Everyone's Becoming a Millionaire. Except You?
What to do if you are falling behind
That’s what it feels like, doesn’t it?
The latest UBS Global Wealth Report said Australia has the second-highest median wealth in the world, around USD 388,000 per adult.
(Quick note: median means the middle person—half have more, half have less. It’s not skewed by billionaires like the average is, so it gives a better picture of what “typical” looks like.)
The growth in median wealth is an indication that more Aussies are moving above the middle line.
That’s great news, right?
Globally, wealth is bouncing back.
According to the report, in 2023 alone, there were over 379,000 new millionaires added around the world—that’s more than 1,000 a day!
And in Australia?
We’re expected to add another 400,000 millionaires by 2028, growing the total to 2.3 million.
So…if wealth is growing everywhere, why do so many of us still feel stuck?
Where is all this wealth hiding
Here’s the thing—most of that wealth isn’t sitting in a bank account.
It’s locked up in property and retirement funds.
Not cash. Not crypto. Not some secret high-paying job.
If you bought a home 15–20 years ago or had steady super contributions, great, your net worth probably soared. Suddenly, you are in the millionaire category.
But what if you didn’t?
I’ll admit—I didn’t buy a property 15-20 years ago, my super is pretty low compared to others my age.
I moved to Australia in my late 30s. And for a few years, I was back in Canada running my own business. I didn’t have income in Australia, so there were no super contributions.
I’ve seen people my age with a lot more in their super.
And while I’m happy for them, it’s hard not to feel like I’ve fallen behind.
Is everyone getting richer but me?
I’m not being self-pitying here, because, in a way, yes, more and more people are getting richer.
When median wealth increases, it means more everyday people are moving up, not just the rich getting richer.
But, and this is important—average wealth is still rising faster than median, which means inequality is also growing.
While I see a lot of flashy cars on the street, I also see more homelessness.
That’s why even if you are above the median line, you still feel you are not catching up. I certainly feel like so.
What can you do if you’re not “there” yet?
I wish I could tell you to buy a lottery ticket and try your luck.
Only if it’s that easy.
If you feel like you are too far behind, you need to do two things.
Work on your mindset:
Let go of the “catching up” mindset, as this will only add pressure.
Stop comparing yourself to others - easier said than done, I’m guilty of that. Remind yourself that everyone’s situation is different. You don’t know if your millionaire next door is actually “stuck” because they have a big mortgage that they’re never going to pay off.
Take action on what you can control:
Build liquid wealth: savings, shares, ETFs. Consider dividend stocks to improve cash flow.
Set up salary sacrifice to super (or max out your 401k, Roth IRA or other relevant retirement accounts in your country).
Stick to your budget and invest regularly, even if it’s just a small amount. Don’t forget the compounding effect.
Remember, true freedom isn’t just about reaching millionaire status.
It’s about having options, security, and peace of mind. It’s knowing if you needed surgery tomorrow, you could afford it.
It’s being able to take a break when life gets hard without financial stress.
So start from where you are.
And don’t let someone else’s timeline make you feel like you’re too late.
Disclaimer: Information shared in this newsletter is not financial advice. Always do your own research before making any financial decisions.
If you think any of your friends will benefit from this post, please help me spread the word by clicking the “share” button below:
That's right, Sarina. Inequality is on the rise across the world. I'm seeing it in Germany too.