As of mid-2021, approximately 417,567 Australians had more than $1 million in superannuation, representing about 2.5% of the population. This figure has grown from around 322,200 in 2019, with a significant number of these accounts held by individuals aged 60 and over, including 80,000 holding over $2 million and 11,000 holding over $5 million.
In the organisation's super balance update, it found 2.5 per cent of the population have a super account of more than $1 million, as of June 2021. This represents 417,567 individuals, ASFA said, and is a 29 per cent increase from the 322,200 individuals who held over $1 million in June 2019.
The Million-Dollar Reality Check
According to Fed data, just over half of Americans (54.3%) have retirement accounts, and of those, less than one in 20 (4.7%) have reached the $1 million mark.
Total assets, including superannuation payments from employers and money added from individual Australians, surpassed $4.1 trillion in March 2025. The average Australian now holds a little more than $172,000 in superannuation, while those aged 65-69 have an average of $420,936.
Is $1 million enough to retire comfortably in Australia? If you own your home, $1 million could provide a comfortable retirement for many Australians, but it's not a one-size-fits-all answer. ASFA estimates that to enjoy a comfortable lifestyle at age 67, you'll need around: $595,000 for singles.
With that being said, what is a wealthy retirement? Well, according to ASFA, a comfortable retirement for a couple is around $75,000 per year and $53,000 for a single person. Given this, I would consider achieving a retirement income of, say, 30% over these amounts to be a wealthy retirement.
You can retire at 50 with $1 million in savings and receive a guaranteed annual income of $62,400. Your tax bracket and how much you pay should also be considered when planning how much money you'll need for retirement. Retiring at 60 with $1 million is feasible.
What Net Worth Defines “Upper Class” in Your 30s in Australia? And How to Build It
According to estimates based on the Federal Reserve Survey of Consumer Finances, a mere 3.2% of retirees have over $1 million in their retirement accounts. The number of those with $2 million or more is even smaller, falling somewhere between this 3.2% and the 0.1% who have $5 million or more saved.
Even if you move overseas, your superannuation will typically stay in Australia. If you move to New Zealand, you may be able to transfer your super to a KiwiSaver account. Temporary residents returning home after visiting Australia can apply for a Departing Australia Superannuation Payment.
Empower Personal DashboardTM data shows 9.1% of people fall into the category of 401(k) millionaire as of September 30, 2025, having accumulated at least $1 million in retirement savings in employer-sponsored plans and individually controlled IRA savings and investment accounts.
Sitting at ninth place out of 10 countries, Australia has 1.8% of the global US$10m+ population, with 42,789 HNWIs. Australia's wealthy population was slightly ahead of Hong Kong SAR, which has 42,715 HNWIs, Italy (41,080), South Korea (39,210), Taiwan (28,391), Brazil (21,974) and Spain (21,275).
Percentage of retirees with $1 million
According to estimates based on the Federal Reserve Survey of Consumer Finances, only 3.2% of retirees have over $1 million in their retirement accounts. This percentage drops even further when considering those with $5 million or more, accounting for a mere 0.1% of retirees.
Currently the transfer balance cap is $2 million. After you retire any amounts over the cap need to be transferred into an accumulation account or withdrawn taken out as a lump sum. Earnings on any excess amount in your retirement account are taxed at 15%.
Research shows that less than 1% of households have $3 million or more in retirement savings. While this amount is uncommon, those who consistently invest, save diligently and manage their spending can build significant retirement assets over time.
It doesn't make someone a millionaire if they are paying a mortgage on a home that is worth $1M. It only makes them in debt for the amount of the mortgage. If they ever pay off that loan, and the property is still accurately appraised at $1M+, then they would be a millionaire, but not before.
The 16th annual UBS Global Wealth Report found Australia ranks second out of 56 countries based on median wealth per adult of US$268,000 ($415,000), and fifth based on average wealth per adult at US$620,000 ($795,000). During 2024, median wealth in Australia grew by 11 per cent, while average wealth grew by 4 per cent.
Among the 1 per cent, there's been a sharp increase in income over five years. The comparable figures in 2019-20 to be considered a 1 per cent-er were total income of $315,770 and household income of $460,028, which amounts to a rise of 19 per cent and 16 per cent, respectively.
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