Australians are the richest people in the world but with so much of their wealth tied up in property, are they betting too much on the house?
The latest Credit Suisse Global Wealth report shows Australia has the highest median wealth in the world - $US219,505 ($A233,504) and second highest average wealth at $US402,600, just behind the Swiss.
But much of our wealth is held in real estate.
The average Aussie is likely to have nearly 60 per cent of their fortune in property, much more than most other people around the world, says Credit Suisse chief investment strategist, Australia, David McDonald.
"We've got 58.5 per cent of our wealth in non-financial assets, which is mainly property, whereas the world average is 48 per cent and in North America 33 per cent of their wealth is in property and non-financial assets," Mr McDonald said.
While there's nothing wrong with investing in property, having too much exposure to any one asset class creates unnecessary risk and could also mean opportunities in other investments, such as equities, are missed.
"There are opportunities out there in the world that by having a couple of investment properties in Australia you are potentially missing out on," Mr McDonald said.
Big trends such as biotech, big data and technology, and emerging Asian economies all present opportunities beyond the local property market so loved by Australians.
"Diversification is a good thing," Mr McDonald said.
"Having almost two thirds of your wealth in property and domestic property at that is not necessarily spreading your risk.
"Exposure to growth in Asia and China and overseas equity markets, even potentially overseas property markets, is something we try to encourage people to look at.
"It's not that we don't like property it's more that we encourage clients to think broader and not to put all our eggs in one basket."
Mr McDonald does not subscribe to current fears that Australia is experiencing a property bubble and says borrowing for property purchases is at manageable levels at present.
"Over the long long term in Australia property has performed broadly in line with the equity market so I think it would be wrong to say that you shouldn't invest in property.
"Our point is more that you should invest broadly."
Credit Suisse co-head of equities research, Australia, Adnan Kucukalic, speaking at the launch of the Global Wealth Report on Wednesday, said it's worth thinking about the opportunities presented by global development.
"I guess the world is doing quite well and equity markets are a fantastic way to play that," Mr Kucukalic said.
"If you're going to put your money into deposit, well you're going to get four per cent and then half of that goes in tax; you put it in the equity market you are benefiting from society's productivity."I think, for me, not being in equity markets and not participating in the trend of world wealth is kind of a bit crazy."