As of 2021, over 417,000 Australians had more than $1 million in superannuation, according to data from the www.moneymanagement.com.au. This figure represents about 2.5% of the population, having grown significantly from approximately 322,000 in 2019, according to the Association of Superannuation Funds of Australia.
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.
What Net Worth Defines “Upper Class” in Your 30s in Australia? And How to Build It
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.
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 After you retire any amounts over the cap need to be transferred into an accumulation account or withdrawn taken out as a lump sum.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%.
$1 million is enough for a comfortable retirement if you retire at age 65. This will provide a single person with an income of $60,000 p.a. and a couple with $77,000 p.a., including Age Pension for around 30 years, based on an investment return of 6% p.a. and 3.0% p.a. inflation.
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.
The short answer: to retire on $80,000 a year in Australia, you'll need a super balance of roughly between $700,000 and $1.4 million. It's a broad range, and that's because everyone's circumstances are different.
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.
In US dollar terms, Australia counts 1.9 million millionaires and is ranked eighth in UBS' millionaire index. One in 10 people are a millionaire in USD terms, it said, alongside Hong Kong SAR, the US and the Netherlands.
Under these assumptions, your $1 million could potentially last 25 to 30 years. However, this doesn't account for rising healthcare costs, unexpected expenses, or major market downturns. If you withdraw more aggressively, say 5% or 6%, the money may only last 15 to 20 years, especially if markets underperform.
The average wealth of the highest 5% wealth group is $6,795,000. Australia has the fifth highest number in the world of people with ultra-high wealth (more than US $500 million).
Australians aged between 60-64 have an average super balance of $401,600 for men and $300,300 for women1. The Government Age Pension acts as a safety net to support the basic cost of living in retirement. However, it's still important to have a figure in mind as your ideal retirement savings goal.
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.
Your home is not counted as an asset when calculating pension or payment, but it does affect how your pension or payment is assessed under the assets test. If you are a homeowner your asset value limit is lower than someone who does not own their residence.
It meant retirees could easily calculate how much they needed to save for retirement - by simply dividing the amount of money they would like to spend each year by the withdrawal rate. So if they wanted $50k each year from their portfolio at a 4% withdrawal rate, they could divide $50k by 4%, equalling $1.25 million.
We estimate that to retire comfortably at age 60, a single person might need a super balance of around $515,000 (for an income in retirement of about $52,000 per year*), and a couple retiring at age 60 might need a combined super balance of around $660,000 (for a combined income in retirement of about $72,000 per year ...