Forbes rich list 2024: Australia’s richest people

Forbes has released its annual rich list for 2024 revealing the world’s richest people.

The report shows that there are now more billionaires than ever - 2,781 people across the globe in total.

Which is 141 more billionaires than last year.

And together they have amassed a total of $14.2 trillion in net worth, up another $2 trillion from 2024 and $1.1 trillion above the previous record set in 2021.

While these numbers are interesting, what we really want to know is where our richest Australians ranked.

The richest people in Australia

In total, 48 Aussies made the list of the world's richest, although only 5 made the elusive top 200.

Billionaires in the mining, software and manufacturing industries feature heavily, but also retail, casino, investment, construction, and real estate businessmen and women make the list.

Australia’s iron ore mining magnate and heiress Gina Rinehart takes the top spot as Australia’s richest citizen, ranking in 56th place on the global list thanks to her $30.8 billion net worth.

The 70-year-old built her wealth on iron ore after rebuilding her late father’s financially distressed company Hancock Prospecting, and is also Australia’s second-largest cattle producer.

She sits far ahead of the next Australian on the list - which is Andrew Forrest in 101st place.

The 62-year-old businessman founded Fortescue Metals Group and invests in many sustainable energy projects.

His net worth currently sits at $19 billion.

Third on Australia’s list is Harry Triguboff in 111th place and a $16.5 billion fortune under his belt, a huge increase from the $13.1 billion net worth he had last year.

Harry, who was born in Dalian, China to Russian parents, came to Australia as a teenager and is now managing director of real estate group Meriton, also known as ‘high-rise Harry’.

Fourth and fifth on the list are Atlassian’s Mike Cannon-Brookes and Mike Farquar whose $13.3 billion and $13.0 billion net worths see them place in 148th and 152nd in Forbes’ global rankings.

The Sydney-based duo started their software firm soon after graduating from college, funding it with credit cards.

Here’s the full list:

Source: Forbes, 2024

Top 10 richest on the planet

Bernard Arnault overtook Elon Musk as the richest person in 2024 due to a 21% decline in Musk’s wealth, from $245.3 billion to $194.6 billion.

The billionaire chairman and CEO of the global luxury goods company LVMH runs dozens of luxury brands such as Louis Vuitton, Sephora, and Tiffany & Co.

The French businessman also has investments in businesses such as Netflix and ByteDance, the parent company of TikTok.

In third place was Jeff Bezos with his $192.4 billion net fortune, putting him ahead of Mark Zuckerberg and his $161 billion net worth.

Mark Zuckerberg’s net worth grew by 39% over the past 12 months, pushing him up from 7th to 4th place in the global rankings.

Here’s the full top 10 list:

Source: Forbes, 2024

Note: No matter how much money they have, there is one thing that all these billionaires have in common… they’re good with their money.

At Metropole, we truly believe that the key to building wealth and financial success for you is through property investment.

But not just any property - it needs to be an investment-grade property in an A-grade location.

As always, quality far supersedes quantity, so focus on putting your hard-earned money into the right property rather than buying as many as you can.

Tips: It’s important to have the right guidance and help on your side to make sure you avoid making any of the classic property investment mistakes along the way.

After all, the objective for property investors is to find investment-grade properties in investment-grade suburbs, regardless of the latest hotspot data.

That’s areas and properties which hold their value over the long term, rather than benefit from an uptick in demand.

But even before looking for the right location, make sure you have a Strategic Property Plan to steer you through the upcoming challenging times our property markets will encounter.

Aside from remembering that you should focus your efforts on investment-grade properties and locations, you also need to remember that property investing is a process, not an event.

That means that things have to be done in the right order – and selecting the location and the right property in that location comes right at the end of the process.

And that’s because what makes a great investment property for me, is not likely to be the same as what would suit your investment needs.

About Sam Alaaeddin With well over a decade's experience in asset and wealth management, Sam is an Elite Wealth Planner at Metropole and leverages his expertise to help clients achieve their wealth management goals. He holds a bachelor’s degree in law and commerce (Finance) and a Diploma in Financial Planning.