Tag: Last Decade

Top 1 per cent bags over $40 trillion in new wealth during past decade as taxes on the rich reach historic lows

Here in Australia, billionaires have increased their wealth by 70.5% or $120 billion since 2020. Australians are increasingly concerned about this growing inequality and support a wealth tax to address it. This is evidenced by newly released YouGov polling commissioned by Oxfam. The polling shows

  • 76% of Australians are concerned about the growing wealth gap between the ultra-rich and everyday people
  • 74% Support a wealth tax of people with wealth of over $50 million
  • 63% Support wealth tax proceeds being used to reduce inequality

Top 1 per cent bags over $40 trillion in new wealth during past decade as taxes on the rich reach historic lows