Australia hits its highest number of billionaires on record. Do we need more?
Australia now has 178 billionaires — an increase of 17 from last year — who collectively hold more than $686 billion in wealth, sparking debate about the advantages and disadvantages of the growing number of ultra-wealthy.
Australia has recorded its highest number of billionaires. (ABC News: Sharon Gordon)
Australia has its highest number of billionaires on record, at 178 — up 17 from last year — with total wealth exceeding $686 billion, according to Oxfam analysis.
The report finds the collective wealth of Australia's billionaires increased by $25.67 billion over the past year — equivalent to almost $50,000 per minute.
The increasing number of Australian billionaires has led to divided views on how it will impact the nation's prosperity.
Australia has its highest number of billionaires on record, at 178 — an increase of 17 from last year — with total wealth exceeding $686 billion, analysis by Oxfam has found.
The anti-poverty organisation said the collective wealth of Australia's billionaires increased by $25.67 billion over the past year — equivalent to almost $50,000 per minute.
The eye-watering numbers are based on Oxfam's analysis of the 2026 Australian Financial Review Rich List.
It found the 20 richest Australians now hold more wealth than the bottom 3 million households.
Jennifer Tierney says the gap between Australia’s wealthiest people and ordinary households is growing. (Supplied: Oxfam)
Oxfam Australia chief executive Jennifer Tierney said the figures highlighted the growing gap between Australia's wealthiest people and ordinary households.
Commonwealth Treasury secretary Jenny Wilkinson says the average top income earner benefited from the existing investment tax arrangements to the tune of $700,000 over their lifetime, versus just $5,700 for median income earners.
"Without structural reform to the tax system, that divide will only deepen."
While welcoming measures to ease cost-of-living pressure and reform current tax arrangements in the recent federal budget, Ms Tierney said the government did not "go far enough to address the scale of wealth inequality growing in Australia".
"A fairer approach to taxing extreme wealth would help ensure governments can properly invest in affordable housing, healthcare, climate action and support for communities doing it tough here and abroad."
The 20 richest Australians hold more wealth than the bottom 3 million households, new Oxfam analysis says. (ABC News: Peter Garnish)
On May 12, the government revealed sweeping changes to capital gains tax, negative gearing and family trusts, sparking backlash from some investors.
A Senate inquiry into the contentious tax change proposal is set to conclude late this month, before parliament rises for its winter break on July 2.
While wealth equality advocates are calli
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