Mining magnate Gina Rinehart has topped the 2024 Financial Review Rich List for the fifth consecutive year, breaking through the $40 billion barrier for the first time – up $3 billion from last year.

With Australia’s wealthiest 200 now controlling $625 billion – up 11 per cent from last year – Rinehart’s estimated rise in wealth is driven by higher valuations across the mining sector. While mining and property are Rich List mainstays [five of the top 10 fortunes are built on mining], the tech sector has made a comeback this year and is growing its share of the pie faster than any other sector.  

This year marks the 41st Rich List, first published in BRW Magazine in 1983 when the total worth of Australia’s wealthiest people was $4.6 billion and it took just $10 million to make the list. It now takes $718 million to make the Rich List.

Rinehart’s wealth is $14 billion more than her closest rival – property scion Harry Triguboff, who is worth an estimated $26.49 billion.   

But it is the tech sector that is the story of 2024, with the sector responsible for $108.1 billion of this year’s list. In 2014, there were no technologists in the Rich List’s Top 10. Now, there are four: Mike Cannon-Brookes  (who’s listed in third spot alongside Annie Cannon-Brookes in light of their separation, although their wealth of $24.38 billion is still combined as they are yet to split assets), Scott Farquhar (No.5 worth $22.88 billion) and Canva’s Melanie Perkins and Cliff Obrecht (No.10 worth $13.62 billion).

In total, 28 technologists have made the Rich List, up from 24 last year – including fintech entrepreneur Jack Zhang and crypto gambling billionaires Ed Craven and Tim Heath. The tech sector is also responsible for some of the notable debutants. They include three newly discovered billionaires – Estonian-based online gaming mogul Tim Heath, the founder of CoinSpot cryptocurrency exchange, Russell Wilson, and the Lamborghini-loving founder of the LMCT+ online promotions business, Adrian Portelli.

All up, there are 11 new individuals or couples on this year’s Rich List including Simon Dyer and his family, who brought mattress brand Sealy to Australia, and today also have a range of joint ventures with New York Stock Exchange-listed Tempur Sealy. Also making the list for the first time is Queensland’sMurphy family, whose Canstruct earned $1.82 billion over five years as the long-term operator of the federal government’s offshore detention centre in Nauru.

Based on the Financial Review’s unrivalled database, the Rich List includes 13 billionaires in the elite “ten-digit club” – those with wealth exceeding $10 billion. Some Rich Listers have seen their wealth surge, including media, mining and construction baron Kerry Stokes (No.12) whose net worth increased 51 per cent year-on-year to $11.3 billion, and Alan Wilson & family (No.13) from plumbing giant Reece, whose wealth rose 63 per cent to $10.6 billion. NSW remains home to more Rich Listers – 80 in total – than any other state. 

Female representation has increased from 36 last year to 41 this year. Some of that is due to the spectacular rise of entrepreneurs like Nicky and Simone Zimmermann, worth a combined $792 million (No.180). 

Rich List co-editor Yolanda Redrup said: “The Rich List named its first two billionaires in 1987 – Robert Holmes a Court ($1.4 billion) and Kerry Packer ($1.3 billion) – now, there are 150 Australians and their families who have achieved this feat. This highlights the entrepreneurial spirit and hard work of the members of this list.

“There are nine Rich Listers who have appeared on every list since 1984, and many are household names, but the next decade could be one of changing faces, as the mean age nears 70 and billions of dollars are set to be passed onto the next generation.”

Rich List co-editor Michael Bailey said new financial reporting rules introduced by the federal government last year made this the most comprehensive Rich List ever.

“Major private companies previously exempt from publicly lodging financial reports, like Bruce Gordon’s WIN Television, ‘Caravan King’ Gerry Ryan’s Jayco, and ethanol giant Dick Honan’s Manildra, all had to reveal their profits for the first time – in some cases materially changing their estimated valuationsy.”

TOP 10 (worth a collective $222.6 billion)
1. Gina Rinehart – $40.61 billion – Mining
2. Harry Triguboff – $26.49 billion – Property
3. Mike Cannon-Brookes & Annie Cannon-Brookes – $24.38 billion – Technology
4. Anthony Pratt & family – $23.30 billion – Manufacturing
5. Scott Farquhar – $22.88 billion – Technology
6. Clive Palmer – $22.75 billion – Mining
7. Nicola Forrest – $16.92 billion – Mining
8. Andrew Forrest – $16.76 billion – Mining
9. Ivan Glasenberg – $14.86 billion – Mining
10. Melanie Perkins and Cliff Obrecht – $13.62 billion – Technology

STATE BY NUMBERS 
1. NSW – 80 Rich Listers
2. VIC – 57
3. QLD –  21
4. WA – 19
5. SA – 3
6. ACT – 2
7. NT – 1 
8. TAS – 1

The full Rich List will be available on www.afr.com and will appear in a special edition of The Australian Financial Review Magazine in this Friday’s Financial Review. High res images of AFR Magazine Rich List cover HERE

For further information, please contact:
Adrian Motte
Senior Communications Manager – Trade & Publishing
amotte@nine.com.au

Thursday, May 30, 2024