Twenty Australians hold twice as much wealth as the bottom two million households.
The number of Australians with wealth of $US1 billion or more has jumped by 52 per cent since 2020, new analysis says. That means we’ve added a new one every three months for the past four years.Australian billionaire wealth climbed by more than 8 per cent or around $28 billion during 2024, according toIt says Australia has 47 billionaires measured in US dollars, up from 31 in 2020.
Most Australian billionaires have made their fortunes in just three industry sectors: mining, property and information technology. Oxfam estimates around 35 per cent of billionaire wealth in Australia is inherited., attributes the rising number of billionaires to the strength of property and stock markets.
“The top 20 Australians now have twice as much wealth as the bottom two million households,” he wrote. Oxfam estimates the world’s richest 1 per cent now owns 45 per cent of all global wealth. It also predicts that the world will likely have five “trillionaires” within a decade.The world’s richest individual, Elon Musk, is one-third of the way to that benchmark: last month Forbes estimated his wealth to be $US330 billion .
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘The superstar effect’: Australia’s growing band of billionairesTwenty Australians hold twice as much wealth as the bottom two million households.
Read more »
‘The superstar effect’: Australia’s growing band of billionairesTwenty Australians hold twice as much wealth as the bottom two million households.
Read more »
Australians need government help to spend super, argues the Grattan InstituteThe federal government should intervene to help retirees spend their superannuation and avoid the savings system ending up as 'a massive inheritance scheme', the Grattan Institute warns.
Read more »
Twenty evacuated after roof collapse at unit block in Sydney’s Cabramatta7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Twenty Missing After Boat Capsizes Off Libyan CoastA boat carrying 27 passengers capsized off the Libyan coast, leaving 20 people missing. Seven survivors were rescued by an Italian patrol boat.
Read more »
Don't Be That Guy: How Australians Can Be Better Travelers in JapanAustralia's booming tourism to Japan is causing concern. With record numbers of visitors, some Australians are behaving badly, threatening the harmony of Japanese culture.
Read more »