Australia's Billionaire Boom: Record 178 Billionaires Hold $686 Billion

New Oxfam analysis reveals a widening wealth gap, sparking debate on tax reform

"The increase in billionaire wealth over the past year alone could have lifted nearly a million Australians out of poverty." — Jennifer Tierney, Oxfam Australia CEO

A new analysis by Oxfam Australia, based on the 2026 Australian Financial Review Rich List, reports that the number of billionaires in Australia has reached a record high of 178, a net increase of 17 from the previous year. The combined wealth of this group is now reported to be over $686 billion.

Wealth Growth and Key Figures

According to the Oxfam analysis, the collective wealth of Australia's billionaires increased by $25.67 billion over the past year. The report calculates this growth rate as approximately $50,000 per minute, or nearly $600,000 per day.

The report also states that the 20 richest Australians hold more wealth than the bottom 3 million Australian households. A separate Oxfam report, "Resisting the Rule of the Rich: Defending Freedom Against Billionaire Power," claims that Australia's 48 richest individuals possess more wealth than the combined bottom 40 percent of the population.

New Billionaires in 2026

The 2026 Rich List identifies several new entrants:

• Anthony El-Hazouri and Charbel Hazzour (property development)
• Katrina Leslie (AI-driven jobs platform)
• Chris Ellison (mining)
• Daniel and Georgia Contos (fashion label White Fox)
• Adrian and Peter Puljich (luxury property development)

Context on Poverty and Inequality

The Australian Council of Social Service (ACOSS) figures cited in the report indicate that 3,706,000 people live in poverty, including 757,000 children under 15. The report also notes that one in three Australian households experienced food insecurity in the past year.

Nearly half of the world's population—3.83 billion people—lived in poverty in 2022.

Perspectives on the Data

Oxfam Australia CEO Jennifer Tierney

Tierney stated that the figures highlight a growing gap between the country's wealthiest individuals and ordinary households. She noted that the increase in billionaire wealth over the past year alone could have lifted nearly a million Australians out of poverty or covered household electricity bills for all Australian households for over a year. She described the federal budget's changes to capital gains tax and negative gearing as modest but welcomed, while calling for further structural reform to the tax system.

Commonwealth Treasury Secretary Jenny Wilkinson

Wilkinson stated that the average top income earner benefits from existing investment tax arrangements by $700,000 over their lifetime, compared to $5,700 for median income earners.

Michael Stutchbury, Centre for Independent Studies

Stutchbury argued that Australia needs more billionaires because they pay a disproportionately high share of taxes. He cited that the top 1% of taxpayers contributed nearly one-fifth of personal tax revenue in 2021-22, opposing heavy taxation.

Roger Wilkins, University of Melbourne

Wilkins disagreed, stating there is little evidence that billionaires create jobs or boost economic growth that would not occur otherwise. He said much of their wealth comes from economic rents in mining and property development, and that billionaires can undermine democratic institutions.

Tax Reform Proposals and Background Policy

Oxfam advocates for a net wealth tax on the richest 0.5 percent of households, with tax rates increasing proportionally with wealth. The organization estimates that a 5 percent wealth tax on Australia's billionaires in 2025 could generate $17.4 billion.

Beyond a wealth tax, Oxfam calls for the phasing out of negative gearing and an end to capital gains tax discounts for individuals and trusts.

On May 12, the government announced changes to capital gains tax, negative gearing, and family trusts. A Senate inquiry into the tax change proposal is scheduled to conclude later in the month before parliament rises on July 2.

Global Context

Globally, the number of billionaires has exceeded 3,000 for the first time, holding a combined wealth of $27.7 trillion, according to Forbes' global list.

The Oxfam report identifies a dramatic increase in the wealth divide since the onset of the COVID-19 pandemic in 2020. It states that in 2022, nearly half of the world's population (48 percent, or 3.83 billion people) lived in poverty. The report also connects the rise in global billionaire wealth to actions during the second US presidency of Donald Trump, citing deregulation and opposition to corporate taxation as factors benefiting the wealthiest worldwide.