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 Australian’s list of the Richest 250 Australians for 2019. Obviously, there would be more Australians earning over $50m who didn’t make the top 250.

The total “wealth tax” collected from the top 250 would be $8.34b pa.

The figure of $8.34b needs some context. So, here is some context:

RankNameNet WorthOrigin of Wealth2% above $50m3% above $1BTotal
1Anthony Pratt & Family13140000000Manufacturing19,000,000364,200,000383,200,000
2Gina Rinehart13120000000Mining19,000,000363,600,000382,600,000
3Harry Triguboff12310000000Property19,000,000339,300,000358,300,000
4Mike Cannon-Brookes9010000000Technology19,000,000240,300,000259,300,000
5Scott Farquhar9010000000Technology19,000,000240,300,000259,300,000
6Frank Lowy8920000000Investment19,000,000237,600,000256,600,000
7Hui Wing Mau8630000000Property19,000,000228,900,000247,900,000
8Andrew Forrest7340000000Mining19,000,000190,200,000209,200,000
9Ivan Glasenberg6760000000Mining19,000,000172,800,000191,800,000
10John Gandel6220000000Property19,000,000156,600,000175,600,000
11Vivek Sehgal6090000000Manufacturing19,000,000152,700,000171,700,000
12Kerry Stokes5380000000Media19,000,000131,400,000150,400,000
13Clive Palmer4510000000Mining19,000,000105,300,000124,300,000
14Bianca Rinehart4500000000Mining19,000,000105,000,000124,000,000
15James Packer4230000000Gambling19,000,00096,900,000115,900,000
16Lang Walker3580000000Property19,000,00077,400,00096,400,000
17Michael Hintze3550000000Financial Services19,000,00076,500,00095,500,000
18Lindsay Fox3520000000Transport19,000,00075,600,00094,600,000
19Alan Wilson & Family3480000000Retail19,000,00074,400,00093,400,000
20Richard White3300000000Technology19,000,00069,000,00088,000,000
21Len Ainsworth & Family3250000000Investment19,000,00067,500,00086,500,000
22Jack Cowin2900000000Retail19,000,00057,000,00076,000,000
23David Hains & Family2850000000Investment19,000,00055,500,00074,500,000
24Maurice Alter & Family2610000000Property19,000,00048,300,00067,300,000
25David Teoh2530000000Telecommunications19,000,00045,900,00064,900,000
26Vicky Teoh2530000000Telecommunications19,000,00045,900,00064,900,000
27Marc Besen & Family2510000000Property19,000,00045,300,00064,300,000
28Morry Fraid & Family2320000000Retail19,000,00039,600,00058,600,000
29Zac Fried & Family2320000000Retail19,000,00039,600,00058,600,000
30Greg Goodman & Family2290000000Property19,000,00038,700,00057,700,000
31Chris Wallin2180000000Mining19,000,00035,400,00054,400,000
32Russell Withers & Family2090000000Retail19,000,00032,700,00051,700,000
33Greg Farrell & Family2060000000Property19,000,00031,800,00050,800,000
34Solomon Lew2030000000Retail19,000,00030,900,00049,900,000
35Angela Bennett1980000000Mining19,000,00029,400,00048,400,000
36Bob Ell1860000000Property19,000,00025,800,00044,800,000
37Khalil Shahin1840000000Retail19,000,00025,200,00044,200,000
38Samer Shahin1840000000Retail19,000,00025,200,00044,200,000
39Yasser Shahin1840000000Retail19,000,00025,200,00044,200,000
40Paul Salteri & Family1840000000Investment19,000,00025,200,00044,200,000
41Nigel Austin1770000000Retail19,000,00023,100,00042,100,000
42Gordon Fu1700000000Property19,000,00021,000,00040,000,000
43Jack Lin1700000000Property19,000,00021,000,00040,000,000
44Giuseppe Casella1690000000Agriculture19,000,00020,700,00039,700,000
45John Casella1690000000Agriculture19,000,00020,700,00039,700,000
46Marcello Casella1690000000Agriculture19,000,00020,700,00039,700,000
47Maha Sinnathamby1660000000Property19,000,00019,800,00038,800,000
48John van Lieshout1620000000Property19,000,00018,600,00037,600,000
49Tony Perich & Family1590000000Property19,000,00017,700,00036,700,000
50Gerry Harvey1580000000Retail19,000,00017,400,00036,400,000
51Ye Lipei1570000000Property19,000,00017,100,00036,100,000
52Andrew Buckeridge1540000000Construction19,000,00016,200,00035,200,000
