Approximately 80,000 to 104,000 Australians (roughly 0.5%–0.6% of account holders) have more than $ 2 $ 2 million in superannuation, according to data from 2021-2022. Most of these individuals are aged 60 and over, though some younger people with high balances exist. The majority of these large balances are held within Self-Managed Super Funds (SMSFs).
According to the Employee Benefit Research Institute, just 1.8% of U.S. households have $2 million or more saved in retirement accounts. That's based on the 2022 Survey of Consumer Finances, conducted by the Federal Reserve.
Of the 80,000 Australians with super balances eclipsing $3 million, about 55 per cent are male, one-quarter have at least one investment property and about a third are still earning wage or salary income, according to the association. Of those still working, most are in managerial or professional roles.
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.
A: For many Australians, $2 million is enough to fund a comfortable retirement — particularly if the money is well-structured inside superannuation, drawn down tax-effectively, and invested to outpace inflation. However, early retirement or luxury lifestyles may require more.
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Only around 3.1 per cent of households have very high total balances of over $2 million. Around 1.4 per cent or 142,000 households have more than $3 million in superannuation.
How Much Income Will 1 Million Generate in Retirement? The amount of income $1 million will generate in retirement will range between $10,000 p.a. and $60,000 p.a. increasing. The range is based on how conservative or how aggressive the investment option you choose is.
If you exceed your TBC, the Australian Taxation Office will require you to commute (roll back) the excess amount, as well as notional earnings on that amount, to the accumulation phase. You'll also pay Excess Transfer Balance Tax of: 15% on notional earnings for a first breach, and. 30% for subsequent breaches.
The Credit Suisse World Wealth Report shows that Australia has 2,177,000 adults with wealth in excess of US$1 million each. That was an increase of 390,000 in the number of US dollar millionaires in 2021.
Here are the 5 worst-performing super funds in 2022, according to APRA:
Yes, $2 million should be enough to allow you to enjoy a comfortable, happy retirement that suits your needs and preferences. You retire at 61 – With an estimated life expectancy of 90, you need 29 years of income. Across those years, $2 million could equate to approximately $68,966 annually or $5,747 monthly.
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.
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.
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.
In June 2021 there were about 55,000 individuals with a balance over $3 million, up from around 35,000 in June 2019. Given recent investment returns and further contributions, the Treasury estimate that by July 2025 there will be around 80,000 individuals with more than $3 million in superannuation is quite reasonable.
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.
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.