While most of the money amassed by Australia’s wealthiest people is protected by anonymity, The Australian’s list takes into consideration net worth assessments based on publicly available information about their assets and liabilities. After calculating wealth data in late February 2021, the full findings were released, making this one of the first wealth listings to be released following the lockdown. As a result, there were some unexpected outcomes.
The average age of Australia’s wealthiest individuals remained unexpectedly high at 65 years of age, and there were only 27 women among the 250 persons that made up the list of Australia’s richest people. Nonetheless, maybe the most ironic aspect of it all was knowing that one of those 27 had beaten every other man to the punch. Gina Rinehart, the mining billionaire, will be the richest Australian in 2021, according to Forbes magazine.
Richest People in Australia
1. Gina Rinehart (AUD$36.28 Billion)
Mining: Hancock Prospecting
: AUD$16.25 billion
Rinehart had an amazing year, in which she increased her personal fortune by an unbelievable 123 percent, according to Forbes magazine. The Hancock Prospecting chairperson benefited from a significant increase in iron ore prices, which increased her worth to almost AUD$16 billion at this time last year. The move resulted in a significant rise in the profit from her controlling interest in the Roy Hill mine. Since the beginning of October, IBISWorld has estimated that the income of Rinehart’s Hancock Prospecting has increased by more than 23 percent to about $11 billion, making it the nation’s largest private corporation.
2. Andrew Forrest (AUD$29.61 Billion)
Mining: Fortescue Metals Group
: AUD$13.06 billion
Andrew ‘Twiggy’ Forrest, another mining behemoth, will reap the benefits of rising iron ore prices in 2020. Over the previous 12 months, the patriotic Australian has seen his personal fortune increase by a whopping 126 percent, which coincided with several high-profile purchases, such as R.M. Williams. While Forrest’s underground work undoubtedly brought him the most money this year, his choice to resurrect the renowned Australian shoemaker is doing nothing but well for his public profile.
3. Mike Cannon-Brookes (AUD$21.99 Billion)
: Co-Chief Executive
: AUD$12.73 billion
Mike Cannon-Brookes’ inclusion on this year’s list of the wealthiest Australians is understandable given his position as co-chief executive of one of the most spectacular corporations on the planet. The Atlassian CEO is one of the wealthiest persons on The Australian’s list, despite the fact that he has increased his net worth by around 70% over the previous year. As previously revealed in October, Tyro was the most significant contributor to his personal fortune, with the company performing the most of the hard lifting in his wealth stakes.
4. Scott Farquhar (AUD$21.95 Billion)
: Co-Chief Executive
: AUD$12.54 billion
Scott Farquhar was beaten to the top spot by his Atlassian rival, just as he had been in prior years. Aside from his rivalry, Farquhar has had an outstanding year, increasing his net worth from AUD$12.54 billion at this time last year to a healthy AUD$21.95 billion today. In the second part of this year, fresh initiatives are expected to take center stage, and Farquhar may be expected to make his way back into the list in 12 months.
5. Anthony Pratt & Family (AUD$21.27 Billion)
Manufacturing: Visy, Pratt Industries
: Executive Chairman
: AUD$16.95 billion
However, despite the fact that the pandemic caused significant damage to many firms, Visy CEO Anthony Pratt was able to negotiate his largest sale to date in 2019. Once synergies were realized, the Australian Financial Review said that an AUD$1 billion acquisition resulted in his adding $2 billion to Visy’s $9 billion valuations when the transaction was completed in October. However, it is possible that the most significant winner throughout the course of the year was the shift in consumer behavior. As e-commerce grew in popularity, Visy’s corrugated box segment saw income grow, while the surge in popularity of home dining increased demand for plastic and aluminum packaging.
6. Harry Triguboff (AUD$17.2 Billion)
: Managing Director
: AUD$15.5 billion
Harry Triguboff, the owner of a real estate empire, is no stranger to the world’s wealthiest people. For years, the Meriton managing director has been a significant figure on the list of Australia’s wealthiest individuals, and in 2021, he has regained his position on the list. A rough year for the real estate market, particularly in the apartment building sector, has allowed Triguboff to increase his net worth by almost 10%, increasing his total net worth to approximately AUD$17.2 billion, according to calculations by The Australian.
7. Hui Wing Mau (AUD$10.15 Billion)
Property: Shimao Group
: AUD$9.07 billion
It should come as no surprise that Hui Wing Mau’s Hong Kong-listed Shimao Property Holdings had a successful year in 2020. Increases in the company’s stock price helped raise the company’s visibility on the international scene, and more crucially, helped the businessman climb to the seventh position on the Forbes list of the world’s wealthiest people in 2021. This year, a number of successful transactions in China enabled the property magnate to increase his net worth by almost 11%.
8. Clive Palmer (AUD$9.76 Billion)
: AUD$4.5 billion
Previously elected politician and mining billionaire Clive Palmer followed in the footsteps of his peers Rinehart and Forrest this year, reaping enormous financial rewards from the spike in mineral prices that occurred. Palmer’s Mineralogy company enjoyed a record-breaking year, increasing his personal fortune by a stunning 116 percent in the process. While Palmer’s future role in politics is still up in the air, his propensity to amass vast sums of money is as strong as ever.
9. Frank Lowy (AUD$8.82 Billion)
Property: Westfield Corporation
: Former Chairman
: AUD$8.7 billion
While the Australian Financial Review’s October forecasts indicated that Frank Lowy, the former chairman of Westfield Corporation, had seen his personal fortune decline this year, an article in The Australian says otherwise. Changing customer behavior and the lasting effects of COVID on the retail sector have been particularly difficult for the real estate behemoth. Regardless, The Australian has still named the annual rich lister as one of the country’s richest persons for the year 2021, according to the publication.
10. Kerry Stokes (AUD$7.26 Billion)
Property, Medi, Resources: Seven West Media
: AUD$6.56 billion
Kerry Stokes, chairman of Seven West Media, is not one to back down from a deal, and he has secured a substantial amount of money for himself and his family for the year 2021. The number of people who watched broadcast television increased during the lockdown, but the biggest gain for Stokes came from investments made outside of the media, particularly his business’s 20 percent interest in the Australian mining giant Boral. Stokes also holds a ten percent stake in the elderly care company Estia Health.
Who is the richest person in Australia?
According to The Australian’s Rich List for 2022, mining mogul Gina Rinehart is the wealthiest individual in the country, followed by billionaire Warren Buffett. This year, the entrepreneur increased her personal wealth to AUD$36.28 billion, an increase from AUD$16.25 billion in the preceding year.