The income gap widens

Article Abstract:

A study by the Organization for Economic Cooperation and Development shows that market forces have increased income inequality in developing nations since the mid-1970s. Market income inequality widened everywhere except Scandinavia. Changes in welfare and direct taxes reduced income inequality in all but two countries, but overall income inequality still rose. In Australia, the lowest income groups received the highest proportion of welfare payments and paid the lowest proportion of direct tax of any country.

World, Statistical Data Included, Economic aspects, Finance, Reports, Column, Developing countries, Taxation, Welfare, Public assistance, Organization for Economic Cooperation and Development, Income distribution, Gini coefficient, National income

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Multiplication for millionaires

Article Abstract:

The number of Australian millionaires is increasing, and the sources of that wealth are changing. Since 1993, the number of millionaires has increased from 71,700 to 208,000, and their share of wealth has increased from 11.1% in 1993 to 23% in 1998. Sources of individual wealth from property, resources, and rural production fell from 31.2% to 27.4%. Services and retail/wholesale sources jumped from 16.4% to 20.1%. Millionaires keep a large portion of their wealth in trusts and shares and less in housing.

Millionaires

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The wealth is spreading

Article Abstract:

The Australian Rich 200 list reveals an increased and wider spread of wealth in the country in 2000, with the number of millionaires rising to 240,000, although this is still below the peak of the 1980s. Property and share investment have boosted wealth but the key to extreme wealth is ownership of a business.

Demographic aspects, Distribution

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