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WA has joined the ultrawealthy, jet-set enclaves Monaco and Luxembourg as one of the richest places on Earth.

Australian Bureau of Statistics figures reveal the mining boom has helped expand the WA economy at its fastest rate in more than 20 years to up-end the nation's economic pecking order.

In the 2011-12 financial year, WA's gross State product grew a record 6.7 per cent. The next best part of the country was the Northern Territory at 4.4 per cent.

WA's economic output hit $236 billion, more than the world's 40th biggest economy, Egypt.

Since 2007-08, WA's total GSP has grown 54 per cent. The Irish economy, by contrast, shrunk 15 per cent.

That surge means that per capita, WA's economic output is more than $US100,000.

Only the micro-states Monaco, Luxembourg and Liechtenstein are worth more per person, with WA overtaking resources-rich Norway in the past 12 months.

And while WA gets richer, other parts of Australia struggle.

In 2003-04, WA accounted for almost 11 per cent of the nation's economic output. NSW's share was almost 35 per cent. Last financial year, WA had more than 16 per cent and NSW's output had fallen to less than 31 per cent.

Even Queensland, another resources State, lags WA's economic pull, with its share of the national economy down slightly.

Westpac senior economist Andrew Hanlan said the figures highlighted the mining haves and have-nots and the investment surge of 2011-12 clearly benefited WA and Queensland.

Mining now accounts for 35 per cent of WA economic activity. It has flow-on effects in areas such as professional and scientific services and the construction sector.

The next fastest growth was in the arts, culture and health, while farming went backwards.