Average wealth per adult in Australia has fallen from $US411,060 ($599,000) to $US386,060 in the past 12 months, off the back of plummeting property prices and a depreciating dollar.
The declining average saw 124,000 Australians wiped off the list of global millionaires in US dollar terms, according to Credit Suisse's 2019 global wealth report, reflecting the biggest decline of any country.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