53Sam Buckeridge1540000000Construction19,000,00016,200,00035,200,000
54Lex Greensill1520000000Financial Services19,000,00015,600,00034,600,000
55Peter Greensill1520000000Financial Services19,000,00015,600,00034,600,000
56Nick Politis1520000000Car retailing19,000,00015,600,00034,600,000
57Terry Snow1520000000Property19,000,00015,600,00034,600,000
58Mario Verrocchi1470000000Retail19,000,00014,100,00033,100,000
59Alex Waislitz1460000000Financial Services19,000,00013,800,00032,800,000
60Jack Gance1460000000Retail19,000,00013,800,00032,800,000
61Brett Blundy1420000000Retail19,000,00012,600,00031,600,000
62Sam Tarascio1380000000Property19,000,00011,400,00030,400,000
63Chau Chak Wing1320000000Property19,000,0009,600,00028,600,000
64Alan Rydge1320000000Investment19,000,0009,600,00028,600,000
65Paul Little1320000000Investment19,000,0009,600,00028,600,000
66Michael Heine & Family1300000000Financial Services19,000,0009,000,00028,000,000
67Peter Gunn1260000000Property19,000,0007,800,00026,800,000
68Leonie Baldock1260000000Mining19,000,0007,800,00026,800,000
69Alexandra Burt1260000000Mining19,000,0007,800,00026,800,000
70Charlotte Vidor1250000000Property19,000,0007,500,00026,500,000
71Ervin Vidor1250000000Property19,000,0007,500,00026,500,000
72Judith Neilson1250000000Investment19,000,0007,500,00026,500,000
73Jonathan Munz & Family1240000000Manufacturing19,000,0007,200,00026,200,000
74Paul Lederer & Family1230000000Manufacturing19,000,0006,900,00025,900,000
75Sam Chong1210000000Mining19,000,0006,300,00025,300,000
76John Kahlbetzer1200000000Agriculture19,000,0006,000,00025,000,000
77Kerr Neilson1190000000Financial Services19,000,0005,700,00024,700,000
78Bruce Mathieson1180000000Property19,000,0005,400,00024,400,000
79Shaun Bonett1170000000Property19,000,0005,100,00024,100,000
80Gretel Packer1150000000Investment19,000,0004,500,00023,500,000
81Theo Karedis & Family1150000000Property19,000,0004,500,00023,500,000
82John Richards & Family1130000000Waste Management19,000,0003,900,00022,900,000
83Robert Millner & Family1130000000Investment19,000,0003,900,00022,900,000
84Sandy Oatley & Family1130000000Property19,000,0003,900,00022,900,000
85Jamuna Gurung1100000000Education19,000,0003,000,00022,000,000
86Shesh Ghale1100000000Education19,000,0003,000,00022,000,000
87Chris Thomas1100000000Agriculture19,000,0003,000,00022,000,000
88Raphael Geminder1080000000Manufacturing19,000,0002,400,00021,400,000
89Justin Hemmes & Family1050000000Property19,000,0001,500,00020,500,000
90Con Makris & Family1030000000Property19,000,000900,00019,900,000
91Brian Flannery1020000000Mining19,000,000600,00019,600,000
92Huang Bingwen & Family1020000000Manufacturing19,000,000600,00019,600,000
93Chris Morris1020000000Property19,000,000600,00019,600,000
94Spiros Alysandratos1020000000Travel19,000,000600,00019,600,000
95Bob Ingham1010000000Investment19,000,000300,00019,300,000
96Manny Stul & Family1000000000Manufacturing19,000,000019,000,000
97Ralph Sarich978000000Investment18,560,000018,560,000
98Tim Roberts962000000Investment18,240,000018,240,000
99Geoff Harris940000000Travel17,800,000017,800,000
100Richard Smith917000000Food Services17,340,000017,340,000
101Raymond Barro916000000Construction17,320,000017,320,000
102Rhonda Barro916000000Construction17,320,000017,320,000
103Lloyd Williams902000000Property17,040,000017,040,000
104Jina Chen899000000Healthcare16,980,000016,980,000
105Alex Wu899000000Healthcare16,980,000016,980,000
106Nechama Werdiger & Family893000000Property16,860,000016,860,000
107Kevin Seymour & Family874000000Property16,480,000016,480,000
108Graham Turner872000000Travel16,440,000016,440,000
109Andrew Buxton870000000Property16,400,000016,400,000
110Michael Buxton870000000Property16,400,000016,400,000
111Reg Rowe870000000Retail16,400,000016,400,000
112Jonathan Hallinan866000000Property16,320,000016,320,000
113Anthony Hall860000000Healthcare16,200,000016,200,000
