A Brisbane schoolboy has launched a petition calling on Prime Minister Malcolm Turnbull to consider taking a $1 salary or donating his income to charity.

Mr Turnbull is one of Australia’s wealthiest politicians – his family’s wealth was estimated at $133 million in 2005, and was only exceeded by mining magnate Clive Palmer’s worth. He lives in a Sydney Harbour mansion with an estimated value of $52 million.

Corbin Duncan, 15, has used a Change.org petition to ask Mr Turnbull to forgo his Prime Ministerial salary.

“Make no mistake, you deserve and are entitled to the Prime Ministerial compensation package, however I am sure you have not taken on the role of PM for the associated salary,” Corbin wrote.

PM Turnbull lives in a mansion on Sydney Harbour. (9NEWS)

He argued that the money saved could go to schools, domestic violence campaigns, or resettling refugees.

“You will be putting $500,000+ of tax payer dollars back into schools, roads and hospitals, or more pressing issues such as reducing the incidences of domestic violence or supporting the 12,000 new Australian residing Syrian refugees,” he wrote.

Tesla’s Elon Musk, former US president John F. Kennedy, Apple’s Steve Jobs and Facebook’s Mark Zuckerberg have all reduced their salaries to $1 or donated them to charity, Corbin noted.

“By taking a $1 salary, you will show your fellow Australians, you are truly a servant of our great country and its citizens.”

The petition was launched seven days ago and has attracted more than 1,900 signatures.