Not so long ago, former Liberal prime minister Malcolm Turnbull was branded “Mr Harbourside Mansion”, a moniker bestowed upon him by his own side of politics.
Turnbull’s estimated A$200 million in wealth when he entered politics was well known. So too was the estimated $56 million in riches accrued outside of politics by Labor prime minister Kevin Rudd and his family.
Not all politicians are multimillionaires like Turnbull and Rudd. But generally, they are wealthier than their constituents. They are also more likely to own more than one home.
