Australia's billionaires became 50% richer during pandemic

Combined wealth rises by 52.4% in the past year - turbocharging' inequality

The combined wealth of Australian billionaires has risen by more than 50% over the past year, new figures show, prompting concerns that the pandemic-triggered recession has turbocharged" the gap between rich and poor.

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.