Report: Sharp jump in wealth inequality over last 20 years
27/09/2023
The gap between those with the most and those with the least has blown out over the past two decades, with the average wealth of the highest 20% growing at four times the rate of the lowest, new research by ACOSS and UNSW Sydney shows.
The latest report from the Poverty and Inequality Partnership Inequality in Australia 2023: Overview, shows that wealth inequality has increased strongly over the past two decades. From 2003 to 2022, the average wealth of the highest 20% rose by 82% and that of the highest 5% rose by 86%, leaving behind the middle 20% (with a 61% increase) and the lowest 20% (with a 20% increase).
The overall increase in wealth inequality over the period was mainly driven by superannuation, which grew by 155% in value due to compulsory savings property investment.
Contrary to the public image of ‘mum and dad’ property investors, investment housing is very unequally shared: the wealthiest 20% hold 82% of all investment property by value.
