The median wage, on the other hand, is the middle value in a set of data and it's a fairer reflection of Aussie salaries because it eliminates those ritzy outliers.

According to ABS figures released earlier this year, the median Australian wage is $1,300 per week or $67,600 per year.

For men, the median is $1,509 per week or $78,468 per week, and for women, it's $1,130 per week or $58,760 per year.

"I think that's just really fascinating to keep in mind," Megginson told Yahoo Finance. "A lot of people could see this and think, 'Oh my gosh, the average wage is six figures. Does that mean because I'm earning under six figures, I'm well behind the average', and that's not the case.

"Most Australians are living with a wage that's well under that six-figure point. So I think that's a really important distinction."

How your salary can impact your lifestyle

Living in an expensive suburb in Sydney could mean your six-figure salary doesn't travel very far. It could be a very different story if you were residing in a regional part of Australia and only paying a few hundred dollars a week in rent.

But Megginson added that "lifestyle creep" can get in the way of people using their money effectively.

Lifestyle creep is when your salary goes up, so does your spending, which can make you feel like there's never enough money in the world to survive.

"As your lifestyle gets bigger, your expenses and your obligations get bigger," she told Yahoo Finance. "Most people think the more I earn, the better, the better I'm going to feel, the more financially secure I'll feel. But that lifestyle creep can mean you just upgrade your expenses."

So what's considered rich if $100,000 is average?

This depends on who you ask but in a world where $100,000 is average, a rich lifestyle is well above that mark.

Finder research revealed that Millennials needed the most money to feel rich at $418,325 per cent, followed by Gen Z at $392,077.

Baby Boomers were the most conservative in their rich estimates and believed you needed to earn above $273,812 per year, while Gen X was in the middle ground with $307,257.

Those figures averaged out to be $345,819, which is three and a half times the average wage and more than five times the median salary.

"If we did this research 10 to 15 years ago, I think just hitting $100,000 would have felt like, 'Oh, you've made it'," Megginson said.

"I think there's a real recognition now that $100,000 sounds nice, but once you pay for your living costs, there's not necessarily going to be a lot left over depending on where you are and what your lifestyle costs are."

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