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8 Jul, 2014

Wealth of seven richest Australians exceeds that of 1.73 million households – SMH

The wealth of the seven richest people in Australia is greater than the nation’s bottom 1.73 million households combined, and policies in the federal government’s budget will only make that gap grow larger, the Australia Institute has warned.

Australian Bureau of Statistics data shows the bottom 20 per cent of households own roughly $54 billion in wealth. The most recent BRW Rich List shows the seven richest people in the country own more than $56 billion in accumulated wealth.

They are Gina Rinehart (estimated wealth of $22 billion), Frank Lowy ($6.9 billion), James Packer ($6 billion), Anthony Pratt & Family ($5.6 billion), Ivan Glasenberg ($5.6 billion), Harry Triguboff ($4.95 billion) and Wing Mau Hui ($4.82 billion).

Read the rest: Wealth of seven richest Australians exceeds that of 1.73 million households.