How Is Australia So Rich? (In 2022)

With a population of around 26 million people, Australia is the world’s 53rd most populous country.

A massive country that is a continent located down under, it is secluded and thousands of kilometers away from any other major civilization, yet it has the world’s 13th largest economy and Australians are the world’s 20th richest people in terms of GDP per capita.

So, basically in this article, we are going to share some really important information about How is Australia so rich in detail. Kindly please read this article till the end in order to extract some really very important information about the same.

How Is Australia So Rich?

As previously stated, Australia has the world’s 13th largest economy, with a GDP of roughly 1.6 trillion dollars, placing them ahead of Spain and slightly behind Brazil, a country with almost eight times the population and surrounded by many other countries.

Australia’s purchasing power parity GDP per capita is just shy of 55 000 US dollars, which translates to roughly 77 000 Aussie dollars, putting them ahead of Canada, the United Kingdom, and France, but just behind Germany, Sweden, and Austria.

Finally, Australia has the eighth-highest average salary in the world, which are all impressive numbers for a country where ninety percent of the population lives in just three percent land of the country.

Australia is Mineral-Rich Country

First and foremost, Australia is very mineral-rich; in fact, it has such an abundance of minerals that it not only meets its own demands but also those of many other countries across the world. It can export these valuable commodities in exchange for dollars. In 2020,

Australia was the world’s largest producer of lithium, which is used in batteries. If you haven’t noticed, batteries are extremely important in today’s digital age, especially with the massive boom in electric cars.

As a result, Australia is capitalizing on this opportunity, particularly in China, where 41 percent of all-electric vehicles were purchased in 2020. Australia is also the world’s greatest producer of aluminum and the third-largest producer of diamonds. 

Australia’s Food Industry is Major Element of the GDP

another export that helps to propel Australia to the top of the rich list is food and its food industry is almost entirely based on local produce.

Australia is not short of space it has vast areas of the country occupied by cereal crops because Australia is just so darn big it has many different climates and can grow different fruits and vegetables that are typically found in different climate zones around the world.

In the north, you have rainforest conditions in the center you have desert and then far down into Tasmania, you have temperate climates which are more like that of the UK.

Also, Australia is one of the countries with the largest herds of livestock around the world the number of sheep in the country is the second-largest in the world only behind china and for beef exports only.

Strong Financial and Economical Factors

Australia ranks as being the eighth highest country on the human development index.

The index considers the health education and income in a given country to provide a measure of human development that is comparable between countries and over time scoring high in this index usually means that the country is in a great place in terms of finance society education and quality of life.

It doesn’t mean that it’s perfect but when a country excels in all of these sectors. it usually translates to a strong and healthy economy a country with poor education working standards civil war and unrest will be very unlikely to have a booming economy with wealthy citizens.

For example, Congo is one of the most naturally rich countries on earth has a population of around 90 million and a super young populace of around 17 years on average yet it is one of the most corrupt and poor nations on earth with an economy of just 50 billion us dollars.

Final Conclusion on How Is Australia So Rich

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