An Elizabeth Warren Wealth Tax in Australia

What would the Elizabeth Warren Wealth Tax look like in Australia?

Warren’s tax, which is the brainchild of University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman, would impose an annual 2 percent tax on households worth more than $50 million and a 3 percent tax on ones worth more than $1 billion.

The wealth figures come from the Forbes Top 50 for 2019. Obviously, there would be more Australians earning over $500m.

The Total tax collected from the top 50 would be $3.2b pa.

Click on the green + sign for more information.

RankNameNet WorthAgeOrigin of Wealth2% above $50m3% above $1BTotal
#1Gina Rinehart1480000000065mining19000000414000000433000000
#2Harry Triguboff900000000085real estate19000000240000000259000000
#3Anthony Pratt680000000058manufacturing19000000174000000193000000
#4Frank Lowy650000000088shopping malls19000000165000000184000000
#5Mike Cannon-Brookes640000000039software19000000162000000181000000
#5Scott Farquhar640000000039software19000000162000000181000000
#7Andrew Forrest430000000057mining1900000099000000118000000
#8John Gandel400000000084shopping malls1900000090000000109000000
#9James Packer360000000051casinos190000007800000097000000
#10Lindsay Fox350000000081logistics, real estate190000007500000094000000
#11Bianca Rinehart & siblings3100000000-mining190000006300000082000000
#12Kerry Stokes290000000078construction equipment, media190000005700000076000000
#13Michael Hintze255000000065investment190000004650000065500000
#14John, Alan & Bruce Wilson2500000000-retailing190000004500000064000000
#15Lang Walker240000000073real estate190000004200000061000000
#16Fiona Geminder230000000054manufacturing190000003900000058000000
#17Richard White220000000063software190000003600000055000000
#18Maurice Alter210000000093real estate190000003300000052000000
#19David Hains190000000088Investment190000002700000046000000
#20Clive Palmer180000000064mining190000002400000043000000
#21Heloise Pratt176000000056manufacturing, investment190000002280000041800000
#22Tony & Ron Perich1075000000-agriculture/real estate19000000225000021250000
#23Jack Cowin170000000076fast food190000002100000040000000
#24Angela Bennett165000000074mining190000001950000038500000
#25David Teoh162000000063telecoms190000001860000037600000
#26Gretel Packer160000000052casinos190000001800000037000000
#27Nigel Austin150000000048retailing190000001500000034000000
#28Solomon Lew146000000073retail190000001380000032800000
#29Brett Blundy144000000059retail, agribusiness190000001320000032200000
#30Bob Ell142000000074real estate190000001260000031600000
#31John Van Lieshout140000000073real estate190000001200000031000000
#32Gerry Harvey135000000079retail190000001050000029500000
#33Manny Stul130000000069toys19000000900000028000000
#34Kerr Neilson124000000069investment19000000720000026200000
#35Sam Tarascio122000000074real estate19000000660000025600000
#36Terry Snow120000000075airports, real estate19000000600000025000000
#37Judith Neilson102000000072investments1900000060000019600000
#38Alan Rydge100000000066entertainment19000000019000000
#39Maha Sinnathamby98000000079real estate1860000018600000
#40Paul Little95000000071logistics, real estate1800000018000000
#41Chris Wallin91000000066mining1720000017200000
#42Len Ainsworth90000000095betting machines1700000017000000
#43Bruce Mathieson87000000075hotels1640000016400000
#44Con Makris85000000072real estate1600000016000000
#45Russell Withers82500000072Food & Beverage1550000015500000
#46Ralph Sarich81000000080real estate1520000015200000
#47Richard Smith80000000078food distribution1500000015000000
#48John Kahlbetzer77000000088agribusiness1440000014400000
#49Chris Morris76000000071software, hospitality1420000014200000
#50Michael Heine75000000069financial services1400000014000000
Totals91350000022801500003193650000

The figure of $3.2b needs some context. So, here is some context: