'Rich list' just got even more wealthy while inequality grows

The 2019 Rich List, published by the Australian Financial Review in late May, revealed that the wealth of the 200 wealthiest people in Australia has increased by more than 20% over the past year. Their combined wealth totalled a massive $342 billion.

That compares to a total wealth for the top 200 in 1984, when the Rich List was first published, of $6.4 billion. That's a 53-fold increase in 35 years and still a 17-fold rise if inflation is taken into account.

In 1989, the richest 200 Australians owned about 1.6% of the country's wealth. Now they hold almost 3.4% — more than double the proportion. There are currently 91 billionaires in Australia, compared to 50 just four years ago.

In short, the rich are getting richer at an increasing rate, while the poor are receiving a gradually decreasing share of the nation's wealth .


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