Byron Bay which is part of the Richmond electorate, ranked 24th in Australia in average personal wealth per capita.
Byron Bay which is part of the Richmond electorate, ranked 24th in Australia in average personal wealth per capita.

How wealthy are we? New report shows where we rank

DO you feel like you live in a wealthy area?

If the answer is no and you live in Lismore and Casino, you are on the money.

But if you live in Ballina, Lennox Head or Byron Bay, you might want to think again - even if you don't feel wealthy yourself.

After interviewing tens of thousands of people, Roy Morgan has released its latest wealth report - it's the fifth edition - based on an analysis of personal wealth in all 151 Federal electorates up until the end of 2019 before the impacts of the bushfires and coronavirus hit.

Personal net wealth is calculated by subtracting debt from assets, which is predominantly equity in owner-occupied homes, plus superannuation.

The seat of Wentworth in Sydney's eastern suburbs, which former Prime Minister Malcolm Turnbull represented, ranked number 1 with an average per capita net wealth of $1,060,000 and a median net wealth of $338,000.

The seat of Richmond, which takes in Ballina, Lennox Head and Byron Bay, ranked 24th, with an average net wealth per capita of $560,000 and median net wealth of $325,000.

The seat of Page, which includes Lismore and Casino, ranked 112th out of the 151 electorates, with an average net wealth per capita of $313,000 and a median net wealth of $175,000.

The South Australian electorate of Spence in Adelaide's northern suburbs was last place on the rankings, with an average per capita net wealth of $187,000, and a median net wealth of $75,000.

Roy Morgan CEO, Michele Levine, said the data showed that "even before the current economic crisis, the poorest 10 per cent of Australia's population had negative net wealth."

"In other words, their debts outweighed their assets," she said.

"They were, on average, almost $21,000 in the red already, while the wealthiest 10 per cent of the population had an average net wealth of just over $2,000,000.

"Our latest research on the impacts of the COVID-19 crisis found that 3.8 million Australians have had work hours reduced and 2.7 million have been stood down.

"For many, this will impact on their assets - around half a million people have already withdrawn money from their superannuation under special pandemic provisions.

"Consequently, it's highly likely the gap between the richest and poorest Australians will continue to widen."



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