Australian Billionaires’ Wealth Soars by USD137M Daily
(MENAFN) Australian billionaires have amassed an average of over AUD$137 million (about $88 million) daily over the past ten years, starkly contrasting with the financial hardships faced by millions of Australians grappling with rising living expenses, according to a new report from Oxfam Australia.
Published Tuesday and drawing on data from the Australian Financial Review Rich List, the analysis shows the number of billionaires nationwide more than doubled from 74 in 2015 to 161 in 2025.
Their total combined wealth jumped by 160%, soaring to AUD$667.8 billion (approximately $431 billion). This equates to an eye-popping AUD$95,000 (roughly $61,344) added to their fortunes every single minute.
Oxfam highlights property as the dominant source of wealth for Australia’s wealthiest, with retail, investments, and mining sectors following closely behind.
"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.
The findings underscore a widening economic divide, where the richest continue to amass vast fortunes while many Australians endure the nation’s worst housing crisis in decades and a crippling cost-of-living squeeze.
“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 a country of roughly 27 million people, around two million households face severe hardship, with families skipping meals and battling to pay basic bills, Muli added.
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