We’re in the midst of a billionaire boom.

The number of Australians with wealth of $US1 billion or more has jumped by 52 per cent since 2020, new analysis says. That means we’ve added a new one every three months for the past four years.

Gina Rinehart, Australia’s richest person.Credit: Michael Quelch

Australian billionaire wealth climbed by more than 8 per cent or around $28 billion during 2024, according to the report by charity Oxfam. That’s roughly $3.2 million per hour.

It says Australia has 47 billionaires measured in US dollars, up from 31 in 2020.

Other wealth measures tell a similar story. A 2024 report by merchant bank UBS put the number of billionaires (also in US dollars) in Australia at 43 – up 5 per cent on the previous year.

The latest Australian Financial Review’s Rich List, which uses the lower bar of Australian dollars to gauge wealth – counted 150 Aussie billionaires in 2024. That’s a 44 per cent increase compared to the 2020 list.

Atlassian co-founder Mike Cannon-Brookes.Credit: Lisa Maree Williams

Miner Gina Rinehart topped the........

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