Australia’s top 10 are wealthier than ever before

Australia's rich are getting richer according to The List, published by The Australian.

Australia now has a massive 131 billionaires and their average net worth is $2.08 billion.

In fact, the top 10 on The List are wealthier than ever before, led by two of the country’s most successful businesswomen who have changed the face of corporate Australia.

Gina Rinehart tops 2022 The List: Australia’s Richest 250 with a massive $32.64 billion wealth.

Fellow mining magnate Andrew Forrest comes in a close second with a wealth of $31.77 billion. 

The top 10 of 2022 THE LIST: Australia's Richest 250

It seems like more money is being made by Australia's rich than ever before.

Here are some highlights:

• Anthony Pratt is #3 with $27.77 billion wealth while Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar are 4^th and 5^th with a wealth of $26.20 and 25.99 billion.
• Harry Triguboff is #6 on The List with a wealth of $20.81 billion, while Clive Palmer is #7 nearly doubling his wealth for the second year in a row valued at $18.35 billion.
• The total wealth on the 2022 list is a combined $520.20 billion, in 2021 it was $470.07 billion.
• The average wealth on The List is $2.08 billion, last year it was $1.88 billion, and there are 131 billionaires.
• The number of women on The List is 30 – last year there were 27.
• The highest money-making sectors from the list are property (59), technology (29), investment (28), retail (27), mining (22), manufacturing (14), healthcare (13), financial services (12), agriculture (10), and construction (10).
• The most popular suburbs for The List’s rich are Toorak (20), Point Piper (12), Vaucluse (11), Mosman Park (6), while NSW can claim the highest number of people from the list with 98 residents, Victoria has 71, Queensland 32, WA 21, SA 5, NT 2 and Tasmania and the ACT 1 each. Nineteen live overseas.
• The youngest person on the list is 32-year-old Nick Molnar, while the oldest people on the list are Len Ainsworth and Marc Besen who are both 98 years old.
• The average age of those on the list is 65 years old.
• Wealth has surged, and there are a record 29 new names on the list this year.
• The highest-ranked debutant at 112 is Sam Prince (Mexican themed takeaway business Zambrero) with a wealth of $1.18 bn.
• The retail sector has thrown up some of the best-known newcomers on The List including Mecca cosmetics owners Jo Horgan and Peter Wetenhall at 188 and 189 respectively and combined wealth of $674 million along with Tania Austin who owns Decjuba fashion brand and is worth $640 million. Simon and Tahnee Beard’s Culture Kings business puts them at 247 and 248 as they feature on The List for the first time with a combined value of $503 million.
• The List reveals the hobbies of some of the best-known rich ranging from collecting vintage cars to billiards and bike riding, as well as sharing what they spend their money on – with jets topping the list for many.
• The 2022 List also reveals the top 25 donors.  Andrew Forest has donated more than anyone else on The List, giving more than $109.6 million, with Frank Lowy at #2 making $51.1 million in donations.

While this year’s edition of The List has more members from the technology sector than ever before – 29 – some of the so-called older industries, such as manufacturing, are showing resilience.

John Stensholt, Editor of The List said:

“The technology revolution is heralding a shift from “old” industries such as mining and manufacturing to newer online sectors, bringing significant change to the ranks of the country’s wealthiest individuals.

It has also helped create a record number of new names on The List, with 29 debutants.

Despite the pandemic, some sectors - retail in particular - have done incredibly well and created a surge in new wealth on The List.

It’s been a fun uncovering the new names coming up amongst the old guard of The List and sharing their stories,” said

Recognising the impact the technology revolution has had on The List, and to help support some of the everyday Australians affected by the recent floods, The Australian is releasing a collection of non-fungible token (NFT) artworks to raise funds for the St Vincent de Paul Society’s Flood Appeal as part of this year’s The List: Australia’s Richest 250.

The NFTs are tokens attached to digital artworks commissioned especially for The List and created by illustrator Rebel Challenger.

The artworks are of the top 20 richest Australians, as well as five of the new young guns.

Christopher Dore, editor-in-chief of The Australian says:

Most of the top 250 wealthiest Australians are collectors, whether it be of art, supercars or spectacular property. We hope that our NFT artworks of the top 20 Richest 250 on The List become collectable in themselves.

The auctions will be conducted on OpenSea, an online non-fungible token marketplace.

John Stensholt adds:

If there is one trait that permeates the ranks of The List: Australia’s Richest 250 this year, it has to be ambition. Justin Hemmes is a case in point, and it’s a trait that so many on The List share.

Canva is being hailed as “the new Google” with co-founders and husband and wife team Melanie Perkins and Cliff Obrecht, 34 and 36 reaching the Top 10 for the first time.

They are ranked 8 and 9 respectively on The List with a combined value of $15.89 billion.

The Canva business is valued at more than $55 billion.

This year sees a record 29 newcomers on The List, with wealth surging despite the pandemic.

Fung Lam who is just 40 years old is a newcomer to The List.

His New Aim business has delivered to about half the households in Australia over the past four years and works with Wesfarmers, Woolworths, Bunnings, Myer and Catch of the Day to name a few.

Lam is valued at $944 million and is ranked 141 on The List.

The retail sector has thrown up some of the best-known newcomers on The List including Mecca cosmetics owners Jo Horgan and Peter Wetenhall at 188 and 189 respectively and combined wealth of $674 million along with Tania Austin who owns Decjuba fashion brand and is worth $640 million.

Another two impressive debutants are Gold Coast husband and wife duo Simon and Tahnee Beard, co-founders of Culture Kings.

Simon Beard reveals that he had long focused on achieving his goals before striking it rich with his retail group.

For years that goal was his password: 10millionby30.

The Beard's are ranked 248 and 249 with a combined wealth of $503 million.

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About Michael Yardney Michael is the founder of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.