Baby Boomers in the Money

The top Australian baby boomers are in the money with the highest ranking quarter having an average of more than $1 million in assets.

Research carried out by the AMP and the National Centre for Social and Economic Modelling showed that the top 25% of boomers in the 55-64 bracket had assets worth $1,077,700 although the average within the whole of that age group levelled out at $437,100.

And the total boomer asset worth began from a comparatively low base with the bottom 25% aged 55-64 averaging assets of $78,400, the second quarter averaging $219,000, and the third averaging $371,800. For those over 65 the average asset worth was $384,400 with assets ranging from $60,700 in the lowest quarter to $958,600 in the top.

With the boomers the only similarity shown between the bottom quarter and the top was that the family home accounted for one third of all assets. In contrast the middle group boomers had more than half their wealth tied up in the family home. The wealthiest boomers had 48% of their investments in shares and other assets and 18% in superannuation.