Australians think $5.3m is needed to be 'rich'

ONCE upon a time being a millionaire was enough to be considered wealthy, but according to a recent survey it seems that just having one million isn't enough.

According to research from Finder, who surveyed 2005 people, the benchmark bank balance Australians would need before they'd consider themselves wealthy is at least $5.3 million.

This figure is roughly seven times the average Australian household wealth of $740,000, though most of this wealth is tied up in assets such as property.

Apparently men wouldn't feel rich unless they had at least $5.9 million in the bank, while women would need $4.8 million.

However to put this all into perspective, perhaps a look at what other people earn might make you feel better about your bank balance.

The Global Rich List allows you to compare your income or wealth to the rest of the world. The average Australian yearly income of $81,947 is in the top 0.26% of income in the world.

Check out how much you earn and how it compares to the rest of the world, then see if you need $5.3 million in the bank to feel rich.

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