The rich are getting richer

Australia’s richest workers have seen their wealth grow at much faster rate than average earners, it has been revealed.

According to research by Australian National University economist Andrew Leigh and Oxford University’s Tony Atkinson, people earning more than $197,000 in 2007 have seen their total share of total household income double since 1980 to the point where they now have ten times the average income, the Australian reported.

In addition, the academics noted that the top 0.1 per cent earners – those making more than $693,000 in 2007 – have seen their share of household income more than triple since 1980.

With the good times continuing to roll, Australia’s wealthiest may be inclined to compare term deposits in search of the best returns for their cash.

The newspaper observed that between 1993 and last year, the pay of the top 100 chief executives rose twice as fast as the salary of ordinary workers.

Meanwhile, the recent Bankwest Inherited Housing Report 2010 suggested that more than $400 billion worth of property assets are likely to change hands over the next 15 years as part of an unprecedented "baton change" of wealth between generations.

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