As an expert in economic studies, I can provide a comprehensive analysis of Australia's economic standing in the world. To understand how rich Australia is globally, we need to consider various economic indicators, including GDP, wealth per adult, and the overall wealth of the nation.

Economy Overview:
Australia boasts a highly developed and diverse economy, which is a significant player in the global market. With a GDP of AUD$1.69 trillion as of 2017, it is one of the largest mixed market economies in the world. This economic strength is underpinned by robust sectors such as mining, agriculture, manufacturing, and services, which contribute to its high GDP.

Wealth Per Adult:
When it comes to wealth per adult, Australia ranks second globally, just behind Switzerland. This ranking indicates the average wealth available per person in the country, which is a critical measure of individual prosperity and economic health. The high ranking reflects the overall affluence and the quality of life that residents of Australia enjoy.

Total Wealth:
As of June 2016, Australia's total wealth was estimated at AUD$8.9 trillion. This figure encompasses all the assets held by individuals, businesses, and the government, minus any liabilities. The substantial total wealth is a testament to the country's economic stability and the accumulation of assets over time.

Global Rankings:
Australia consistently ranks highly in global economic rankings. It is often listed among the top countries for ease of doing business, quality of life, and economic freedom. These rankings are a reflection of the country's strong legal institutions, political stability, and open market policies.

Natural Resources:
Australia is rich in natural resources, including minerals, agricultural land, and energy sources. The mining sector, in particular, is a significant contributor to the economy, with Australia being one of the world's largest exporters of iron ore, gold, and coal.

Human Capital:
The country also has a highly educated and skilled workforce, which is a critical component of its economic success. Investment in education and training has led to a workforce that is adaptable and capable of driving innovation and productivity.

Challenges and Future Prospects:
While Australia's economy is strong, it also faces challenges such as economic diversification, managing the transition from a resource-intensive economy to a more service and technology-oriented one, and addressing the impacts of climate change on its agricultural and natural resource sectors.

In conclusion, Australia is an economically rich country with a high GDP, significant wealth per adult, and a large total wealth. Its economic strength is supported by a stable political environment, a strong legal system, and a wealth of natural and human resources. However, like any economy, it must continue to innovate and adapt to maintain its position on the global stage.

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The economy of Australia is highly developed and one of the largest mixed market economies in the world, with a GDP of AUD$1.69 trillion as of 2017. Australia is the second wealthiest nation in terms of wealth per adult, after Switzerland. Australia's total wealth was AUD$8.9 trillion as of June 2016.read more >>