Australia’s household wealth surged by the end of 2020 — but property owners have taken the lion’s share

The recession was great for some Australians.

Despite the pain of the lockdowns, and nearly a million jobs disappearing, by the end of 2020 Australia’s household wealth was surging.

According to the Australian Bureau of Statistics (ABS), household wealth skyrocketed by $501 billion in the last three months of last year, which was the strongest quarterly growth since December 2009.

Wealth per person hit $467,709, and total household wealth hit $12 trillion — both records.

How could that be?