billionaires' wealth in Australia increase by $88 million per day
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Bawaba
3 days ago
- Al Bawaba
Erdogan blasts Israel's brutality, warns of Zionist influence and calls for regional defense
ALBAWABA- In a fiery address in Ankara, Turkish President Recep Tayyip Erdoğan declared that Israel's actions have 'surpassed Hitler's brutality,' accusing the 'Zionist entity' of being a pampered tool of the West, operating without respect for international law or the basic human principles. Erdoğan warned that global Zionism has infiltrated nations across the region, embedding agents in political, military, security, intelligence, and economic institutions. He urged regional governments to take immediate action to cleanse their systems of foreign-backed traitors before it's too late, citing Türkiye's own past experiences confronting and purging such internal threats. Eğer bağımsızlık istiyorsan, eğer özgürlük istiyorsan, eğer bu topraklar üzerinde şerefinle, namusunla, izzetinle yaşamak istiyorsan, eğer ekonomik refah istiyorsan, eğer bolluk, bereket, dirlik istiyorsan, eğer huzur istiyorsan cenge her zaman hazır olacaksın. — Recep Tayyip Erdoğan (@RTErdogan) June 18, 2025 'Türkiye has dealt with betrayal before,' Erdoğan said, 'and we cleaned our institutions. Others must do the same.' He strongly defended Iran's right to self-defense amid the current Israeli-Iranian conflict, denouncing Israeli aggression and Western complicity. 'We are facing a state with no principles, no rules, and no regard for law,' he said. On national security, Erdoğan asserted that Türkiye now entirely relies on its own defense systems and is advancing toward full deterrence capability. 'Soon, just the thought of attacking Türkiye will terrify them,' he declared. 'If you want peace, prepare for war.' Erdoğan also criticized former allies who once sided with Israel and labeled Hamas as terrorists. Without naming names, he said they now lack the moral standing to question Türkiye's position. 'This is not a grocery store,' he concluded. 'We govern one of the greatest nations on Earth, the Republic of Türkiye, and we act not with cheap rhetoric, but with the responsibility and foresight of a state rooted in centuries of wisdom.'
Al Bawaba
5 days ago
- Al Bawaba
Erdogan warns Israel: 'injustice risks your existence'
ALBAWABA- Turkish President Recep Tayyip Erdoğan issued a stark warning to Israel following a cabinet meeting in Ankara, accusing it of committing crimes against humanity and destabilizing the entire region. 'Israel, which destroyed Gaza and is now rampaging across the region, may realize its mistake in the future, but by then it will be too late,' Erdoğan declared. He warned that Israel is increasingly endangering its own future with each act of bloodshed and injustice, stating, 'With every crime, Israel risks the very existence of its state and society.' #مباشر | كلمة للرئيس التركي رجب طيب أردوغان عقب اجتماع الحكومة في أنقرة — Anadolu العربية (@aa_arabic) June 16, 2025 In response to the regional escalation, Erdoğan announced a significant boost in Turkey's defense posture. He revealed plans to expand domestic production of medium- and long-range missiles, aiming to elevate Turkey's deterrence capacity to a level that would dissuade any future aggression. 'We have now reached a stage where our defense manufacturing can support a serious deterrent force,' he said. On the diplomatic front, Erdoğan confirmed that he and Foreign Minister Hakan Fidan have been conducting intensive efforts since Friday to de-escalate the growing conflict between Israel and Iran. Reiterating Turkey's stance, he said, 'We continue to believe that the Iranian nuclear issue must be addressed through negotiation, not war.' Erdoğan also expressed concern over the motives behind Israel's military campaign, saying: 'Day by day, it becomes clearer that Israel's attacks, under the pretext of targeting Iran's nuclear facilities, have much broader and more malicious objectives.' This comes as Iranian media report that Iran is preparing what could be the largest missile strike in its history against Israeli territory, following Israeli airstrikes on civilian sites in Tehran, including Iran's state TV headquarters, hospitals, and the foreign ministry. ⚡️ אזהרה דחופה לתושבי תל אביב אנו ממליצים לכם לעזוב את העיר הזאת באופן מיידי למען שמירה על חייכם וביטחונכם – ואל תחזרו אליה לעולם — Iran Military (@IranMilitary__) June 16, 2025 In a striking move, Iranian forces have reportedly issued warnings in Hebrew urging Israeli settlers to evacuate Tel Aviv.
Al Bawaba
5 days ago
- Al Bawaba
ADNOC Launches 28% Premium Bid for Santos in Major LNG Expansion Move
ADNOC's bid for Santos signals the UAE's growing ambition to expand its energy footprint globally, particularly in LNG. The offer highlights the strategic value of Australian gas assets at a time when long-term energy security is front of mind.A 28% premium on Santos' share price is a strong vote of confidence for Santos'. Importantly, for ADNOC, Santos represents a solid growth opportunity as a reliable LNG player with strong export is also entering a key cash-generating phase with major projects nearing completion that should significantly drive production growth. In what is a volatile energy market, locking in supply from a stable, resource-rich country like Australia makes strategic existing free trade agreement between the UAE and Australia may also help smooth the path for approval, but domestic regulatory concerns around gas supply will still need to be addressed. That's likely why we haven't seen Santos shares rise to the full offer price just yet. For Santos shareholders, this is a welcome moment after years of M&A speculation. Even if this deal doesn't come to fruition, for Santos, it may draw other suitors or merger talks back to the table, which is a good position to be in. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
