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The wealth of Australia’s 47 Billionaires Doubled during COVID – 19

Introduction

The wealth of Australia’s 47 billionaires is growing at around 5205 million a day. Even if these few people lose 99% of their wealth. Also, they will still be richer than 99% of the world’s population.

While millions of people have suffered financial losses during the global epidemic of COVID 19. And the richest people in the world have seen a massive increase in their economic treasures.

According to a new report, 47 billionaires in Australia have doubled their wealth to 2555 billion in the first two years of the COVID-19. This means it’s about to be the most delusional time of the year, as well.

According to a recent report by Oxfam, this growing inequality in society is also being seen globally. According to the report, the increase in the wealth of these people is due to the boom in the property and stock market.

Oxfam’s director of programs, Anthia Spinks, says the fortunes of Australia’s 47 billionaires are growing by about ً 205 million a day.  Even if these few people lose 99% of their wealth. Also, they will still be richer than 99% of the global population.

According to Port, if wealth inequality continues to grow in the world. Also, it could lead to thousands of deaths each year, including access to health care, increased sexual violence, and starvation. That’s why Oxfam is urging governments worldwide, including the Australian government, to impose more taxes on the rich.

Cassandra Goldie, chief executive of the Australian Council of Social Services, said: “We need to increase our government’s revenue to provide social security to the common man. On the other hand, some experts say that politicians have little chance to think. About raising taxes with the federal elections approaching. However, they must think of policies that reduce wealth inequality.

Peter Whiteford, a professor at the Crawford School of Public Health at the Australian National University, called for investment in elderly care institutions.

Australia's 47 Billionaires
Australian Currency

Key Points

  • Inequality has worsened during the pandemic, according to a new Oxfam analysis.
  • According to the organization, COVID-19 has forced over 160 million people into poverty, according to the World Bank.
  • Oxfam is urging governments to explore imposing a 99 percent wealth tax on COVID-19 windfall income as a one-time measure.

Wealth Tax

A wealth tax on a person’s assets, such as cash, bank savings, and real estate. When debating a wealth tax, Amanda Robbins, founder and managing director of Equity Economics, said it was crucial to remember that it did not require going after everyone’s housing.

“It’s actually referring to the very rich, which is why it’s sometimes referred to as a billionaire’s tax,” she explained.

“Depending on the design of the wealth tax, around a couple of hundred persons in Australia could be affected. So we must be careful not to believe that this is a tax that would affect everyone who works hard.”

The problem with a wealth tax is that it encourages wealthy people to move their assets elsewhere, necessitating a worldwide discussion. Ms. Robbins believes it is past time for Australia to participate in such conversations.

“Rising wealth disparity isn’t just a problem in the world’s poorest regions,” she explained. “Australians have clearly experienced it to the point where the top 20% of the wealthiest people make 90 times more than the bottom 20%.”

“As a result, it is something that Australia should consider. Politics, on the other hand, make it extremely difficult to implement.” When asked how to close the income gap, Treasurer Josh Frydenberg told the ABC that a tax was not the solution.

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