Australia’s median wealth falls almost 7% since 2020 despite the rich getting richer, report says

https://www.theguardian.com/australia-news/2026/jul/03/australia-median-wealth-falls-but-rich-getting-richer

78 points · 9 comments · view on lemmy.world

9 Comments

eleijeep@piefed.social · 26 pts · 51d (7 replies)

The word "despite" in the headline betrays a complete lack of understanding of basic statistics and economics on the part of the author.

Buffalox@lemmy.world · 13 pts · 51d (3 replies)

Nonono hold on you misunderstand, now we just have to wait for the trickle down. 🤣 🤥

trewq@lemmy.world · 2 pts · 50d (2 replies)

Wait long long for the imaginary trickle down to happen

jubilationtcornpone@sh.itjust.works · 2 pts · 50d (1 reply)

Oh, it's very real. It's also warm and yellow.

phutatorius@lemmy.zip · 1 pts · 49d

Horses and sparrows.

fizzle@quokk.au · 4 pts · 49d (2 replies)

I think the author understands it's just a shit headline.

But this masked a nearly 7% contraction in the median wealth of Australian adults over the period, suggesting expanding wealth has favoured those at the top.

I don't understand how they're counting / defining "millionaires", is it by annual income or net wealth.

Middle Australia’s wealth is going backwards while the richest claim an ever-greater share of the pile, according to new research that shows more than 25,000 people across the country became millionaires last year.

A number this low suggests they're talking about the number of people who earn $1m in a year.

However, later in the article they count "median wealth" by net assets, as if the number of millionaires is contextual.

Millions of Australian's would "become millionaires" each year in terms of net assets.

Kactus@piefed.world · 1 pts · 49d (1 reply)

If you are counting housing as assets, but you are forgetting mortgages as debts. Net millionaire would still be rare. What was the one that came out last month, there were 600 odd billionaires with more wealth than the bottom 2 million households. My banks house they let me live in has gone up in value

fizzle@quokk.au · 1 pts · 49d

Nah, I'm not forgetting mortgages. Anyone over 50 who bought a house in a major city in their 20s likely has a million in net assets

Don't forget super

Atelopus-zeteki@fedia.io · 15 pts · 51d

"...as a result of the rich getting richer..."