Australian billionaires have increased their wealth by more than 70 percent in less than five years.
New analysis from Oxfam, released today ahead of a meeting of G20 Finance Minsters and Central Bank Governors in South America, found the wealthy Aussies increased their worth by $120 billion, or 70.5 percent, since 2020.
Globally, the data showed the richest one percent have amassed $42 trillion in new wealth over the past decade.
Oxfam Australia Chief Executive Officer Lyn Morgain said this was nearly 34 times more than the entire bottom 50 percent of the world’s population.
Ms Morgain said YouGov polling, commissioned by Oxfam off the back of the analysis, found 76 percent of Australians were concerned about the growing wealth gap between the ultra-rich and everyday people.
She said 74 percent supported a wealth tax of people with wealth of over $50 million and 63 percent supported wealth tax proceeds being used to reduce inequality.
“The average wealth per person in the top one percent globally rose by nearly $400,000 in real terms over the last decade compared to just $335 – an equivalent increase of less than nine cents a day – for a person in the bottom half.”
Ms Morgain said G20 Finance Ministers were this week expected to lay the foundations of a groundbreaking global deal to increase taxes on the super-rich.
Championed by the Brazilian G20 Presidency and backed by countries including South Africa and France, she said the proposal came amid growing public demand for measures to rein in extreme levels of inequality and ensure that the rich pay their fair share.
“Inequality in Australia and across the globe has reached obscene levels and until now governments have failed to protect people and planet from its catastrophic effects.
“Momentum to increase taxes on the super-rich is undeniable and this week is the first real litmus test for G20 governments.,” Ms Morgain said.
She said a “war on fair taxation” has seen tax rates on the wealth and income of the richest collapse.
“Oxfam has calculated that less than eight cents in every dollar raised in tax revenue in G20 countries now comes from taxes on wealth.
“Oxfam’s research also found that the share of income of the top one percent of earners in G20 countries has risen by 45 percent over four decades while top tax rates on their incomes were cut by roughly a third.”
She said, globally, billionaires have been paying a tax rate equivalent to less than 0.5 percent of their wealth.
