Core Insights - The UBS Global Wealth Report highlights the obsession of Australians with home ownership while revealing three major economic concerns in the country [1] Group 1: Wealth Distribution - Australia ranks second globally in median wealth at $411,000, a 6% increase from last year, while average wealth reaches $952,000, up 17.8% [3] - The number of millionaires with personal wealth of at least $1,550,000 has slightly decreased from 1.93 million to 1.90 million [4] - Wealth inequality is worsening, with the wealth of the richest 200 Australians growing at a rate 7.7 times that of average wealth over the past 40 years [5] Group 2: Real Estate Impact - The growth in average and median wealth is primarily driven by rising property prices, with the national median house price at AUD 844,000 and the average exceeding AUD 1,000,000 [7] - The total value of residential properties held by Australians is projected to reach AUD 109 billion by Q1 2025, creating a housing affordability crisis for first-time buyers [7] Group 3: Debt and Asset Structure - Australians have one of the highest debt levels globally, second only to Switzerland and Sweden, with real estate comprising 53% of personal wealth [7] - When including superannuation, this figure rises to 74%, while cash and deposits account for only about 10% of total wealth [7] - The concentrated wealth structure poses significant risks, as adverse changes in the real estate market or global economy could lead to substantial asset depreciation for a large portion of the population [7][8]