How to be rich in life without amassing a pile of money

New statistics highlight Australia’s position as one of the world’s richest nations, but there are other ways to be wealthy too.

Aussies are punching well above our weight when it comes to being rich.

According to last week’s Knight Frank Wealth Report 2025, Australia ranks ninth globally for the number of high net-worth individuals (HNWIs), which it defines as people with more than $US10m ($15.7m) of assets.

We have 42,789 of these very rich people, or about 1.8 per cent of the global population of HNWIs.

The US predictably tops the list with 905,413 HNWIs, Knight Frank says, followed by China with 471,634. Spots three to eight are taken by Japan, India, Germany, Canada, Britain and France.

Ranking number nine on this table is impressive, considering that on population alone we rank 55th globally with 27m people. And we have more HNWIs than several other major countries including Spain, Italy, Russia, Brazil, Turkey, South Korea, Saudi Arabia and Uzbekistan.

However, ranking people in order of their bank balances is only one way of measuring how rich they are.

And while most Aussies can only dream of having a lazy $15m of assets, they can be rich in other ways.

Here are five things that make you rich without money.

1 HEALTH

Without your health, you have nothing. We see this time and time again when wealthy and successful people – including many in the entertainment industry – suffer serious illness or death.

While some of it is self-inflicted, especially among entertainers, and some is just bad luck, many health problems can be prevented or delayed by adopting a healthy lifestyle. And walking is free.

2 LOVE AND RELATIONSHIPS

Whether it’s a spouse or other family members, friends or colleagues, having strong relationships is important for leading a rich life.

An 85-year study by Harvard University found that people with strong relationships live longer and are happier and healthier.

Money helps make you rich but other factors are just as important. Picture: iStock

3 EXPERIENCES

When we die we don’t carry cash to our graves, but we do take memories and experiences with us.

While money can play a role in paying for memorable life experiences, such as travel or jumping out of a plane, others don’t have to cost a cent. Think free public events and music, museums, learning new things, game nights, volunteering, libraries, hiking and camping.

4 HELPING OTHERS

Volunteering can be a great experience in itself, and also creates stronger and happier communities.

I’m both proud and jealous of my 19-year-old daughter who recently started volunteering at a homeless shelter and at schools helping underprivileged children. She has enjoyed it so much she told me if she ever won a lottery she would volunteer every day. I shouldn’t be jealous – I should pull my finger out and volunteer myself.

Another way of helping others is by donating cash and other material resources, but that requires money most of the time.

5 FREEDOM

Australians have freedom to choose our political leaders, freedom to choose where we live and work, freedom to educate ourselves, freedom to choose our sexuality and a whole lot of other freedoms that many people overseas can only dream about.

Money helps bring some freedoms, such as being able to retire when we want and buy and do things we want, but some of the most important freedoms are free because we are lucky to live in this country.

Rich people cop a lot of criticism for their financial success, but they often are the biggest donors and volunteers. Tall poppy syndrome stops many critics from seeing that, and from realising that there are several other ways to be rich.

Originally published as How to be rich in life without amassing a pile of money