The difference between Australia's haves and have nots

Remember the 99 per cent?

It was one of the Occupy movement's most effective strategies, comparing the ultra-wealthy one per cent to the rest of us.

Below is an Australian version of sorts.

The Australian Bureau of Statistics calculates the net worth of households, that is the value of everyone in the house's assets (including superannuation), minus their debts.

Data released last month, for the 2015-2016 fiscal year, showed for the first time that more than one quarter of all households were worth more than $1 million.

In fact the "average" Australian household was worth $929,400, although when it comes to measuring wealth, averages tend to be skewed by those ultra-wealthy in the aforementioned one per cent. The median household wealth, that is the middle household if you'd lined up Australia's households from richest to poorest, is worth $527,000.

The bureau also divides the nation's households into 10 different equal-sized groups, or deciles: the poorest 10 per cent, the second poorest 10 per cent, etc.

The graphic below shows how much money you need to qualify for each decile. For example, 90 per cent of Australians have more than $33,500; 80 per cent have more than $104,500, etc.

The lines are to scale, showing the difference between the haves and have nots.

In case you're interested, to qualify for Australia's 1 per cent, you need to be worth at least $5 million - currently 1.5 per cent have more than this figure.

Source: Household Income and Wealth, Australia; 2015-16

This story The difference between Australia's haves and have nots first appeared on The Sydney Morning Herald.