Australia's 7 Richest and How They are Wealthier Than 1.73 Million Households
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.
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
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.
Most Popular Slideshows
- Pope Francis Meets Sudanese Woman Who Was Spared Death for Apostasy (PHOTOS)
- Malaysia Airlines Flight MH17: King Williem-Alexander, Queen Maxima Hold Solemn Reception Ceremony for Victims
- Jennifer Lawrence & Nicholas Hoult Allegedly Split: Mad Max Actor Cheats with Kristen Stewart & Riley Keough - Reports
- Transfer News: FC Barcelona Shockingly Sign Valencia Defender [PHOTOS]
Join the Conversation
- Malaysia Airlines MH17: Multi-Million Pound Law Suit Looms Over Putin’s Head, Assets At Risk
- 5 Uncanny Jobs That Actually Pay Very Well
- Ebola Virus on the Loose: World Cautioned as Infection Moves; Global Airports on High Alert; Kills Liberian Doctor, Infects American Worker
- 5 Marketing Nuggets We Can All Learn From Lady Gaga
- Advisory: Britons Told to Leave Libya ASAP, UK Issues Travel Ban
- Apple iPhone 6 on Two Confirmed Release Dates, New Parts Leaked Suggesting Bigger iPhone to Come
- Nexus 5 and Nexus 7 Android 5.0 L Material Design Coming with More Interface Changes
- Xiaomi Mi4 vs OnePlusOne vs Nexus 5: Mi4 is the ‘Perfect’ Phone
- Israeli Women Stripping Naked for IDF Soldiers
- Samsung Galaxy S4 LTE-A Android 4.4.2 KitKat Update Rolls Out: When to Hit Your Region
- HTC One M8 Android 4.4.3 KitKat Update Roll Out, Introducing the HTC One Remix
- Shocking Video of Pedigree Dog Culling in Bali Emerges [Video]