New report calls for taxing the super-rich to tackle rampant inequality
Average Australian billionaires' wealth grew by almost $600,000 a day in the last year alone, or over $10.5 billion collectively, new Oxfam analysis reveals today as the World Economic Forum opens in Davos.
Since 2020, eight new Australian billionaires have been minted. Today, Australia's 48 billionaires hold more wealth than the bottom 40% of the population combined, almost 11 million people. In light of these eye-watering figures, the anti-poverty organisation is calling the Australian Government to tax the fortunes of the super-rich to tackle rampant inequality.
Data crunching also revealed:
- One Australian billionaire's wealth increase alone matched the annual average incomes of more than 2,000 Australians.
- The growth in wealth of Australia's richest man and largest landlord, billionaire property developer, Harry Triguboff, in the last year alone, is equal to the amount required to fund the construction of 10,600 homes.
- Globally, billionaire wealth jumped by over 16% in 2025, three times faster than the past five-year average, to $27.7 trillion – its highest level in history.
- The total number of billionaires topped 3,000 last year for the first time, while the richest, Elon Musk, became the first ever to briefly surpass half a trillion dollars.
Meanwhile, everyday Australians continue to face financial uncertainty as the cost-of-living crisis and rising housing prices persist.
Jennifer Tierney, Oxfam Australia Chief Executive says the surge in billionaire wealth exposes a system that is failing people at home and abroad.
"While millions of Australians are cutting back on essentials, struggling with soaring rents and mortgages, and watching global crises like conflict in Yemen, Sudan and Syria receive dwindling humanitarian support; Australia's billionaires are accumulating extraordinary wealth at extraordinary speed. The gap between those doing it toughest and those benefiting most is stark, and well evidenced," she said.
The report "Resisting the Rule of the Rich: Defending Freedom Against Billionaire Power" analyses how the super-rich are securing political power to shape the rules of our economies and societies, which can be to the detriment of the rights and freedoms of people around the world. Oxfam estimates that billionaires are 4,000 times more likely to hold political office than ordinary citizens.
Clive Palmer, mining magnate and former Member of Parliament, is a prominent Australian example. He has spent more than $250 million over five federal elections, most recently reportedly spending around $60 million to campaign for his party Trumpet of Patriots during the 2025 election.
"When one billionaire can spend hundreds of millions of dollars to shape political conversations, it shows how extreme wealth can translate directly into political power — undermining a fair and healthy democracy," said Ms Tierney.
Across the globe, billions of people are being left facing avoidable hardships of poverty, hunger and death from preventable diseases because the system is rigged against them. Worldwide, one in four people face food insecurity, having to regularly skip meals.
Here in Australia, over 3.7 million people live in poverty, including 757,000 children under 15 years. One in three households experienced food insecurity last year, meaning they stressed about or struggled to put food on the table.
"We have a Prime Minister who talks about creating a kinder and fairer Australia. The Government has the tools to act. Ensuring the richest Australians pay their fair share of tax would reduce inequality, curb the growth of extreme wealth, and generate much-needed revenue for essential services at a time when people are doing it tough at home and humanitarian needs are soaring globally," said Ms Tierney.
Oxfam is calling on the Australian Government to take urgent action to effectively tax the super-rich and remove tax breaks that allow them to amass extreme wealth. This is essential to restoring budget revenue needed for reducing inequality and funding essential services. Tax system reforms could include:
- Introducing a net wealth tax on the richest 0.5% of households, with rates increasing in accordance with increased wealth
- A 5% wealth tax on Australia's billionaires just last year could have raised $17.4 billion, enough to deliver cheap childcare for all families, extend energy bill relief for another two years, and increase the humanitarian budget almost seven times over.
- Ending the capital gains tax discount for individuals and trusts, and instead taxing the income from capital gains on investments like we income from work.
- Phasing out negative gearing to close loopholes that allow wealthy individuals pay less tax.
