Gaping Inequality: AUSTRALIAN RICH LIST Reveals How Billionaire Wealth Has Soared During Social Misery

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The latest Australian Rich List reveals an alarming widening of the wealth gap, with billionaire fortunes rising exponentially while social misery deepens.

The Australian newspaper released its yearly Rich List last week, highlighting the immense wealth of the 250 wealthiest people in Australia. Their total wealth has now surpassed $531 billion, which marks an increase of $11 billion in the past year.

The individuals on the list live in a world disconnected from working-class people’s experiences. The list does not acknowledge the increasing poverty and struggle experienced by many in society, which ultimately affect the wealth and success of those on the list.

The article focuses on the worries of the extremely rich, such as the expenses required to operate a superyacht, as seen in one of its articles entitled: “Ever wondered what it costs to run your own superyacht?”

The article is centred on Ian Malouf, a net worth of $1.03 billion. He owns a superyacht worth $100 million, with luxurious features like a spa pool, private treatment rooms, an infra-red sauna, a teppanyaki grill, indoor and outdoor gym facilities, and an onboard beauty therapist. Malouf has mentioned that the size of the bow of his yacht is more extensive than most boats.

In reference to the article, Malouf said, “The monthly payroll cost could be $250,000, with additional costs around $300,000.”

He mentioned that he has many options for destinations this year, and one of his boats is travelling to New Zealand and Tahiti, and he also has plans for Fiji and the Whitsundays.

The recent increase in wealth may be smaller than in the past, but it comes at a time when 

workers are experiencing the worst decline in living conditions since World War II.

Real wages saw the most significant decline in the past year, with inflation hitting 7.8 per cent in 2022 and nominal wage growth remaining at a low of just 3.3 per cent. This indicates that the actual income earned by employees decreased in value by 4.5 per cent.

The official inflation figures fail to accurately reflect the exorbitant cost of living, especially regarding essential items families need to meet their basic needs. In 2022, the prices of dairy and related products increased by 14.9 per cent, bread and cereal products rose by 12.2 per cent, and fruit and vegetables rose by 8.5 per cent.

The wealth gap in Australia is widening, and we can only hope that those with immense wealth will take some responsibility to support their fellow citizens during difficult times. 

The discrepancy between the lifestyles of the wealthiest individuals and the everyday Australians is ever more apparent, demonstrating how far apart they are. Something needs to change so that society can close the inequality gap and live in harmony.

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