We’re a nation of millionaires — there’s just one problem

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According to the latest figures, the average Australian is now a millionaire. But there’s a fatal flaw in this reasoning, to the tune of $460,000.

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For an example, imagine three households, one has $40,000, one has $50,000, one has $60,000. The average wealth is $50,000 and the median wealth is also $50,000. So far, so plain and simple. Averages are affected by outliers. For example, the average Australian has 1.99 legs. If you have two, you’re above average.

 

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doesn't matter how much your home is worth if you have to spend just as much to move. You have to live somewhere.

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