Dive Brief:
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U.S. Home builders looking for ways to convince consumers that home ownership is a wealth-building tool can point to the world’s richest people: Australians.
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The latest annual study by Credit Suisse contends that Australians, whose median worth of individuals is $258,000, have rapidly accumulated wealth over the last 14 years by buying homes.
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Americans’ median worth is $173,000, the study says.
Dive Insight:
Although the Aussie population overall is well-off, the wealth is unevenly spread among the country’s citizens. The Credit Suisse study says the richest richest 10 percent of the population controls up to 60 percent of the country's wealth.