That is based on a brand new Oxfam report which has laid naked the differing fortunes of the world’s wealthiest and poorest individuals.
The report,Takers Not Makers, discovered that Australia’s 47 billionaires elevated their wealth by a mixed $28 billion final 12 months, at a collective price of $3.2 million per hour.
In the meantime, it additionally discovered Indigenous Australians are languishing behind the remainder of the nation, with a median First Nations individual incomes simply 72 per cent of their non-Indigenous counterparts.
Oxfam mentioned the figures confirmed the necessity for brand new tax insurance policies directed on the nation’s richest individuals.
“Cash desperately wanted in Australia and overseas to sort out social points akin to entry to housing and to answer worsening humanitarian emergencies, is being siphoned off to the financial institution accounts of the super-rich,” Oxfam Australia chief govt Lyn Morgain mentioned.
“This isn’t simply unhealthy for the financial system – it is unhealthy for humanity.
It has additionally referred to as for a “everlasting disaster earnings tax” on giant companies so they cannot “profiteer as they did in the course of the pandemic” throughout nationwide disasters and different crises.
Globally, the report discovered billionaires elevated their mixed wealth by $3 trillion over the course of 2024 – a price thrice sooner than the 12 months earlier than.
4 new billionaires have been minted each week, and every billionaire added a median of $3 million to their fortunes every day.
On the identical time, the report discovered 5 billion individuals internationally – some 44 per cent of the worldwide inhabitants – live in poverty, with lower than $10.52 per day to their names.
The highest ten richest Australians in 2024
“The seize of our international financial system by a privileged few has reached heights as soon as thought of unimaginable,” Morgain mentioned.
“The shameful failure to cease billionaires hoarding their wealth will quickly outcome within the spawning of trillionaires.
“Not solely has the speed of billionaire wealth accumulation accelerated – by thrice prior to now 12 months alone – however so too has their energy.”
Morgain pointed to Elon Musk, the world’s richest man who, with a fortune of someplace between $US430 and $US450 billion ($690-$725 billion), is in prime place to turn out to be the world’s first trillionaire, because the prime instance of a billionaire’s energy rising attributable to his place in Donald Trump’s inside circle.
“The crown jewel of this oligarchy is a billionaire president, backed and acquired by the world’s richest man Elon Musk, working the world’s largest financial system,” she mentioned.
“We current this report as a stark wake-up name that the futures of the overwhelming majority of the worldwide inhabitants are being crushed by the large wealth of a tiny few.”
“I wish to warn the nation of some issues that give me nice concern,” he mentioned.
“And it is a harmful concern. And that is the damaging focus of energy within the palms of a only a few ultra-wealthy individuals…
“At present, an oligarchy is taking form in America of utmost wealth, energy and affect that actually threatens our whole democracy, our primary rights and freedoms, and a good shot for everybody to get forward.”
