Why middle Australia is falling behind as millionaires multiply | ABC NEWS

By ABC News (Australia)

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More than 25,000 Australians became millionaires in 2025, according to the latest UBS Global Wealth Report. While the number of wealthy Australians is growing, the report suggests the gap between the richest households and the rest of the population is widening. Independent economist Saul Eslake explains what drives Australia's growing wealth divide, who counts as "middle Australia", and the role of rising house prices in wealth inequality. 00:00 - Introduction 00:26 - Are the rich getting richer while everyone else falls behind? 02:48 - Who is "middle Australia"? 03:15 - How house prices are widening the wealth divide 05:32 - Will inheritances reduce wealth inequality? Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2026-07-02/ubs-global-wealth-report-australia-millionaires/106869298 Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia

Tags: Australia, abc, abc news, news, wealth inequality, Australia wealth gap, UBS Global Wealth Report, Australian millionaires, middle Australia, Saul Eslake, housing market, house prices, intergenerational wealth, inheritance tax, wealth divide, young Australians, property wealth, economic inequality, household wealth