It appears that in a Morrison-led economy not all of his aspirational folk "who have a go" are actually managing to "get a go"

Credit Suisse Research Institute, Global wealth report 2019, excerpt:

For the past decade, global wealth creation has centered around China and the United States. This year, the United States extended its unbroken spell of wealth gains, which began after the global financial crisis in 2008. The United States also accounts for 40% of dollar millionaires worldwide and for 40% of those in the top 1% of global wealth distribution. Wealth in China started the century from a lower base, but grew at a much faster pace during the early years. It was one of the few countries to avoid the impact of the global financial crisis. China’s progress has enabled it to replace Europe as the principal source of global wealth growth and to replace Japan as the country with the second-largest number of millionaires. More tellingly, China overtook the United States this year to become the country with most people in the top 10% of global wealth distribution. 

The rest of the world has not stood still. Other emerging markets – India in particular – have made a steady contribution, which we expect to continue over the next five years. However, overall worldwide growth was modest in the 12 months up to mid-2019. Aggregate global wealth rose by USD 9.1 trillion to USD 360.6 trillion, representing a growth rate of 2.6%. Wealth per adult grew by just 1.2% to USD 70,850 per adult in mid-2019. The number of new millionaires was also relatively modest, up 1.1 million to 46.8 million. The United States added 675,000 newcomers, more than half of the global total. Japan and China each contributed more than 150,000, but Australia lost 124,000 millionaires following a fall in average wealth.....

Comparing total wealth gains and losses across the most important countries....The main losses occurred in Australia (down USD 443 billion), Turkey (down USD 257 billion) and Pakistan (down USD 141 billion).

During the past year, the total number of UHNW  [Ultra High Net Worth] adults has risen by 6,870 (4%), with every region except Africa recording a net increase. The regions adding most members were North America (4,570), Latin America (870) and Europe (710). China (up 370) and India (up 54) had a relatively quiet year. The individual countries gaining the most members were the United States (4,200) and – more surprisingly – Brazil (860) and Russia (400). Losses occurred in Korea (down 140), Turkey (down 230), Italy (down 270) and Australia (down 280)......

According to our estimates, the number of global millionaires could exceed 62 million in 2024, a rise of almost 16 million from today, and 49 million from the beginning of the century......Among developed economies, millionaire numbers in Germany, France, Italy and Sweden are expected to rise roughly in line with the global average. Canada and Spain should perform a little better, and Japan and Portugal much better. However, growth of millionaire numbers in the United Kingdom after Brexit is unlikely to match the rest of the world and we think this will also be the case with Australia and Norway. 

Also according to Credit Suisse:

• only 29 of the current crop of wannabe millionaires will make it into the winners circle by 2024; and

• Australia's wealth to GDP ratio has fallen since its 2015 level.

Read the full report here.

While for all those other Australians who are not even close to becoming millionaires, the Australian Bureau of Statistics reveals in System of National Accounts 2018-19:

• households have $46.42 billion less in total savings than they had four years ago;

• net household savings are the lowest they have been since the Global Financial Crisis years;

• these households spend less on daily needs to offset almost stagnant wages growth and a collective income tax payable bill which is $56.15 billion higher than it was in June 2015;

• regardless of any reduction in spending on daily needs, households owed a total of $95.8 billion more in loans, placements & accounts payable than they did in June 2018; and

• although employee compensation (wages) has grown modestly in the last financial year, as a share of gross national income employee wages have dropped to 48.44 per cent of the total.