Sydney, Jan 20: Australia’s 47 billionaires earn an average of $67,000 an hour, over 1,300 times the average Australian income, according to a new Oxfam analysis.
The report highlights growing inequality as billionaire wealth in Australia increased by more than eight per cent in 2024, amounting to $28 billion or $3.2 million per hour, while everyday Australians face ongoing financial uncertainty amid the cost-of-living crisis.
Globally, billionaire wealth surged by $3 trillion in 2023, marking the second-largest annual increase on record. This equates to $8.4 billion a day, with the wealth of the 10 richest men growing by over $150 million daily. Oxfam’s report reveals stark disparities, noting that the world’s richest one per cent own 45 per cent of global wealth, while 3.5 billion people live on less than $10.52 a day.
The anti-poverty organization also warns of the emergence of trillionaires within a decade, with at least five expected if current trends persist.
Oxfam’s report Takers Not Makers launches today as global business elites convene in Davos.
Oxfam Australia Chief Executive Lyn Morgain described the accelerating accumulation of wealth by billionaires as “shameful” and pointed to the rise of a “billionaire president” supported by the world’s richest man, Elon Musk, as a stark example of the growing influence of the super-rich.
The report underscores that much of billionaire wealth is unearned, driven by inheritance and colonial legacies. In Australia, 35 per cent of billionaire wealth is inherited, and First Nations peoples remain disproportionately represented among the poorest in the population.
Oxfam is urging the Australian government to implement measures to address extreme wealth and fund essential services.
These include a wealth tax on billionaires, a permanent crisis profits tax on corporations, and ensuring the super-rich pay their fair share of taxes to reduce inequality and build a fairer society.
The call for action comes as Australia heads into a federal election, with Oxfam emphasising the need for bold political leadership to tackle inequality and fund critical social and humanitarian initiatives.
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