For years, a six-figure salary was the gold standard in Australia. It was the number that made you feel like you’d made it, that you were on top of the world. But times have changed. With the cost of living sky-high—think rent, groceries, and those ever-increasing bills—research is showing that six figures no longer feels quite as impressive. In fact, Australians now need far more to feel “rich” than ever before.
The Surprising New Salary Benchmark
According to research from Finder, the average Australian now needs a whopping $389,118 a year to feel rich. That’s a significant jump—more than $50,000 higher than just three years ago. It’s a stark contrast to what many people are actually earning. The average salary in Australia is around $60,000, which is far from the amount many people now aspire to in order to feel financially comfortable.
Interestingly, this feeling of needing more isn’t universal. Men believe they need about $393,438 to feel wealthy, while women are aiming for $384,424, details Yahoo Finance. But what’s really eye-opening is the generational divide. Millennials are the most ambitious, with many saying they need a massive $470,881 to feel rich. Meanwhile, Baby Boomers feel they could get by on $273,648, and Gen Z’s number sits at $351,793.
What’s Driving This Increase?
So, why are Aussies feeling like they need more to feel rich? It all boils down to the rising cost of living. Between mortgage payments, childcare, education costs, and the looming pressure of retirement savings, younger generations are facing financial burdens that their older counterparts didn’t have to deal with.
Baby Boomers, on the other hand, tend to be more financially secure, often having paid off their mortgages and enjoying a lower cost of living in retirement. It’s not surprising, then, that they feel they need less to feel rich compared to younger Australians, who are still working to secure their financial futures.
The $100,000 Wake-Up Call
A Yahoo Finance poll found that nearly half of respondents—44%—no longer believe that $100,000 is enough to feel rich. That’s a big shift from the past, when earning six figures was considered a solid sign of success. Now, many Australians feel that to achieve the lifestyle they want, they need even more.
And it’s not just about income—savings are also a key factor. The average Australian has about $43,666 in cash savings as of December 2025. But that number varies by generation. Baby Boomers have the most in savings, at $50,352, while Millennials hold an average of $40,038, and Gen Z is trailing behind with only $21,326.
What Does All This Mean for You?
At the end of the day, the idea of being “rich” is personal. Some people feel secure with a modest income, while others may always chase more. But one thing is clear: As the cost of living continues to rise, Australians are adjusting their expectations. Whether you’re in your 20s or 50s, it’s becoming evident that the financial landscape has changed, and what we once thought was enough just doesn’t cut it anymore.
So, what about you? Does earning $100,000 still seem like the magic number, or are you starting to think you need more to feel financially comfortable? The answer might depend on where you’re at in life—and how much it costs to live the way you want.
