The Grattan Institute’s Owain Emslie and Danielle Wood have done a great job examining inheritances in Australia, which flow overwhelmingly to older Australians and the wealthy, thus helping to cement wealth along class lines:
A sample of estates from Victoria’s probate office suggests the median estate in Victoria is worth about $500,000. That’s likely to be close to what it is Australia-wide.
But many are much larger. About 20 per cent are worth more than $1 million, and 7 per cent are more than $2 million. Property is the largest component, accounting for about half of the average value…
There are 1546 words left in this subscriber-only article.