Australia's 7 Richest and How They are Wealthier Than 1.73 Million Households

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July 9, 2014 3:15 PM EST

New findings revealed that the seven wealthiest individuals in Australia has a combined net worth which is bigger than the wealth of 1.73 million households of the poorest in the nation. According to financial experts, new policies being adopted by the federal government are among the main causes of the wide disparity of wealth. Reductions were made on the top marginal income tax rate which resulted to the rich gaining more wealth over time.

REUTERS/Mick Tsikas/Files
Pedestrians walk past a David Jones department store in central Melbourne in this September 24, 2009 file photo. South African retailer Woolworths Holdings Ltd is set to buy Australia's second-largest department store David Jones for $2 billion, trumping an offer from Australian rival Myer Holdings Ltd with a hefty premium. To match story AUSTRALIA-DAVID-JONES/WOOLWORTHS REUTERS/Mick Tsikas/Files

According to the Australia Bureau of Statistics, the top seven have a combined net worth of $56.2 billion. Below are the seven richest people in Australia:

1. Gina Rinehart. She has an estimated net worth of $22 billion.

2. Frank Lowy. He has an estimated net worth of $6.87 billion.

3. James Packer. He has an estimated net worth of $6 billion.

4. Anthony Pratt & Family.He has an estimated net worth of $5.95 billion.

5. Ivan Glasenberg. He has an estimated net worth of $5.61 billion.

6. Harry Triguboff. He has an estimated net worth of $4.95 billion.

7. Wing Mau Hui. He has an estimated net worth of $4.82 billion.

On the contrary, the Bureau also showed that the poorest 20 percent in Australia have a combined net worth of $54 billion.

Other causes for the widening gap include tax cuts made by the federal government in the past eight years. Because tax benefits were given to the top margin, the highest income earners enjoyed reduced tax reductions, compared to those who earned much less. The total cost of tax cuts made by the Labor and Liberal governments amounted to around $170 billion. Abbott's government aims to lower the payments made to low-income families, which in turn can worsen the situation for the poor. Abbott initiated the $7 GP co-payment, which would actually lower the real incomes of the poor and pensioners.

Many Australians, however, remain ignorant of the growing gap and the inequality in tax cuts and payments. Majority of Australians actually believe that they earn just as much as others. Citizens, however, demanded that social services should remain the same or improve in exchange for higher taxes if necessary. 

(Photo: REUTERS/Mick Tsikas/Files / )
Pedestrians walk past a David Jones department store in central Melbourne in this September 24, 2009 file photo. South African retailer Woolworths Holdings Ltd is set to buy Australia's second-largest department store David Jones for $2 billion, trumping an offer from Australian rival Myer Holdings Ltd with a hefty premium. To match story AUSTRALIA-DAVID-JONES/WOOLWORTHS REUTERS/Mick Tsikas/Files
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