The combined net worth of Australia’s billionaires dropped in March – when Covid-19 restrictions ramped up – before rebounding strongly and increasing throughout the course of the year, according to the Bloomberg Billionaires Index.
The combined worth of Australian billionaires was assessed to be 52.4% higher this week than at the same time last December.
By comparison, billionaires in the US and UK recorded an increase of about 25% over the same period, the Bloomberg index shows.
“Those increases are remarkable,” the shadow assistant minister for Treasury and charities told Guardian Australia.
Bloomberg News says it tracks billionaires’ personal wealth based on market and economic movements and its own reporting.
He said several Australian billionaires, including Solomon Lew, owned firms that had paid out significant dividends after receiving jobkeeper support from taxpayers.
In a statement issued on Monday, Frydenberg said jobkeeper had been “an economic lifeline to millions of Australians”. »