By one measure at least, Australia is falling behind the world: the growth in the wealth of our billionaires. But how can our obscenely rich citizens, who are on average each adding $600,000 per day to their coffers or 3 per cent a year, be trailing their international peers?
Globally the 48 Australians that are members of the rarefied billionaires club – which minted eight new local members last year – grew their wealth by around $10.5 billion in 2025. While that’s an enormous amount, it’s less than the yearly gains that some, such as Elon Musk and Larry Ellison, enjoyed on their own.
Elson Musk, the world’s richest person, has flirted with a net worth of a trillion dollars.Credit: AP
The increase in wealth concentration associated with the rise in the mega-rich is most often a proxy for inequality. So falling a few notches on the billionaires index isn’t something Australians should see as a poor grade mark.
No Australian government that wants to boost its bona fides for dealing with a cost of living crisis, crippling rents or mortgage stress would be advertising the financial gains made by the mega wealthy.
Indeed, although the wealth of billionaires surged by 16 per cent globally in 2025, the reduction in poverty is now stalling.
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World wealth accumulation by billionaires was turbocharged last year, growing three times faster than the average of the past five years. Together, these 3000 individuals account for an unthinkable $US18.3 trillion according to an Oxfam report to be delivered at the World Economic Forum’s annual meeting in Davos. The sharpest growth in fortunes has been experienced among the US billionaires.
These billionaires earn $3.2 million per day on average and for the 10 richest, the amount swells to $150 million each day.
But Australia is missing the two vital ingredients on the menu that promote the disproportionate bolstering of its super rich getting super richer. The first is a strong technology industry, particularly one focused on artificial intelligence, and the second is President Donald Trump.
