.
The top 20% will most likely be baby boomers given that they hold 53% of Australia's private wealth. Here's a breakdown of wealth distribution between different generational groups in the country.
| Group | % of Population | Average Household Net Wealth | % of Wealth in Australia |
|---|---|---|---|
| Generation Y (age 25-34) | 15% | $268,800 | 7% |
| Generation X (age 35-44) | 14% | $573,300 | 14% |
| Younger Baby Boomers (age 45-54) | 13% | $944,900 | 23% |
| Older Baby Boomers (age 55-64) | 12% | $1,239,700 | 30% |
| Builders (age 65+) | 15% | $1,040,550 | 26% |
As you can see, baby boomers collectively make up a quarter of Australia's population yet they own over half of the nation's wealth.
"It's a generation that has experienced an economic miracle," McCrindle social researcher Mark McCrindle said.
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