Victoria Garlick
Alright, let’s talk about Australia’s richest movers and shakers, because they’ve had quite the year! The wealthiest 200 Australians now control a staggering $625 billion. That’s right, tech is back in action, resources are on a wild ride, and property growth is surging. This mix has boosted the fortunes of the Rich Listers by 11%.
Leading the pack for the fifth year straight is iron ore queen Gina Rinehart. Her wealth has smashed through the $40 billion mark, thanks to sky-high valuations in the mining industry. Even though her company, Hancock Prospecting, saw a dip in net profit, Rinehart’s wealth is soaring. The mining sector remains a powerhouse, with half of the top 10 fortunes coming from extraction.
But here’s the big news: technology is racing ahead. After falling out of favour in 2022, the tech sector has bounced back big time, now making up a hefty slice of the Rich List pie. In 2020, tech was responsible for $54.67 billion of the combined net worth. Fast forward to 2024, and that number has nearly doubled to $108.1 billion. Tech now accounts for 17% of the total wealth, up from 13% just four years ago.
Look at the Rich List now, and you’ll see four tech titans in the top 10: Mike Cannon-Brookes, Scott Farquhar, and Canva’s dynamic duo Melanie Perkins and Cliff Obrecht. Right behind them is WiseTech Global’s Richard White, who nearly made the top 10 himself.
The tech boom has added more names to the Rich List, too. There are now 28 tech entrepreneurs, including new faces like fintech’s Jack Zhang and crypto gambling kings Ed Craven and Tim Heath. Not to mention the first-time billionaires from the likes of online gaming and cryptocurrency exchanges.
While tech is making waves, the traditional resources sector isn’t going anywhere. It still tops the industry list with $148.2 billion. The past year has been a mixed bag for resources—iron ore prices fluctuated, coal prices dropped, and lithium crashed, which knocked some off the list as quickly as they got on. Yet, stalwarts like Ivan Glasenberg and Clive Palmer continue to thrive.
Property, another cornerstone of Aussie wealth, is back on the rise after some rocky years. This has been a boon for veterans like Harry Triguboff, who saw his wealth climb 11% to $26.5 billion, his highest rank since 2016.
Female representation on the Rich List is also up, from 36 to 41, thanks to the success of entrepreneurs like Nicky and Simone Zimmermann. The coming decade promises more shake-ups as nearly $140 billion is currently held by those over 80, and how their fortunes are managed and split among the next generation will be a fascinating story to watch.
Australia’s Rich List reflects the country’s evolving economic strengths and the relentless drive of its wealthiest citizens. Buckle up, because the next decade is going to be a thrilling ride!
