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.
As some of the rich and powerful gathered in Davos, Switzerland, for the World Economic Forum last month, Oxfam International issued a report revealing that the combined fortunes of the world’s billionaires rose by 12% last year as the poorest half of humanity saw their wealth decline by 11%.
Australia’s super-rich keep getting richer.
A new report from Oxfam has found that the top 1% of the country’s plutocrats now own more wealth than the bottom 70%.
There has also been a record rise in the number of billionaires — from 33 to 43 — with their combined wealth now at almost $160 billion last year.