Here’s what many of the 50 richest people in Australia have in common

If you want to be rich, why not look what the rich are doing and do the same?

So if you study the recently released Forbes Australia Rich List your best bet is to get into real estate.Australia. Rich Concept.

But there’s nothing really new about this.

It’s the same each year when the AFR Rich list (previously called the BRW Rich List) come out – most of the very wealth people have made their money in real estate, or if they’ve made it in business, they’ve stored their wealth in real estate.

Once again resources magnate Gina Rinehart has retained the  spot at the top of the with $414.8 billion to her name.

But as you look at the list below you’ll realise that 13 of the 50 Forbes rich-listers made their billions in property.

Now I realise property is a little out of favour at the moment considering the falls in value that are occurring, especially in Sydney and Melbourne, but remember these Uber wealthy people have been investing in the long term through the many ups and downs of the business and property cycle.

Interestingly this is the eighth property downturn I’ve experienced in my 40+ years of investing, and I saw it coming and while I’m taking advantage of it, the current market is causing concern and stress for many investors who’ve never invested in a downturn.

Remember…in our capital cities all market declines are temporary while the long-term increase in property values is permanent.

 

Here’s the full Forbes Rich List:

 

Rank

Name

Net Worth

Age

Origin of Wealth

#1
Gina Rinehart
$14.8 B
64
mining
#2
Harry Triguboff
$9 B
85
real estate
#3
Anthony Pratt
$6.8 B
58
manufacturing
#4
Frank Lowy
$6.5 B
88
shopping malls
#5
Mike Cannon-Brookes
$6.4 B
39
software
#5
Scott Farquhar
$6.4 B
39
software
#7
Andrew Forrest
$4.3 B
57
mining
#8
John Gandel
$4 B
84
shopping malls
#9
James Packer
$3.6 B
51
casinos
#10
Lindsay Fox
$3.5 B
81
logistics, real estate
#11
Bianca Rinehart & siblings
$3.1 B
mining
#12
Kerry Stokes
$2.9 B
78
construction equipment, media
#13
Michael Hintze
$2.55 B
65
investment
#14
John, Alan & Bruce Wilson
$2.5 B
retailing
#15
Lang Walker
$2.4 B
73
real estate
#16
Fiona Geminder
$2.3 B
54
manufacturing
#17
Richard White
$2.2 B
63
software
#18
Maurice Alter
$2.1 B
93
real estate
#19
David Hains
$1.9 B
88
Investment
#20
Clive Palmer
$1.8 B
64
mining
#21
Heloise Pratt
$1.76 B
56
manufacturing, investment
#22
Tony & Ron Perich
$1.75 B
agriculture/real estate
#23
Jack Cowin
$1.7 B
76
fast food
#24
Angela Bennett
$1.65 B
74
mining
#25
David Teoh
$1.62 B
63
telecoms
#26
Gretel Packer
$1.6 B
52
casinos
#27
Nigel Austin
$1.5 B
48
retailing
#28
Solomon Lew
$1.46 B
73
retail
#29
Brett Blundy
$1.44 B
59
retail, agribusiness
#30
Bob Ell
$1.42 B
74
real estate
#31
John Van Lieshout
$1.4 B
73
real estate
#32
Gerry Harvey
$1.35 B
79
retail
#33
Manny Stul
$1.3 B
69
toys
#34
Kerr Neilson
$1.24 B
69
investment
#35
Sam Tarascio
$1.22 B
74
real estate
#36
Terry Snow
$1.2 B
75
airports, real estate
#37
Judith Neilson
$1.02 B
72
investments
#38
Alan Rydge
$1 B
66
entertainment
#39
Maha Sinnathamby
$980 M
79
real estate
#40
Paul Little
$950 M
71
logistics, real estate
#41
Chris Wallin
$910 M
66
mining
#42
Len Ainsworth
$900 M
95
betting machines
#43
Bruce Mathieson
$870 M
74
hotels
#44
Con Makris
$850 M
72
real estate
#45
Russell Withers
$825 M
72
Food & Beverage
#46
Ralph Sarich
$810 M
80
real estate
#47
Richard Smith
$800 M
78
food distribution
#48
John Kahlbetzer
$770 M
87
agribusiness
#49
Chris Morris
$760 M
71
software, hospitality
#50
Michael Heine
$750 M
69
financial services
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Michael Yardney

About

Michael is a director 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 his opinions are regularly featured in the media. Visit Metropole.com.au


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