‘Obscene’ wealth gap gulf as Aussie billionaires get $120bn richer since start of pandemic

Most people are left “scrapping for crumbs” while Australia’s billionaires have hoovered up an obscene amount of wealth since the start of the pandemic.

Australian billionaires are $120bn richer since 2020, a 70 per cent increase on their wealth.

The figure comes from new research by global anti-poverty non-profit Oxfam.

Research commissioned by the organisation has also found nearly three-quarters of Australians support a wealth tax on people with wealth of more than $50m.

Oxfam Australia chief executive Lyn Morgain said our wealth gap was amoral.

Oxfam Australia chief executive Lyn Morgain says G20 leaders can make changes to put the needs of the many before the greed of an elite few. Picture: Supplied

“Inequality in Australia and across the globe has reached obscene levels, and until now governments have failed to protect people and the planet from its catastrophic effects,” Ms Morgain said.

“The richest one per cent of humanity continues to fill their pockets while the rest are left to scrap for crumbs.”

There are 150 billionaires in Australia. Picture: Supplied

The Australian Financial Review rich list posits 150 Australians have at least $1bn of wealth.

Manufacturer Vivek Chaand Sehgal jumped to 15th on the rich list this year, nearly doubling his wealth to $8.1bn on the back of expansion plans in India.

Crypto brothers James and Robert Ferguson increased their wealth from $1.1bn to $1.9bn in the past year. They are the second biggest gainers on the rich list.

Vivek Chaand Sehgal made the biggest gains of the Aussie billionaires last year, nearly doubling his fortune to $8.1bn and earning him 15th spot in the national rich list. Picture: Supplied

Gina Rinehart remains a Pilbara mile ahead of the competition, worth $40bn, some $14bn ahead of property mogul Harry Triguboff.

But the host of G20 financial meetings this week is proposing a global billionaire tax.

Finance and treasury officials are meeting this week in Rio de Janeiro, where the Brazilians are pushing for levies on the uber wealthy.

During a launch event for the Vinnies CEO Sleepout in April 2023, NewsWire spotted this man begging for change at Sydney’s Martin Place. Picture: NewsWire / Simon Bullard.

The African Union, Belgium, Colombia, France, South Africa and Spain support the idea, but Germany and the US do not. Reuters reports German finance ministry officials as saying discussion about a tax on the super rich is off the table.

Australian Treasury sources told NewsWire the focus was on multinational tax avoidance.

About 80 per cent of the world’s billionaires live in G20 nations.

Harry Triguboff is Australia’s second richest person. His property group, Meriton, holds $1.7bn of franking credits. Picture: Supplied

“Momentum to increase taxes on the super rich is undeniable, and this week is the first real litmus test for G20 governments,” Ms Morgain said.

“Do they have the political will to strike a global standard that puts the needs of the many before the greed of an elite few?”

Oxfam-commissioned research has found 74 per cent of Australians support a wealth tax on people worth more than $50m.

About 120,000 Australians sleep rough each night. Picture: NewsWire / Tertius Pickard

The YouGov survey found 76 per cent of Australians were concerned about the growing wealth gap between the ultra rich and everyday people.

Tax proceeds should also be used to reduce inequality, 63 per cent of people say.

A host of non-profits will present petitions with 1.5 million signatures to leaders at the G20, calling for leaders to tax the ultra rich.

Treasurer Jim Chalmers’ office has been contacted for comment.