Australia sees surge in billionaires’ wealth in 2025: report

CANBERRA, Jan. 19 (Xinhua/APP): Australia’s 48 billionaires hold more wealth than the bottom 40 percent of the population combined, almost 11 million people, according to a report by international charity organization Oxfam.

The report also showed that one Australian billionaire’s wealth increase alone amounts to the annual average incomes of over 2,000 Australians, and meanwhile, everyday Australians continue to face financial uncertainty as the cost-of-living crisis and rising housing prices persist.

In Australia, over 3.7 million people live in poverty, including 757,000 children under 15 years old, the report said, adding that one in three households experienced food insecurity last year.