Last year, the wealth of global billionaires grew at a rate three times faster than the average annual increase observed over the preceding five years. This surge in wealth highlights a widening gap between the ultra-rich and the rest of the world.

“It’s an inequitable, unsustainable, and, in our view, an unethical situation for such a small group of individuals to hold so much of the nation’s wealth,” remarked a concerned observer.

Tierney emphasized that there are concrete measures that can be implemented to ensure that this disparity does not continue to escalate at its current rate.

Source: SBS News

Source: SBS News

That could include ending the capital gains tax discount and phasing out negative gearing, she argued.

The Greens have repeatedly proposed a 10 per cent tax on the net wealth of Australian billionaires to bring down the costs of food, medical and dental care, public transport and university education.

“Correcting this would raise huge amounts of extra revenue for essential services and ease growing inequality in Australia.”

Concerns about social cohesion worldwide

“When one billionaire can spend hundreds of millions of dollars to shape political conversations, it shows how extreme wealth can translate directly into political power — undermining a fair and healthy democracy,” Tierney said.

Twelve billionaires have served in Trump’s administration, according to a Washington Post tally.

“It’s just really a vicious cycle.”

Artificial intelligence adds a new dimension

Australia has one of the most concentrated media markets in the world, with the country’s largest media company, News Corp, forming part of billionaire Rupert Murdoch’s global media empire.