Survey reveals eye-watering amount of money Australians need to consider themselves rich

Australians have revealed how much money you need to make to earn the title of being rich. And the amount is surprising.

The whopping amount of money that an Australian needs to earn to feel rich has been revealed.

If you don’t earn $336,516 per year, then your peers won’t think you’re well-off.

That’s according to data that comparison website Finder compiled exclusively for news.com.au, released on Wednesday, after surveying more than 1000 people.

The findings shone a light on the different expectations of what it means to be successful depending on how old you are.

Generation Z – who are aged between 10 and 25 – listed the highest amount of money in order to be a rich person.

For the youngest generation, $428,474 is needed to classify yourself as rich.

That’s more than six times greater than the median personal income of $52,338, according to the Australian Bureau of Statistics.

Want to stream your news? Flash lets you stream 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer available for a limited time only >

The expectations of the different age groups.

Meanwhile, Millennials had the second highest figure for their wealth fantasy, at $345,785.

Gen X (aged in their 40s and 50s), brought down the average and had the lowest number overall, seeing $294,705 as necessary to enshrining one’s status as rich.

Baby Boomers thought that $306,505 was enough to be pushed into the threshold of wealthy.

The same survey found that the average Aussie saved $645 per month this year amid the cost of living crisis, and has $30,745 in direct savings.

Sarah Megginson, money expert at Finder, said these were massive expectations considering Australia’s average wage.

“While a small number of high-income earners can make average income figures seem impressive, the typical Australian is on a salary of just over $50k,” she said.

“Keep in mind true wealth is not just about money. Feeling rich can also be having a sense of satisfaction and contentment in all aspects of your life.”

She added, “Building wealth doesn’t have to mean earning the most competitive income – the best thing you can do is develop great financial management skills.”

Australians have to earn more than six times the median wage to be considered rich.

In 2021, a study revealed how much Australians were making on average and perhaps unsurprisingly, workers over the age of 45 earned the most.

Workers aged between 45 and 54 brought in the highest salaries per year, at an average of $80,298, according to a study released by Instant Offices last year.

Australians aged between 35 and 44 came in at a close second, taking home $78,192 a year.

Teenagers, to no-one’s surprise, raked in the lowest wages, at just $19,952 annually.

Aussies in their twenties made $58,3635 a year, on average.

– With Natalie Brown

Originally published as Survey reveals eye-watering amount of money Australians need to consider themselves rich