The number of Australian billionaires rises in 2017

The gap between the richest people in Australia and the rest of the nation has widened after the previous year saw the biggest increase in the number of billionaires and their wealth since the beginning of the century. The number of Australian billionaires rose by a third last year.

The past year saw the number of billionaires in Australia rising to 33 with the country adding eight. Their overall riches jumped by about $38 billion, with total wealth sitting at approximately $115.4 billion.

According to the latest Credit Suisse data, the level of wealth held by the top one percent richest Australians in 2017 rose by 23 percent. That is comparable to 22 percent recorded in the previous year. Meanwhile, the wealth of the bottom 50 percent dropped and wage growth remained stagnant.

Oxfam Australia chief executive Dr Helen Szoke said that wealth of Aussie billionaires has risen by nearly 140 percent to a total of $115.4 billion last year, over the decade since the Global Financial Crisis. “Yet over the same time, the average wages of ordinary Australians have increased by just 36 per cent and average household wealth grew by 12 per cent,” Sydney Morning Herald reports her as saying.

Szoke confirmed that the wealthiest one percent of Aussies continue to own more wealth than the bottom 70 percent combined. “While everyday Australians are struggling more and more to get by, the wealthiest groups have grown richer and richer,” she added.

Some of Australia’s top 10 billionaires are miners. Among them is Gina Rinehart, who made her wealth through iron ore mining. Rinehart is reportedly joined by daughter Bianca Rinehart and Andrew Forrest, who are on the same line of business.

Property and shopping centre magnates Frank Lowy, Harry Triguboff and John Gandel also made it to the list of the nation’s richest. Also on the list are Linfox transport owner Lindsay Fox and Mike Cannon-Brookes, Atlassian co-founder.

The country’s current statutory corporate tax rate is at 30 percent. The government reportedly wants to reduce it to 25 percent.

Oxfam Australia has called for the government to implement a stronger tax system. Szoke also called for better tax transparency laws that may see companies publically reporting on income, taxes and profits as she believes that the system is clearly not working for a majority. As a result, hard work may no longer be a guarantee for a better life.