>> Honestly as an Australian living in the USA it does show. I get rather annoyed when a USA resident boasts about wealth. You have massive loans dickhead Aust

>> Honestly as an Australian living in the USA it does show. I get rather annoyed when a USA resident boasts about wealth. You have massive loans dickhead Australia has the second highest household debt to GDP ratio in the world, second to Switzerland. The US isn't in the top 10: https://en.wikipedia.org/wiki/List_of_countries_by_household_debt https://en.wikipedia.org/wiki/List_of_countries_by_household.... As others have pointed out, a large part of this is due to increasing house prices, and it is fairly recent: "Australian household debt levels have increased substantially over the past thirty years, with the ratio of household debt to annual disposable income rising from 68% in June 1990 to a recent peak of 188.5% in June 2019. Since June last year, the ratio has reduced slightly to 185.0%. Most of the debt held by households is housing debt, which comprises around 76% of overall household debt. Thirty years ago housing debt comprised a much smaller 46% of overall household debt. ... Most of Australia’s household debt accrual occurred between 1990 and 2010. The ratio of household debt to income increased by 45.7 percentage points between 1990 and 2000, and by another 49.3 percentage points between 2000 and 2010. The past decade has seen growth in the ratio more than half to 21.5 percentage points, with most of that growth aligned with the property boom between late 2012 and 2017. Importantly, the value of assets held against the debt has recorded a more significant increase, pushing household net worth to new record highs at the end of 2019. Residential dwellings comprise by far the largest component of household assets, totaling $6.8 trillion, or 53% of household wealth." -- https://www.macrobusiness.com.au/2020/11/could-australias-high-mortgage-debt-lead-to-credit-tightening/ https://www.macrobusiness.com.au/2020/11/could-australias-hi... Australians took on massive debt to buy houses at increasing prices. As long as prices keep going up, their wealth increases. And what are they doing with that wealth increase? "not all of that housing debt has simply been used to buy homes — many people have been cashing in on the rising value of their properties over the past two decades. 'Even for people who don't buy and sell a home, and stay in the one place, we're finding between 30 and 40 per cent of these people are increasing their debt from one year to the next,' Professor Wilkins says. 'When people are increasing their debt from one year to the next, they're essentially accessing the equity in their home ... people are evidently using that increased equity to fund consumption." -- https://www.abc.net.au/news/2019-10-18/household-debt-leaves-australians-working-longer-spending-less/11608016 https://www.abc.net.au/news/2019-10-18/household-debt-leaves... As long as prices keep going up, it will be fine. But I suspect I know how this story ends.