wealth gap

Australia’s 33 billionaires increased their wealth by more than $38 billion dollars last year — or more than $1 billion each. That is more than $3 million each a day!

At the other end of the spectrum, Credit Suisse data cited in the Sydney Morning Herald showed the wealth of the bottom half of Australians declined in the same period alongside stagnating wage growth.

A new report from Oxfam, released on the eve of the World Economic Forum, revealed that Australia’s richest 1% owned 23% of the country’s total wealth last year, up from 22% the year before, and more than the bottom 70% combined.

Based on data from Credit Suisse, the report also revealed that Australia now has 33 billionaires, up by 8 in the past year alone.

The Oxfam report shows that inequality is worsening.

The Australian billionaire Dick Smith has been on the stump again warning of the growing gap between the haves and the have-nots.

“If we're not careful, if you end up with really wealthy people and lots of poor people, in the end the poor people will rebel,” he said late last year.

 “You look at what happened in Russia in 1917 where they ended up with the tsar and the tsar's friends who are all equivalent billionaires.

 “The pitchforks came out and we had revolution.”

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