Australian billionaires earn $67,000 an hour, over 1300 times more than average workers

A new report reveals that Australian billionaires earn $67,000 an hour, while the average hourly wage is about $51, with many Australians earning less as they continue to struggle with the cost-of-living crisis.

The staggering figure, derived from 47 Australian billionaires in 2024, shows they are earning more than 1300 times what everyday Australians make, according to new analysis from non-government aid organisation Oxfam.

The report also reveals that the richest Australians’ combined wealth increased by more than 8 per cent, or $28 billion, in 2024 — that’s $3.2 million per hour.

Interestingly, much of this wealth is unearned.

Oxfam highlights that 35 per cent of Australian billionaires’ wealth is inherited, with a significant portion linked to the historic and ongoing impacts of colonialism.

“The impacts of colonialism’s deeply harmful and divisive racist legacy can be seen here today, where a third of the First Nations peoples are in the poorest 20 per cent of the population,” the report said.

The organisation is urging the Australian government to take urgent action to address inequality by ensuring the richest individuals and corporations pay their fair share of taxes.

“Meanwhile, money desperately needed in Australia and abroad to tackle social issues such as access to housing and to respond to worsening humanitarian emergencies, is being siphoned off to the bank accounts of the super-rich. This is not just bad for the economy — it’s bad for humanity,” said Oxfam Australia chief executive Lyn Morgain.

“As the federal election looms, it’s critical that our political leaders take bold steps to ensure the super-rich pay their fair share of taxes, so we can fund essential services like healthcare, education, and climate action — and build a fairer society for all,” Morgain said.

Globally wealth inequality

According to Oxfam’s analysis, the world’s 10 richest people are all men, with their wealth growing by an average of over $150 million a day last year.

“Even if they lost 99 per cent of their wealth overnight, they would still wake up as billionaires,” the report says.

Total billionaire wealth increased by $3 trillion in 2024, equivalent to about $8.4 billion a day, growing at a rate three times faster than the previous year.

The richest one per cent of the world own 45 per cent of all global wealth.

In 2023, the wealthiest one per cent in the Global North extracted $46.1 million every hour from the Global South, making the gap between rich and poor nations even bigger.

Meanwhile, five billion people — representing 44 per cent of the global population — live below the World Bank poverty line of $10.52 a day.