How much money would make you feel rich?
The average is way below $1 million - here's what Aussies think you need to earn.
A nationally representative survey of 1,081 respondents revealed the average Aussie would need to earn a whopping $336,516 per year to feel rich.
That's more than 6 times greater than the median personal income of $52,338, according to the Australian Bureau of Statistics.
The research found men ($347,395) would need to earn roughly $20K more than women ($326,929) to consider themselves affluent.
Sarah Megginson, money expert at Finder, said constant craving for more money can be a slippery slope.
"A small number of high-income earners can make average income figures seem impressive, but remember the typical Australian is on a salary of just over $50K."
"Building wealth doesn't have to mean earning the most competitive income – the best thing you can do is develop great financial management skills.
"Then work on building your long-term wealth. If property seems out of reach, consider investing in shares."
"And if debt is your challenge, look at a credit card balance transfer or debt consolidation personal loan to cut what you owe."
| How much do you need to earn per year to be rich? | |
|---|---|
| Gen Z | $428,474 |
| Millennials | $345,785 |
| Gen X | $294,705 |
| Baby boomers | $306,505 |
| Average Australian | $336,516 |
| Source: Finder survey of 1,081 respondents, December 2022 |