Australia's billionaire boom branded 'morally wrong' by Oxfam

The ranks of Australian billionaires have more than doubled over the past decade, accumulating wealth at $137 million per day on average - $95,000 per minute, according to Oxfam Australia. Its acting chief executive Christina Muli described this as "morally wrong."

The number of Australian billionaires has risen from 74 in 2015 to 161 in 2025, according to the anti-poverty organisation's analysis of the Australian Financial Review Rich List.

Its analysis exposed that the total wealth of Australia's 200 richest people has grown by 160% to $667.8 billion over the past decade. Property is the primary engine of their riches, followed by retail, investments, and mining/resources.

Oxfam also revealed that the average 'Rich Lister' now holds more than 116,000 times the wealth of an Australian in the bottom 50%. Notably, the average wealth of someone in the bottom 50% of the wealth spectrum has flatlined over the decade, averaging $28,000 - "leaving them with little prospect of home ownership," it said.

Its analysis found that 99% of rentals are out of reach for full-time minimum wage earners, while homelessness is a reality for over 120,000 Australians on any given night.

"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 eyewatering fortunes, often without lifting a finger," Muli said.

"The single most urgent, structural, and strategic action that the Australian government can take now is to rapidly and radically reduce the gap between the super-rich and the rest of society. We can't allow billionaire wealth to continue to rise unchecked while two million Australian households struggled to put food on the table... and struggle to pay bills."

She said Oxfam supports the proposed reform to reduce tax discounts on super balances above $3 million, which is "an important step forward in reducing growing inequality."

"To improve the integrity of our progressive tax system, we want to see superannuation and other tax loopholes closed for big corporations and the richest 1%," she said.

"This is the most effective tool we have to ensure a more fair and equal society.

"When tax loopholes are closed for the wealthiest, there will be more money in the budget for healthcare, affordable housing, action on climate change and ending poverty."