Australian Billionaires Increased Their Wealth by $600,000/Day on Average Over Past Year

A new report released by anti-poverty organisation Oxfam reveals that Australia’s billionaires were able to increase their wealth by almost $600,000 a day on average over the last year.

The report notes that there are 48 billionaires in Australia. As a whole, they own more wealth than the bottom 40% of the population, which is equal to around 11 million people, combined.

Australian Billionaires Increase Their Wealth Over the Past Year

As noted by The Guardian, the report also shows that the average annual increase of just one Australian billionaire is equivalent to the annual income of more than 2,000 Australians who earn the average wage.

Oxfam Australia Chief Executive Jennifer Tierney said that “What we’re seeing is tax systems that work for the wealthy and tax systems that are not working to actually fill the government coffers with money that could provide support for things like housing, or childcare support.”

Based on the findings of the report, Oxfam is now calling for government to put a stop to negative gearing, as well as capital gains discounts.

Australia’s Billionaires

According to Forbes, Gina Rinehart, the executive chairman of Hancock Prospecting, is the wealthiest person in all of Australia with a net worth of $29 billion

Real estate developer Harry Triguboff comes in at number two with a net worth of $18.8 billion as of January 18. Atlassian co-founder and CEO Mike Cannon-Brookes lands in third with a net worth of $18.3 billion.

Completing the top five are Scott Farquhar and Andrew Forrest & family, who net worths of $17.9 billion and $16.1 billion, respectively.

It should be noted that the figures are based on the numbers Forbes presented in its 2025 Australia’s 50 Richest Net Worth list.

The full list of Australia’s 50 Richest can be found here.