Australia’s 178 billionaires are $25.7bn richer than last year as 3.7 million live in poverty
Summary
Australia’s 178 billionaires have grown $25.7 billion richer in the past year, reaching a total wealth of over $686 billion. Meanwhile, more than 3.7 million Australians, including 757,000 children, live in poverty, with many households struggling to afford food.Key Facts
- The total wealth of Australian billionaires grew by $25.67 billion in one year.
- Australia has a record 178 billionaires, 17 more than last year.
- Over 3.7 million Australians live in poverty, including 757,000 children under 15.
- One in three Australian households faced food insecurity last year.
- New billionaires gained wealth from artificial intelligence (AI), datacentres, property, mining, and fashion.
- The richest 20 Australians hold more wealth than the poorest 3 million households combined.
- Oxfam Australia says billionaire wealth could cover costs like lifting nearly one million people out of poverty or paying all household electricity bills for over a year.
- Suggested tax reforms include changes to capital gains tax and negative gearing to reduce wealth inequality.
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