Australian households are growing wealthier, but the gap between rich and poor is widening, according to ABS data.
The average wealth of an Australian household grew 14% to $720,000 between FY06 and FY10, the statistics show.
But while the wealthiest 20% of households have increased their average net worth by 15% over this period, the poorest 20% only accumulated an extra 4%.
The poorest 20% of households had an average net worth of only $32,000, just 1% of total household wealth.
The richest 20% by contrast accounted for two-thirds of the total, or an average of $2.2 million per household.
Average net worth varies by state, with Queensland, South Australia, and Tasmania all falling below the national average. Households in capital cities are more likely to have a higher than average net worth.
Around 2.7 million Australians own their homes outright, while 3 million are under a mortgage. The average value of a directly-owned home, at $541,000 is slightly higher than that of a mortgaged house.
In total, over two thirds of Australian households are owned either directly or through a mortgage. Just over one in five households also own property other than the dwelling in which they live.