Top 1% own 22.2% of Australia’s wealth


Oxfam has released starling statistics ahead of the 2020 World Economic Forum which begins in Davos, Switzerland today, revealing that the top 1 per cent of people in Australia (accounting for around 250,000 people) own roughly USD $1.6 trillion, (AUD 2.3 trillion).

Lyn Morgain, (pictured above) Oxfam’s Australia Chief Executive, said the figure prove that the country’s “broken economic system” is contributing to the “poverty and inequality” that many Australians face.

Meanwhile, the forum in Davos remains an overwhelmingly male affair, with just 24 percent of attendees female this year, according analysis of the attendee list by Quartz — although this is a record high. Of the 2,820 total participants, 682 are female. As Quartz notes, there will be more attendees from North America present, than women.



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