The wealth of a typical Australian, in global terms, has fallen sharply at the hands of the diving dollar and our weak housing market.

The average wealth levels of an Australian adult tumbled $US28,670 ($41,765) to $US384,640 over the past year, according to the 10th edition of the Global Wealth Report published by the Credit Suisse Research Institute.

The report, released on Monday night, shows the situation Australian stood in stark contrast to other developed nations such as Switzerland, the United States, Japan and Netherlands where average wealth levels increased over the same period.

A weaker Aussie dollar has seen Australia slide down the latest wealth rankings from the Credit Suisse Research Institute.

“A weakening Australian dollar against the US dollar has been the biggest contribution to its fall in the rankings of wealth per adult,” said Michael Marr, head of Private Banking Australia at Credit Suisse, adding the economic environment over the year had become “more challenging in Australia with sub-trend GDP growth and a weaker property market”.