Australian Billionaires Accumulate Wealth Exceeding Bottom Forty Percent

Oxfam's annual inequality report, released Monday, found 48 Australian billionaires now hold more wealth than the bottom 40 percent of Australians, with billionaire wealth rising by almost $600,000 per day over the past year. The report cites 3.7 million people below the poverty line and urges policies such as a five percent wealth tax, which Oxfam estimates could raise $17.4 billion.