Australian Billionaires' Wealth Soars By $120 Billion Since 2020: Oxfam

Australian billionaires' wealth has surged by $120 billion since 2020, prompting sweeping public calls for a wealth tax to address the gaping inequality, new research has found.

Ahead of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, an analysis by global anti-poverty non-profit Oxfam has revealed that the richest 1% have amassed $42 trillion in wealth over the past decade, surpassing the bottom 50% by 34 times.

The Rio de Janeiro meeting can be a crucial turning point in the global fight against financial disparity, as influential nations such as Brazil, South Africa, and France will join hands to set a precedent for how governments address the concern.

However, potential resistance from major economies such as Germany and the U.S. may affect the outcome, as per the Oxfam report.

The new YouGov survey, commissioned by Oxfam, also found that 76% of Australians were concerned about the growing divide between the super-rich and the general populace. In addition, 74% of respondents supported a wealth tax on those with assets over $50 million, and 63% think the money raised by such a tax should go toward reducing inequality.

"Inequality in Australia and across the globe has reached obscene levels, and until now governments have failed to protect people and the planet from its catastrophic effects," Oxfam Australia chief executive Lyn Morgain told The Australian. "The richest one per cent of humanity continues to fill their pockets while the rest are left to scrap for crumbs."

According to the Australian Financial Review's list of rich individuals, 150 Australians now own wealth above $1 billion. Manufacturer Vivek Chaand Sehgal is one of the prominent movers on the list, having nearly doubled his wealth to $8.1 billion with big intentions to expand in India. He now stands at the fifteenth spot. The second-biggest gainers on the list are crypto entrepreneurs James and Robert Ferguson, whose fortune increased from $1.1 billion to $1.9 billion in the previous year.

In terms of total wealth, Gina Reinhart is leading the pack with $40 billion in net worth, which is about $14 billion more than real estate tycoon Harry Triguboff.

Meanwhile, Brazil, the host for this week's G20 finance talks in Rio de Janeiro, is supporting a plan to impose a worldwide billionaire tax.