Australian wealth is a myth

According to Forbes Australia ranks No.2 for median personal wealth, but how much of it is in housing? Aka paper wealth.

https://www.forbes.com.au/news/investing/wealth-australia-388-k-median-second-global/

Below house in inner city suburb of Chicago sells for 1.6m USD, similar house can easily asks for 4-5m AUD in Sydney, so on paper the latter household is twice as wealthy, but obviously not the case in reality. And it's fair to say Chicago is on par with Sydney economically, if not better (GDP per capital 2024: US$90,449 vs AUD$97,310).

https://www.zillow.com/homedetails/1725-N-Troy-St-Chicago-IL-60647/125824948_zpid/