According to a new report by New World Wealth, Australia is the ninth wealthiest country in the world.
Topping the list was the United States with a total calculated individual wealth of $48,900 billion, followed by China with $17,400 billion.
To draw its conclusions, the report took into consideration the net individual wealth of an individual, inclusive of all their assets including cash, property, equities and investments.
However government funds were excluded, reports SBS.
Australia’s net individual wealth was calculated to be $4,500 billion, and has been regarded an “impressive” feat considering its small population.
“Australia’s ranking is impressive, considering it only has 22 million people living there,” said the report.
Meanwhile Japan was ranked 3rd with $15,100, the UK followed in 4th place with a total of $9,200 billion, and Germany was a close 5th with $9,100 billion.
Also making an appearance in the top ten were France with $6,600 billion (6th), India with $5,600 billion (7th), Canada with $4,700 billion was ranked eighth, and Italy emerged just below Australia with $4,400 billion (10th).
The report highlighted that both Australia and India had grown strongly, and that “Australia and Canada have just overtaken Italy over the past 12 months.”
Amongst the nation’s listed, China was noted to be the fastest growing country in terms of individual wealth in the past five years.