Australia is the Lucky Country – But Why Don’t We Feel Rich yet?

Australia has proudly worn the title of The Lucky Country for decades, and according to the latest global data, there’s still plenty of truth in that.

A major international wealth report recently placed Australia near the top of the global prosperity list. Our country is home to around 1.9 million everyday millionaires, thanks largely to our love affair with property and one of the highest homeownership rates in the developed world.

More than 70% of Australian wealth is tied up in non-financial assets like real estate. Only about 10% sits in cash or deposits. Property has certainly made a lot of Australians wealthy (on paper, at least).

But here’s the rub. If we’re one of the wealthiest nations on earth… why does it still feel so hard?

The truth is, many Australians feel stretched. Our median wealth per adult has grown roughly 15% this decade, sitting just above $415,000. But at the same time, groceries, fuel, utilities, insurance, and basic living costs have shot up. It’s hard to feel wealthy when the price at the checkout makes your eyes water.

And let’s not forget, you can’t eat the house. Much of our wealth is tied up in bricks and mortar. Great for the long-term, but not so helpful when you’re juggling the weekly budget, and screaming squirming kids in the grocery line.

Still, it’s not all bad news. In fact, it’s quite the opposite if you zoom out.

Middle-income Australians are doing comparatively well. Rising property values continue to support household wealth. According to Domain’s Property Price Forecast Report for FY2025, capital city property prices are expected to climb by another 6%, with Sydney’s median tipped to hit $1.2 million. Yes, it’s a hurdle for buyers, but it’s also a safety net for owners.

Another unsung hero of Australia’s wealth story is superannuation. Our national super pool has swelled to a staggering $4 trillion. And with growth funds set to return around 9% this financial year, many Australians are better prepared for retirement than our peers overseas.

So why don’t we feel rich?

• Living costs are squeezing us.

• Wealth inequality is widening, some are sprinting ahead while others fall behind.

• Those not yet in the property market feel like the goalposts keep moving.

• And being asset-rich but cash-poor is a real thing. Even people who felt comfortable five years ago, tell me they are uncomfortable now!

But here’s the hopeful truth. Australia remains a country with enormous financial potential. Property values are forecast to keep growing. Superannuation continues to quietly compound in the background. And the fundamentals of our economy remain strong.

The key? Focus on what you can control. Grow your financial literacy. Strengthen your cash flow. Build a plan that balances today’s needs with tomorrow’s wealth.

Australia might be the Lucky Country ~ but luck favours the prepared.

You’ve got more opportunities than you think. And, if you need more support, give me a shout.