What It Means To Be Wealthy In Australia

Forbes

3 days ago

The copper town of Cobar in the Australian outback
Australia is a place of outdoor wonder, where sublime surroundings meet some of the world's oldest human history. As a tourist or a digital nomad, it's a vast place that attracts for its outdoor lifestyle and climate. But what does being wealthy in Australia mean, and what are the financial realities of life in this vast and fascinating country?
Australia was ranked as the fifth-best country in the world in 2024, according to U.S. News, primarily due to its high scores across various matrices, including quality of life, social purpose, and adventure. It also has a high ranking for a comfortable retirement, green living, and raising children.
It's also a great place to travel right now, as it's reinventing itself to align with indigenous businesses and sustainable tourism. For example, Western Australia is number eight on the BBC's list of The 25 Best Places To Go In 2025, home to one of the most isolated big cities on the planet, Perth.
While it has been a bit tricky to reach Perth the past, it now boasts the only direct flight to Australia from Europe, bringing weary travelers to this beautiful part of the world in just seventeen hours from Paris. What better opportunity to visit the Swan Valley wine region, and almost 8,000 miles of immaculate coastline?
Western Australia also boasts the world's most extended electric charging network, spanning over 4,000 miles of sustainable travel routes. It is also home to the AUS$20 million Jina Aboriginal Tourism Action Plan, where travelers can take tours through Indigenous-led businesses to discover the local culture.
Across the other end of the country and a drive of 2,731 miles along the A1 National Highway from Perth to Queensland, and you reach the Tropical Coast, high on the list of CNTraveler's Best Places To Go list in 2025. This is the gateway to the Great Barrier Reef and its sustainability efforts to protect it, as well as a thriving art scene in Cairns and the stunning Whitsunday Islands, a year-round destination and now home to numerous new upscale hotel and restaurant developments.
Co-owned with its neighbor, New Zealand, CNTraveler also recommends visiting the Subantarctic Islands, which are accessible only by ship and home to wilderness sanctuaries. In its words, these islands are "penguin chicks, snoozing seal pups, and colorful 'megaherbs,' the giant wildflowers that grow only on subantarctic islands."
The 'Top End' is having a tourist moment too. Found in the northernmost region of the Northern Territory, explore the UNESCO World Heritage Site called Kakadu National Park, one of Australia's largest national parks and now home to an abundance of indigenous and ethical tourist ventures to help you explore the First Nation culture. Fly in and out of Darwin.
If you need more proof to visit, Time Out lists Melbourne as one of its best cities of 2025 (number four) because of its new culinary prowess, cycling paths, wellness hubs, and new green spaces. Sydney ranks at number 15 because, of course, it has its unique Sydney vibe and is much loved for being a city that never forgets it's not more than a stone's throw from its beaches and green spaces. What's more, Perth comes in at number 33 and Brisbane at number 37; the latter will host the Olympics in 2032.
According to the Organisation for Economic Cooperation and Development (OECD), of which Australia is a member, the average household net-adjusted disposable income per capita is $37,433 annually, which is higher than the OECD average of $30,490. The 38 members include most of the EU, as well as the U.S., the U.K., Australia, and New Zealand, making comparisons with the U.S. helpful—OECD state the average household net-adjusted disposable income in the U.S. is $51,147.
According to Forbes, the average annual salary in Australia is $101,951, or approximately $1,975.80 per week. Although these figures vary significantly depending on the industry and location. As Forbes says, the median salary—the exact middle number in the salary range—is lower because a few higher earners skew the average and come in at around $72,000 or $1,396 a week. This is supported by the Australian Bureau of Statistics, which states the median employee earnings in someone's main job is $1,396 per week in 2025.
The cost of living in Australia is comparable to that of other Western OECD nations, such as the U.S. and the U.K. The cost for a single person per month, not including rent, is as follows:
Including rent, the cost of living in the United States is approximately 11% higher than in Australia. However, Australia's universal healthcare system, Medicare, provides free or low-cost medical services to residents, which can significantly reduce overall living expenses.
As in many Western countries, the gap between the haves and have-nots has grown in recent years. According to the 2024 Inequality in Australia report, the average household wealth of Australia's highest 10% has grown from $2.8 million to $5.2 million (an 84% increase) over the past 20 years. Conversely, the average wealth of the lowest 60% has risen from $222,000 to $343,000 (a 55% increase).
The highest 20% of households own 63% of the national private wealth, with an average net worth of $3.24 million. In contrast, the lowest 20% own just 1% of the wealth.
The mean wealth of Australian adults in 2023 was $496,820, in fourth place behind Switzerland, the U.S., and Hong Kong, and in 2024, there were 635,000 millionaires in Australia.
Australia has a Golden Visa program that requires an investment of approximately $3.2 million. For travelers seeking a more accessible option, Australia's working visa allows individuals under 30 (or under 35 from certain countries) to live and work in the country for one year as digital nomads. Skilled workers can apply for different visas, notably in the healthcare and technology industries.
Australia offers a unique blend of natural beauty, cultural richness, and economic opportunity, so it's no wonder the country consistently ranks among the best places to live and visit. While the growing wealth gap highlights the challenges of financial inequality, the cost of living is comparable to that of the U.S. and the U.K., as well as many EU countries, and for many, being wealthy in Australia is all about the fact that the quality of life just can't be beaten.