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When you hear about Australia, what comes to your mind? Some people might know Australia as a country, a continent, a desert and wilderness, a home of kangaroos, or others. Those are not wrong, but the word ‘wealth’ might not appear at all. For that reason, few people might be surprised about how wealthy is Australia.
Is Australia a Wealthy Country?
To determine whether or not a country is considered wealthy, we have to look at several things, one of which is the living quality of its citizens. Due to the huge area with a small population, the country’s wealth is spread largely to the people. With that, the short answer to the question is “yes.”
However, the sparse population means nothing if the country does not have something to offer in the first place. That is not the case for Australia, as it has one of the world’s biggest agriculture and livestock importers. Not only that, but the country is also home to many important minerals that the entire world needs.
Those two are just a few things that boost Australia’s wealth since there are plenty more factors in terms of goods and services. With that strong foundation, it is rather clear that Australia is among the wealthiest countries in the world.
How Wealthy is Australia Compared to Other Countries in the World?
When talking about the world’s wealthiest countries, most people immediately think about highly economic countries such as the United States, China, Japan, and Germany. Those countries are leaders in terms of technologies and manufacturing, which are some main sources of wealth.
To be more amazed about Australia’s wealth, it is not bad to compare that wealth with other countries in the world, including the wealthy countries mentioned above. It can also be used to test Australia’s true power. So, how wealthy is Australia if it is compared? To briefly answer that question, Australia is very wealthy.
There are a lot of things that can be compared, but first, let’s compare the wealth gain of the people. With a $65,695 increase per adult, Australia was second overall below the $70,729 of Switzerland based on the 2021 wealth report by Credit Suisse. As a comparison, the United States gained just above $40,000.
The same researcher had also done the mean and median wealth data of countries. With a median wealth of $238,070, Australia was ranked first in the category. On the other hand, the country was fourth in mean wealth with $483,760.
The number of millionaires can also show a country’s wealth. As a country, Australia had about 1,805,000 millionaires in 2021, which is nothing compared to the United States’ 21,951,000 or so. But remember that Australia’s population is less than some of Uncle Sam’s states, so the percentage is higher at 9.4% and 8.8%, respectively.
Where is Australia Ranked in the World According to GDP?
Gross Domestic Product, or GDP, is one of if not the most common measurements to show how wealthy a country is. It is the total market value of a country at a particular time, so logically, countries that are considered developed should be dominating a list of countries with the highest rank of GDP, but it is not that simple.
As GDP is counted totally in an entire country, the population can affect the GDP. That is why it is not a surprise that highly populated countries such as the United States and China are leading the 2022 top countries by GDP, which are placed first and second, respectively.
So, a country with a low population number, like Australia, can not be placed on top, right? Wrong! In fact, Australia is ranked thirteenth on the list. That is very impressive and perhaps even surprising for such a country to be almost inside the top ten of the list. No wonder Australia is considered a developed and wealthy country.
To be fairer to the lower populated countries, another measurement called GDP per capita can be used instead of the entire country’s GDP. Among the top 15 countries by GDP in 2022, Australia ($51,885) is just below the United States ($63,413) to rank second. That truly shows Australia’s superiority.
Here is the entire list of the 2022 top 15 countries by GDP:
- United States: $20.89 trillion
- China: $14.72 trillion
- Japan: $5.06 trillion
- Germany: $3.85 trillion
- United Kingdom: $2.67 trillion
- India: $2.66 trillion
- France: $2.63 trillion
- Italy: $1.89 trillion
- Canada: $1.64 trillion
- South Korea: $1.63 trillion
- Russia: $1.48 trillion
- Brazil: $1.44 trillion
- Australia: $1.32 trillion
- Spain: $1.28 trillion
- Indonesia: $1.05 trillion
What Makes the Most Money in Australia?
A country can not be wealthy if there are no people contributing to that. Still, those contributions will go back to the people with higher-paid industries. As a wealthy country, it is clear that Australia can offer wealth to its working people as well. But what industries can provide that wealth the most?
For most people, Australia is known for its mining and farming industries, but one of them is not among the top industries making the most money. The list of the highest-paying industries is led by Mining, Energy, Consulting, and Engineering. The industry of Information and Communication Technology is also worthy of an honorable mention.
In the future, some industries are predicted to bloom based on how the world is going to change. People tend to use more technology than before, so it is great news for the ICT industry. Australia has also increased its population and visitors, so the Property and Tourism industries will definitely grow as well.
Furthermore, there is also a smaller scale which is about the highest paying jobs in Australia. Some of these jobs are not in the highest paying industries, but they can still provide wealth for those with the skills. Some examples of those jobs are surgeon, anesthetist, and psychiatrist.
For a relatively new country with a low population despite the huge land area, how wealthy is Australia is probably a bit surprising. However, based on the details above, it is clear that Australia is truly a very wealthy country.