Australian billionaires’ wealth surges by $88 million per day over decade, report reveals deepening inequality

ANKARA

Australian billionaires have seen their wealth grow by an average of more than AUD$137 million (approximately $88 million) per day over the past decade, even as millions of Australians struggle with soaring living costs, according to a new analysis by Oxfam Australia.

Released Tuesday, the report -- based on the Australian Financial Review Rich List -- reveals that the number of billionaires in the country more than doubled between 2015 and 2025, rising from 74 to 161.

Their combined net worth also surged by 160%, reaching AUD$667.8 billion (around $431 billion). This translates to a staggering AUD$95,000 (approximately $61,344) added every minute.

Oxfam said that property remains the most frequent source of wealth for Australia’s richest individuals, followed by sectors such as retail, investments, and mining.

"Over the last 10 years, property has been the most frequent source of wealth accumulation for Australia’s richest, followed by retail, investments and mining/resources," said Oxfam.

It shows growing economic gap in the country where the richest continue to grow while the common Australian faces the worst housing crisis, and many are struggling with the cost-of-living crisis

“This level of inequality is not just morally wrong – it’s economically and socially dangerous. While millions of Australians are struggling to make ends meet, the country’s richest continue to amass eye-watering fortunes, often without lifting a finger," said Chrisanta Muli, Oxfam Australia acting chief executive.

In the country of around 27 million people, some two million Australian households struggled to put food on the table families skip meals and struggle to pay their bills, according to Muli.