Latest news with #ChrisantaMuli
West Australian
4 days ago
- Business
- West Australian
‘Scandalous': Number of high net worth Australians outpaces economic growth
The wealth of Australia's millionaires and billionaires significantly outpaced economic growth in 2024, new analysis shows. Research from French multinational business consultancy firm, Capgemini, shows 334,800 Australians are now deemed 'high net worth individuals', up 0.5 per cent last year. Just under 10 per cent of those people have investable assets between $US5m-$US30m. There are now 2450 Australians with investable assets over $US30m. The total wealth of high net worth Australians grew 3.3 per cent in 2024, the report shows, while the Australian economy grew just 1.3 per cent for the year. The Capgemini report, released this week, also throws up a broad view of how the wealthy will pass on their riches, and how their children are likely to invest the funds. In the next two decades, globally some $128 trillion will change hands by inheritance, Capgemini estimates. The inheriting generation are more open to risk, Capgemini says, and advises wealth and asset managers to prepare for the change in appetite. Separate analysis released this week by Oxfam shows the number of Australian billionaires has doubled in the space of a decade to 161. 'This level of inequality is not just morally wrong – it's economically and socially dangerous,' Oxfam Australia acting chief executive Chrisanta Muli said. 'While millions of Australians are struggling to make ends meet, the country's richest continue to amass eye-watering fortunes, often without lifting a finger.' In the past decade, the wealth of Australia's richest 200 people has risen 160 per cent to $667bn, Oxfam says. 'It is scandalous and unjust that property continues to be one of the biggest drivers of wealth across the decade while over 99 per cent of rentals are unaffordable for people earning a full-time minimum wage,' Dr Muli said.
News.com.au
4 days ago
- Business
- News.com.au
‘Scandalous': Number of high net worth Australians outpaces economic growth
The wealth of Australia's millionaires and billionaires significantly outpaced economic growth in 2024, new analysis shows. Research from French multinational business consultancy firm, Capgemini, shows 334,800 Australians are now deemed 'high net worth individuals', up 0.5 per cent last year. Just under 10 per cent of those people have investable assets between $US5m-$US30m. There are now 2450 Australians with investable assets over $US30m. The total wealth of high net worth Australians grew 3.3 per cent in 2024, the report shows, while the Australian economy grew just 1.3 per cent for the year. The Capgemini report, released this week, also throws up a broad view of how the wealthy will pass on their riches, and how their children are likely to invest the funds. In the next two decades, globally some $128 trillion will change hands by inheritance, Capgemini estimates. The inheriting generation are more open to risk, Capgemini says, and advises wealth and asset managers to prepare for the change in appetite. Separate analysis released this week by Oxfam shows the number of Australian billionaires has doubled in the space of a decade to 161. 'This level of inequality is not just morally wrong – it's economically and socially dangerous,' Oxfam Australia acting chief executive Chrisanta Muli said. 'While millions of Australians are struggling to make ends meet, the country's richest continue to amass eye-watering fortunes, often without lifting a finger.' In the past decade, the wealth of Australia's richest 200 people has risen 160 per cent to $667bn, Oxfam says. 'It is scandalous and unjust that property continues to be one of the biggest drivers of wealth across the decade while over 99 per cent of rentals are unaffordable for people earning a full-time minimum wage,' Dr Muli said.
Al Bawaba
5 days ago
- Business
- Al Bawaba
billionaires' wealth in Australia increase by $88 million per day
ANKARA Australian billionaires have seen their wealth grow by an average of more than AUD$137 million (approximately $88 million) per day over the past decade, even as millions of Australians struggle with soaring living costs, according to a new analysis by Oxfam Australia. Released Tuesday, the report -- based on the Australian Financial Review Rich List -- reveals that the number of billionaires in the country more than doubled between 2015 and 2025, rising from 74 to 161. Their combined net worth also surged by 160%, reaching AUD$667.8 billion (around $431 billion). This translates to a staggering AUD$95,000 (approximately $61,344) added every minute. Oxfam said that property remains the most frequent source of wealth for Australia's richest individuals, followed by sectors such as retail, investments, and mining. "Over the last 10 years, property has been the most frequent source of wealth accumulation for Australia's richest, followed by retail, investments and mining/resources," said Oxfam. It shows growing economic gap in the country where the richest continue to grow while the common Australian faces the worst housing crisis, and many are struggling with the cost-of-living crisis '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 eye-watering fortunes, often without lifting a finger," said Chrisanta Muli, Oxfam Australia acting chief executive. In the country of around 27 million people, some two million Australian households struggled to put food on the table families skip meals and struggle to pay their bills, according to Muli.
