Vintage year for the wealthy: COVID-19 widens gap between rich and poor

Before the pandemic hit, the distribution of wealth in Australia was already deeply unequal. According to the Income Inequality in Australia 2020 Report, by the Australian Council of Social Service, Australia ranks fifth in the world for the number of people with ultra-high wealth – individuals with more than US $500 million. Other notable statistics:

• The average wealth of those in the highest 5% wealth group is $6.8 million.
• The average wealth of Australian households in the top fifth of the population, at $3.25 million, is more than 90 times that of the lowest 20% wealth group, at $36,000.
• People in the highest 20% of the wealth scale hold nearly two thirds of all wealth (64%), while those in the lowest 60% hold less than a fifth…