Baby Boomers Own More Than Half Of Australia’s Wealth

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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