114Sam Hupert860000000Healthcare16,200,000016,200,000
115Andrew Roberts859000000Property16,180,000016,180,000
116Anthony Eisen859000000Technology16,180,000016,180,000
117Nick Molnar859000000Technology16,180,000016,180,000
118Junhui Lin845000000Property15,900,000015,900,000
119Shangjin Lin845000000Property15,900,000015,900,000
120Patrick Grove841000000Technology15,820,000015,820,000
121Peter Scanlon & Family840000000Investment15,800,000015,800,000
122Jeff Chapman839000000Investment15,780,000015,780,000
123Scott Hutchinson & Family837000000Construction15,740,000015,740,000
124Arthur Laundy833000000Property15,660,000015,660,000
125Allan Myers812000000Investment15,240,000015,240,000
126Laurie Sutton802000000Car retailing15,040,000015,040,000
127Mark Creasy791000000Mining14,820,000014,820,000
128Hamish Douglass786000000Financial Services14,720,000014,720,000
129Bruce Gordon781000000Media14,620,000014,620,000
130Harry Stamoulis & Family769000000Property14,380,000014,380,000
131Dick Honan759000000Manufacturing14,180,000014,180,000
132Arnold Vitocco750000000Property14,000,000014,000,000
133Trevor Lee748000000Agriculture13,960,000013,960,000
134Chris Mackay735000000Financial Services13,700,000013,700,000
135David Greiner732000000Technology13,640,000013,640,000
136Ben Richardson732000000Technology13,640,000013,640,000
137Christian Beck708000000Technology13,160,000013,160,000
138Zig Inge & Family707000000Property13,140,000013,140,000
139Travers Duncan700000000Mining13,000,000013,000,000
140John Higgins696000000Investment12,920,000012,920,000
141Max Beck692000000Property12,840,000012,840,000
142John Symond691000000Investment12,820,000012,820,000
143Chris Ellison691000000Mining12,820,000012,820,000
144Frank Costa & Family688000000Agriculture12,760,000012,760,000
145Graham Tuckwell683000000Financial Services12,660,000012,660,000
146Dale Elphinstone682000000Manufacturing12,640,000012,640,000
147Jack Bendat672000000Investment12,440,000012,440,000
148Michael Boyd669000000Healthcare12,380,000012,380,000
149Craig Winkler657000000Investment12,140,000012,140,000
150Nick DiMauro656000000Property12,120,000012,120,000
151Tim Gurner652000000Property12,040,000012,040,000
152Bruno Grollo & Family645000000Construction11,900,000011,900,000
153Hilton Nathanson641000000Financial Services11,820,000011,820,000
154Toby Browne635000000Healthcare11,700,000011,700,000
155Mick Power633000000Construction11,660,000011,660,000
156Rod Duke628000000Retail11,560,000011,560,000
157Bob Rose623000000Property11,460,000011,460,000
158Kim McKendrick & Family618000000Investment11,360,000011,360,000
159Kerry Harmanis609000000Mining11,180,000011,180,000
160Tony Poli608000000Property11,160,000011,160,000
161Larry Kestelman605000000Property11,100,000011,100,000
162Christina Quinn601000000Investment11,020,000011,020,000
163Tony Quinn601000000Investment11,020,000011,020,000
164Collis Ta'eed600000000Technology11,000,000011,000,000
165Cyan Ta'eed600000000Technology11,000,000011,000,000
166David Paradice599000000Financial Services10,980,000010,980,000
167Stephen Ring597000000Investment10,940,000010,940,000
168Bill James595000000Travel10,900,000010,900,000
169Robert Whyte595000000Investment10,900,000010,900,000
170Gordon Martin & Family593000000Manufacturing10,860,000010,860,000
171Gary Johnston587000000Retail10,740,000010,740,000
172Leon Kamenev583000000Investment10,660,000010,660,000
173Terry Peabody582000000Investment10,640,000010,640,000
174Seumas Dawes582000000Financial Services10,640,000010,640,000
175Robert Magid580000000Property10,600,000010,600,000
176Jamie Pherous577000000Travel10,540,000010,540,000
177Paul Fudge571000000Mining10,420,000010,420,000
178Greg Poche566000000Investment10,320,000010,320,000
179Ian Roberts561000000Property10,220,000010,220,000
180Jure Domazet560000000Property10,200,000010,200,000
181Ivan Domazet560000000Property10,200,000010,200,000
