Mike Cannon-Brookes and Scott Farquhar sit jointly at the apex of the Financial Review Young Rich List for the seventh successive year. The pair are worth A$14.2 billion (US$10 billion) thanks to the runaway success of their software company Atlassian.
Header image: Mike Cannon-Brookes of Atlassian. Photo credit: TedX Sydney
The list collates the wealthiest Australians aged 40 or under who are self-made and have not inherited their wealth.
The duo obliterated the previous record for the Financial Review Young Rich List, which stood at A$6.08 billion and which they had previously held.
The AFR #youngrichlist2018 is topped for a seventh time by @Atlassian co-founders @mcannonbrookes and @scottfarkas, whose combined wealth is $14.2 billion, @JASprague reports. https://t.co/BBAexsSbAo #ausbiz
— Financial Review (@FinancialReview) October 25, 2018
Another record-breaking year for Atlassian duo
The gulf between Cannon-Brookes and Farquhar and the next two names on the list (Tim Gurner and Ori Allon respectively) is such that their combined wealth is 14 times greater than that of the pair in third and fourth place.
Last year, the Atlassian co-founders’ combined wealth was ten times that of the third and fourth placed people on the list.
Atlassian’s software facilitates collaboration and helps companies increase productivity. Cannon-Brookes and Farquhar have credited their incredible success to investing in R&D and product development over marketing.
Cannon-Brookes has also been an advocate for the value of children learning coding skills.
.@Atlassian co-founder Mike Cannon-Brookes applauds government's decision to introduce new visa targeting top tech talent from around the globe.@mcannonbrookes @sbxr #Australia #tech #technology #employment #jobs #industry #innovation #investmenthttps://t.co/umJwxZ5Dut
— The CEO Magazine (@CEOMagazineAU) March 19, 2018
Tim Gurner, the third wealthiest young Australian, with A$631 million to his name, made his fortune in property development. He is perhaps best known, however, for claiming young Australians were struggling to buy properties because they were “spending $40 a day on smashed avocados and coffees and not working.”
Fourth-placed Ori Allon (A$539 million) compiled his wealth through property and technology. The 37-year-co-founded Compass, a high-end real estate brokerage with A$19.5 billion (US$14 billion) worth of gross sales.
Our CEO & MD with Sport & Recreation Executive of the Year finalist, Tobias Pearce from Kayla Itsines & Colin Panagakis, of BoardPad
Fitness entrepreneurs rising up the list
The wealthiest twentysomethings were Kayla Itsines and fiance Tobi Pearce (#5 and #6 on the list) with a combined A$486 million.
Itsines, a personal trainer and entrepreneur, has been termed the “most influential fitness star on earth” and is behind the mega-popular fitness app Sweat and the e-book series Bikini Body Guides.
— Financial Review (@FinancialReview) October 24, 2018
New entrants on the list included former Australian cricket captain Steve Smith, currently serving a year-long ban for his role in the ball-tampering scandal, as well as F1 racer Daniel Ricciardo.
The collective wealth of the 2018 Financial Review Young Rich List stands at A$23.5 billion, up from A$13.2 billion for last year’s list.
Only ten women made the list, up from nine last year.