Number of Australian billionaires has doubled over last decade

A new analysis has highlighted the growth in the number of Australian billionaires since 2015, leading to a call for urgent tax reforms.

According to the Oxfam Australia analysis, the number of Australian billionaires has more than doubled since 2015 – jumping from 74 to 161 in 2025. On top of that, the organisations claim that – during the same period – billionaire wealth experienced an immense jump by more than $137 million per day, equating to $95,000 per minute.

The wealth of the top 200 richest Australians has increased by 160 per cent to $667.8 billion since 2015.

These findings have spurred Oxfam Australia to call on the government to implement urgent tax reforms to address the “rampant inequality” that they believe these figures are causing.

Oxfam claims that this wealth inequality is handicapping young Australians from entering the housing market – with 99.3 per cent of rentals being unaffordable for workers earning a full-time minimum wage, according to figures from Anglicare Australia.

Oxfam Australia acting chief executive Dr Chrisanta Muli argued that the stated figures paint a “morally wrong” picture, considering how many Australian workers are struggling with cost-of-living pressures.

“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 Muli.

“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.”

According to Muli, tax reforms can bridge the ever-increasing gap wealth disparity throughout Australia.

“The single most urgent, structural, and strategic action that the Australian government can take now is to rapidly and radically reduce the gap between the super-rich and the rest of society,” said Muli.

“We cannot allow billionaire wealth to continue to rise unchecked while 2 million Australian households struggled to put food on the table, families skip meals and struggle to pay their bills.”

“To improve the integrity of our progressive tax system, we want to see superannuation and other tax loopholes closed for big corporations and the richest 1 per cent. This is the most effective tool we have to ensure a more fair and equal society. When tax loopholes are closed for the wealthiest, there will be more money in the budget for healthcare, affordable housing, action on climate change and ending poverty.”

In terms of other workplace stakeholders combating wealth inequality, during the election campaign, the Greens put forward their own policy to address retiring workers entering poverty. Then party leader Adam Bandt announced a plan to lower the retirement age while lifting the pension rate.

“In a wealthy country like ours, no one should retire into poverty. The Greens will fight for the right to retire earlier at 65, with an income that will actually pay the bills and support older Australians to enjoy the retirement they deserve,” said Bandt.

Kace O'Neill

Kace O'Neill is a Graduate Journalist for HR Leader. Kace studied Media Communications and Maori studies at the University of Otago, he has a passion for sports and storytelling.