182Kevin Maloney557000000Services10,140,000010,140,000
183Naomi Milgrom557000000Retail10,140,000010,140,000
184Trevor St Baker556000000Energy10,120,000010,120,000
185Bob Sharpless553000000Property10,060,000010,060,000
186Paul Blackburne553000000Property10,060,000010,060,000
187George Kepper551000000Technology10,020,000010,020,000
188Ian Malouf550000000Waste Management10,000,000010,000,000
189Marcus Blackmore545000000Healthcare9,900,00009,900,000
190Diana Grollo544000000Property9,880,00009,880,000
191Rino Grollo544000000Property9,880,00009,880,000
192Judith Brinsmead544000000Construction9,880,00009,880,000
193Anthony Woods542000000Investment9,840,00009,840,000
194Victoria Woods542000000Investment9,840,00009,840,000
195Bill Roche536000000Healthcare9,720,00009,720,000
196Imelda Roche536000000Healthcare9,720,00009,720,000
197Yenda Lee & Family526000000Retail9,520,00009,520,000
198Peter Cooper515000000Financial Services9,300,00009,300,000
199Garry Rothwell514000000Property9,280,00009,280,000
200Andrew Abercrombie513000000Financial Services9,260,00009,260,000
201Grahame Mapp512000000Investment9,240,00009,240,000
202Danny Hill502000000Property9,040,00009,040,000
203Sunny Ngai & Family498000000Manufacturing8,960,00008,960,000
204Tony Tartak & Family493000000Waste Management8,860,00008,860,000
205Gerry Ryan488000000Manufacturing8,760,00008,760,000
206Kayla Itsines487000000Fitness8,740,00008,740,000
207Tobi Pearce487000000Fitness8,740,00008,740,000
208Will Vicars485000000Financial Services8,700,00008,700,000
209Ori Allon483000000Technology8,660,00008,660,000
210John Singleton476000000Investment8,520,00008,520,000
211Tony Wales475000000Investment8,500,00008,500,000
212Charles Gibbon470000000Investment8,400,00008,400,000
213Jerry Schwartz468000000Property8,360,00008,360,000
214Rhonda Wyllie464000000Investment8,280,00008,280,000
215Neville Bertalli & Family461000000Car retailing8,220,00008,220,000
216Greg Coffey457000000Financial Services8,140,00008,140,000
217John Grill457000000Engineering8,140,00008,140,000
218Rod Jones457000000Education8,140,00008,140,000
219Hugh MacLachlan & Family437000000Agriculture7,740,00007,740,000
220Joe Schiavello437000000Property7,740,00007,740,000
221Tony Schiavello437000000Property7,740,00007,740,000
222Steven Kalmin425000000Mining7,500,00007,500,000
223Nigel Satterley423000000Property7,460,00007,460,000
224Alan Messer422000000Healthcare7,440,00007,440,000
225Irene Messer422000000Healthcare7,440,00007,440,000
226Alan Tribe418000000Property7,360,00007,360,000
227Owen Kerr416000000Financial Services7,320,00007,320,000
228Tony Denny415000000Car retailing7,300,00007,300,000
229Bryan Dorman410000000Property7,200,00007,200,000
230Alan Schwartz409000000Property7,180,00007,180,000
231Carol Schwartz409000000Property7,180,00007,180,000
232Roger Drake407000000Retail7,140,00007,140,000
233Nicholas Moore407000000Financial Services7,140,00007,140,000
234Rob Deutsch406000000Fitness7,120,00007,120,000
235Roger Fletcher405000000Agriculture7,100,00007,100,000
236John Kinghorn401000000Investment7,020,00007,020,000
237Neville Crichton396000000Car retailing6,920,00006,920,000
238Joe Catalfamo393000000Agriculture6,860,00006,860,000
239Nicole Kidman393000000Entertainment6,860,00006,860,000
240Greg Norman375000000Investment6,500,00006,500,000
241Tom Brinkworth367000000Agriculture6,340,00006,340,000
242Paul Holmes a Court363000000Agriculture6,260,00006,260,000
243Nick Georgalis356000000Property6,120,00006,120,000
244Doug Shears351000000Agriculture6,020,00006,020,000
245Harold Mitchell350000000Investment6,000,00006,000,000
246Clive Berghofer344000000Property5,880,00005,880,000
247Barry Lambert342000000Investment5,840,00005,840,000
248Dale Alcock330000000Property5,600,00005,600,000
249Andrew Bassat329000000Technology5,580,00005,580,000
250Michael Gregg320000000Investment5,400,00005,400,000

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