Mining magnate Gina Rinehart is Australia’s richest person
SINGAPORE AND SYDNEY (February 16, 2023) – The collective wealth of Australia’s 50 Richest on the 2023 Forbes list soared 70% to US$213 billion from $125 billion in 2019 when the list was last published. The complete list is available at www.forbes.com/australia and www.forbes.com.au, as well as in the February-March issue of Forbes Australia.
The Australian economy benefited from the country’s post-pandemic reopening but in the past year the rate of inflation increased to 7.8%, the highest in three decades. The rise was largely driven by higher prices of new homes and increased costs of both transport and long-deferred holidays.
Amid fluctuating iron ore prices, Gina Rinehart maintains her position as the country’s richest person with a net worth of $30.6 billion. At No. 2 is mining magnate Andrew “Twiggy” Forrest, who is betting big on renewable energy, and has an estimated fortune of $21.7 billion.
In the third spot, with a net worth of $15.5 billion, is property developer Harry Triguboff, who is set to celebrate a double milestone this year: his 90th birthday and the 60th anniversary of his company, Meriton.
A tech decline took the sheen off software firm Atlassian’s once-lofty valuation but founders Mike Cannon-Brookes (No. 6, $10.8 billion) and Scott Farquhar (No. 7, $10.6 billion) remain in the top 10. WiseTech Global, which helps logistics companies manage their supply chains, however bucked that trend with its shares rising 20% in the past 12 months, propelling founder Richard White to No. 10 with $5.4 billion.
Despite challenges, the tech sector accounts for five of the dozen new faces this year. Husband and wife Cliff Obrecht and Melanie Perkins, who cofounded design firm Canva, enter the list at No. 8 with a combined net worth of $7.2 billion, along with the company’s third cofounder Cameron Adams (No. 29, $1.8 billion). Anthony Hall (No. 40, $1.4 billion) and Sam Hupert (No. 43, $1.3 billion), cofounders of medical imaging software company Pro Medicus also make their debut on this year’s list.
Miners Chris Ellison (No. 33, $1.59 billion), who draws his wealth from the listed Mineral Resources, and Mark Creasy (No. 48, $1.02 billion), one of the country’s most successful prospectors, likewise appear on the list for the first time. Other newcomers include Jack Gance (No. 41, $1.35 billion) and Marco Verrocchi (No. 42, $1.34 billion), cofounders of the Chemist Warehouse pharmacy chain, which is poised for an IPO.
In the past year billionaires have been competing against each other with an intensity not seen since the 1980s and 1990s as the federal and state governments prepare the economy for decarbonization. Listees Gina Rinehart, media mogul Kerry Stokes (No. 12, $4.2 billion) and Chris Ellison were in a bidding race for gas producer Warrego Energy, which Rinehart eventually clinched. Andrew Forrest and Mike Cannon-Brookes, co-investors in Sun Cable, which aims to connect Singapore to green energy produced in Australia, have been at loggerheads over it and it is now up for sale.
The minimum net worth to make this year’s list was $960 million, up from $750 million in 2019.
The top 10 richest in Australia are:
- Gina Rinehart; US$30.6 billion
- Andrew Forrest; $21.7 billion
- Harry Triguboff; $15.5 billion
- Bianca Rinehart & siblings; $12.5 billion
- Anthony Pratt; $11.6 billion
- Mike Cannon-Brookes; $10.8 billion
- Scott Farquhar; $10.6 billion
- Cliff Obrecht & Melanie Perkins; $7.2 billion
- Frank Lowy; $6 billion
- Richard White; $5.4 billion
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued based on similar companies that are publicly traded. Public fortunes were calculated based on stock prices and exchange rates as of January 27, 2023, and adjustments may have been made for some stocks that are thinly traded or have a low public float. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/australia and www.forbes.com.au.
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