Lead

Australia now has its highest number of billionaires on record — 178, up 17 from last year — with their combined wealth exceeding $686 billion, according to new analysis by Oxfam. The anti-poverty organisation found that the collective wealth of Australia’s billionaires increased by $25.67 billion over the past year, equivalent to almost $50,000 per minute.

At the same time, figures from the Australian Council of Social Service (Acoss), cited in the reporting, show that 3,706,000 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.

Coverage comparison

Both ABC Australia and The Guardian — World reported the core findings from the Oxfam analysis, including the record number of billionaires and the $25.67 billion increase in their wealth. Both outlets also highlighted that the 20 richest Australians now hold more wealth than the bottom 3 million households.

ABC Australia’s coverage framed the issue around the growing gap between rich and poor, quoting Oxfam Australia chief executive Jennifer Tierney and researchers. The Guardian — World took a more critical tone, using words like “skyrocketing” and “struggling” to describe the situation.

The reporting from both outlets noted that the wealth surge has been partly driven by gains in artificial intelligence and datacentres. New billionaires this year include AI-driven jobs platform founder Katrina Leslie, property developers Anthony El-Hazouri and Charbel Hazzour, mining boss Chris Ellison, and fashion label White Fox founders Daniel and Georgia Contos, among others.

Key claims

  • Australia’s billionaires increased their wealth by $25.67 billion in the past year, according to analysis by Oxfam Australia of the 2026 Australian Financial Review Rich List. This is equivalent to almost $50,000 per minute.
  • The total wealth of Australian billionaires in 2026 has reached more than $686 billion, as reported by The Guardian — World.
  • Australia now has its highest number of billionaires on record, at 178, an increase of 17 from last year. Both ABC Australia and The Guardian — World reported this figure.
  • The 20 richest Australians now hold more wealth than the bottom 3 million households, according to the Oxfam analysis, as reported by both ABC Australia and The Guardian — World.
  • Acoss figures, cited by The Guardian — World, show 3,706,000 people live in poverty, including 757,000 children under 15 years.
  • One in three households experienced food insecurity last year, according to The Guardian — World.
  • Some researchers argue that the proposed federal budget threatens to make all Australians poorer while doing nothing to reduce inequality, as reported by ABC Australia.
  • The top 1 per cent of taxpayers contributed nearly one-fifth of personal tax revenue in 2021-22, a claim carried by ABC Australia.
  • Australia already imposes a high top marginal personal income tax rate of 47 per cent, as noted in ABC Australia’s reporting.

Perspectives

Oxfam Australia

Oxfam Australia chief executive Jennifer Tierney said the figures highlight a widening gap between Australia’s wealthiest people and ordinary households. She described the situation as “fundamentally wrong” and called for structural reform to the tax system, arguing that a fairer approach to taxing extreme wealth would enable governments to invest in housing, healthcare, and climate action.

Government response

The federal government has introduced measures to ease cost-of-living pressure and reform tax arrangements in the recent budget, including changes to capital gains tax, negative gearing, and family trusts. While welcoming these steps, Ms. Tierney said the government did not go far enough to address the scale of wealth inequality. The proposed changes have sparked backlash from some investors, and a Senate inquiry into the tax proposal is set to conclude before parliament rises for its winter break on July 2.