The Australian Financial Review Rich List 2019 reveals that technology accounts for a record 14 Rich Listers and is now the fastest route to riches.
The number of billionaires calling Australia home has risen to 91, with an additional 15 added to the list, according to the Australian Financial Review‘s annual Rich List.
The total wealth of Australia’s top 200 people and families grew from A$282 billion in 2018 to A$330 billion this year, with property remaining the top source of wealth despite the housing slump, mainly in Sydney and Melbourne.
Property was the source of wealth of 63 Rich Listers, followed by retail, which was the primary source of wealth for another 29 individuals and families. Tech accounted for a record 14 Rich Listers and is now the fastest route to riches.
Anthony Pratt, the head of global packaging empire Visy, remained at the top of Rich List, with his wealth increasing from A$12.9 billion last year to A$15.6 billion. The US Government, under the administration of Donald Trump, helped boost Pratt’s wealth by slashing the corporate tax rate in the United States.
Second highest on the Rich List is Gina Rinehart, who’s A$13.8 billion fortune benefitted from rising iron ore prices. She was closely followed by property mogul Harry Triguboff (pictured below), whose wealth shot up from A$800 million to A$13.54 billion over the past 12 months.
Fourth on the AFR Rich list is property developer Hui Wing Mau, Chairman and Founder of Hong Kong-based Shimao Property Holdings.
The biggest movers on the Rich List are Australia’s top tech billionaires, the Atlassian founders Scott Farquhar and Mike Cannon-Brookes, who are in fifth and sixth place respectively, with Farquhar slightly ahead with a personal wealth of A$9.75 billion and Cannon-Brookes with A$9.63 billion.
The pair own 60 per cent of the company and their wealth has nearly doubled since last year.
AFR RICH LIST 2019 TOP 10:
- Anthony Pratt and family, manufacturing, A$15.57 billion
- Gina Rinehart, resources, A$13.81 billion
- Harry Triguboff, property, A$13.54 billion
- Hui Wing Mau, property, A$10.39 billion
- Scott Farquhar, technology, A$9.75 billion
- Mike Cannon-Brookes, technology, A$9.63 billion
- Frank Lowy, property, A$8.68 billion
- Andrew Forrest, resources, A$7.99 billion
- Ivan Glasberg, resources, A$7.17 billion
- John Gandel, retail, A$6.6 billion