How Is Australia So Rich?

0.32 that is the total population of the planet that lives in australia at around 26 million inhabitants it is the 53rd most populated country in the world a gigantic country that itself is a continent located down under it is rather secluded and thousands of kilometers away from any other major civilization yet it has the 13th largest economy on the planet and australians find themselves as being the 20th richest on earth in terms of gdp per capita so just how is australia so wealthy i'm your host sam and you're watching the geography bible first of all let's take some in-depth look at australia's economy and financial statistics as mentioned earlier they have the 13th largest economy on the planet with a gdp of around 1.6 trillion us dollars putting them above spain and just below brazil a country with over eight times the population and surrounded by many other countries australia's gdp per capita for purchasing power is just shy of 55 000 us dollars which works out to roughly 77 000 aussie dollars placing them above the likes of canada the uk and france but just below germany sweden and austria and finally australia ranks as having the eighth highest average salary in the world so are some very impressive stats for a country where ninety percent of people live in just three percent of its land so first things first australia is incredibly rich in minerals there is such an abundance of minerals that it not only meets its internal needs but it also covers the needs of many other countries around the world meaning it can export these precious commodities in exchange for dollars in 2020 australia was the largest producer of lithium you might have heard of this compound it is used in batteries and in case you haven't noticed batteries are extremely important in today's digital age especially with the gigantic boom in electric cars therefore australia is capitalizing on this opportunity especially in china where 41 of all electric vehicles were purchased in 2020 australia is also the largest aluminium and opal producer in the world and the third largest producer of diamonds another export that helps to propel australia to the top of the rich list is food and its food industry is almost entirely based on local produce as australia is not short of space it has vast areas of the country occupied by cereal crops because australia is just so darn big it has many different climates and can grow different fruits and vegetables that are typically found in different climate zones around the world in the north you have rainforest conditions in the center you have desert and then far down into tasmania you have temperate climates which are more like that of the uk's also australia is one of the countries with the largest herds of livestock around the world the number of sheep in the country is the second largest in the world only behind china and for beef exports only brazil beats the aussies australia's total export value is just shy of 500 billion us dollars with china japan and south korea three other major economies being their biggest trading partners australia ranks as being the eighth highest country on the human development index the index considers the health education and income in a given country to provide a measure of human development which is comparable between countries and over time scoring high in this index usually means that the country is in a great place in terms of finance society education and quality of life it doesn't mean that it's perfect but when a country excels in all of these sectors it usually translates to a strong and healthy economy a country with poor education working standards civil war and unrest will be very unlikely to have a booming economy with wealthy citizens for example the dr congo is one of the most naturally rich countries on earth has a population of around 90 million and a super young populace of around 17 years on average yet it is one of the most corrupt and poor nations on earth with an economy of just 50 billion us dollars australia's relative peace has also helped to maintain its strong economy and position over the last century europe has been annihilated flat twice south america and africa wrecked by civil wars and coops and asia all of the above australia and north america as well have been pretty much untouched and so are wealthy this isn't to say that australia hasn't invested and been involved with wars but there has certainly been no air red blitzes over the sydney opera house its immigration policy is another factor that plays an important role to its wealth unlike other countries that have immigration policy aimed at greater cultural and ethnic diversity and to attract younger workers to help stimulate their economy due to an aging population australia concentrates on bringing in highly skilled and needed workers as opposed to just anyone for example if australia starts to find that they have a shortage of doctors engineers and teachers they will slacken their immigration rules to allow more of these highly skilled workers to enter australia's education system is one of the best in the world it is modern and highly regarded therefore many international students who of course have wealthy families may apply to live and study in australia these then already wealthy students may go on to secure high-paying jobs and further boost the australian economy pre-pandemic australia was a dream destination travelers from all across the globe including myself would flock to the land down under to see its many incredible attractions and soak in its gorgeous sunshine cosmopolitan cities national parks architectural landmarks beaches and amazing weather it's no surprise that in 2019 australia's income from tourism was around 42 billion us dollars about 3.2 percent of its gdp the seventh highest in the world from the sydney opera house to airs rock to the great barrier reef australia has some of the world's most fascinating landmarks and attractions australia's booming housing market is great for bringing in money to the country on taxes due to massive demand of new buildings and homes but not so great for the everyday australian trying to buy a house very similar to what i see in london the mega rich from all across the planet buy properties in cities and countries that are well developed and wealthy as there is only a finite amount of space in cities like sydney melbourne and perth which are all extremely desirable the cost of housing continues to go up and up and more and more are being built in the year 2000 the average house in sydney would set you back around 312 000 aussie dollars today it is more like 1.6 million the average sheila simply cannot afford this insane amount however a billionaire living in china or japan can buy several houses and rent them out for profit just recently australia ranked as the second most agile country in the world only behind the us for a country to be agile it must adapt and respond to whatever obstacles it faces to do this a country needs to be efficient in its actions adopt and accept modern solutions and progress to meet changing circumstances and last but not least it is important to say a few words about the successful anglo-saxon economic model this is a kind of capitalism that is characterized by some important specifics especially when it comes to taxes the anglo-saxon model usually means less government interference and less regulations the private sector dominates and the private property enjoys a central role although absolutely not perfect this model has proven to be extremely successful in countries from around the world such as new zealand the uk the republic of ireland the united states canada and many more so overall australia is a well-developed country that has one of the strongest immigration policies in the world is a tourist hotspot outside of pandemics has a booming export and skilled workforce with a vast amount of natural resources which allows it to be one of the richest countries in the world with a very high quality of life thank you so much for watching this video if you learned something new feel free to drop a like and if you love this sort of content consider subscribing you can always unsubscribe at any time thanks again for watching and we will see you very soon in the next video you

Channel: The Geography Bible

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Id: 3APsUTD1r7k

Length: 9min 13sec (553 seconds)

Published: Sun Feb 06 2022