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Looking at some of the top 10 richest men in Australia,
When you talk about the eye-watering fortunes of the world’s wealthiest people, you always get a kick out of it, but when the global pandemic has upended local businesses and seen countless Australians file for JobSeeker as unemployment rates rise at alarming rates, news of such fortunes hits even harder.
Here is the list of the top 10 richest men in Australia.
1.Harry Triguboff $15.5 billion
Harry Triguboff has a net worth of approximately USD$15.5 billion (AUD$22.5 billion), making him one of the most influential property developers in the country today. The Merrion managing director will celebrate his 90th birthday this year, as well as the 60th anniversary of his company, Merrion Building Group.
Due to the increasing demand for apartment dwellings as a result of the rising housing market over the past few years, the businessman has gained a significant amount of wealth. According to Forbes, Triguboff was the first Australian developer to recognise the potential of apartment living when most of Australia was looking for single-family houses. Obviously, it has paid off.
2. Anthony Pratt: $11.6 billion
It is clear that anyone who believes recycling does not pay is someone who has never seen Anthony Pratt. During the last few years, the inventor of the humble Visy bin has been able to make an enormous amount of money, thanks to a significant increase in e-commerce purchases worldwide. Pratt was able to profit by predicting this trend in 2020. Visy is overhauling its corrugated box divisions to combat the rise of home dining, and there’s also the AUD$1 billion transaction that is expected to boost Visy’s value by AUD$2 billion to AUD$9 billion, so that is definitely a good thing.
3. Mike Cannon Brookes: $10.8 billion
A tech decline took a little bit of the shine off Atlassian’s valuation, but co-chief executive Mike Cannon-Brookes hasn’t let that stop him from making headlines. According to Forbes, the net worth of the owner of the Utah Jazz, one of Australia’s most expensive houses, and the co-owner of the NBA team reached USD 10.8 billion (AUD 15.6 billion), just ahead of his fellow Atlassian boss, Scott Farquhar.
4.Scott Farquar $10.6 billion
Scott Farquhar, like his co-chief executive, had another excellent year in finance. As a result of the success of his software company, the Atlassian head honcho saw his net worth climb to USD$10.6 billion (AUD$15.3 billion). His contribution to Pledge 1%, which advises companies to donate at least 1% of their equity, employee time, or products to charity, is noteworthy. Farquhar is also a co-founder of Pledge 1%.
5. Frank Lowy: $6 billion
As a result of Frank Lowry’s USD$16 billion deal, Australia’s largest takeover, a French-Dutch group acquired Westfield Corp. in June 2018, the world was quite shocked. However, the time was definitely right for him to sell. Lowry’s deal put him firmly in the top 10 richest Australians by boosting his bottom line significantly.
In recent years, he has been increasingly concerned with running the family investment company, Lowy Family Group, which has offices in New York, Los Angeles, and Sydney, under the leadership of Sir Frank, along with his three sons, David, Peter, and Steven Lowy.
6.Richard White $4.5 billion
Despite the fact that he is one of the lesser-known billionaires to appear on the Australian Rich List in 2023, Richard White is a serious beacon of success in the world of technology startups. The company was founded in 1994 with the goal of helping logistics companies manage the flow of goods and information across supply chains by founding WiseTech Global as a software company.
White’s wealth has increased over the years as the company has evolved, but his wealth has primarily come from the public offering of the company that took place in 2016. After the public offering, WiseTech’s shares have skyrocketed with strong revenue growth and a series of global acquisitions.
7. Buckeridge Heirs: $2.2 billion
There has been a well-thought-out process in place to facilitate the sale of a sprawling construction materials-to-contracting empire that was the property of building mogul Len Buckeridge.
There are three sons of Len, Sam, Andrew, and Julian Ambrose, who have stepped down from executive roles to give new management space to run the complex empire and the sale process through the long downturn in the WA building industry.
The family is not in any hurry, however, as they have recruited business veteran Neil Hamilton to head their executive team, and they have a strong executive team on board.
8. Hancock Heirs: $4.95 billion
Although the four grandchildren of Lang Hancock have been struggling with the ongoing blues, they are entitled to almost a quarter of the $20 billion Hancock iron ore legacy. Iron ore prices are rising, and their mother, Gina Rinehart, has turned Hancock Prospecting into a successful mining company, making them both eligible for an almost one-quarter share of the legacy.
The oldest siblings of the couple, John Hancock and Bianca Rinehart, remain engaged in legal battles with their mother, with trust accusations about Hopes Downs assets to be tested in the WA Supreme Court in the near future. Their younger siblings, Hope Welker and Ginia Rinehart, have sided with their mother in decades-old disputes.
9. Kerry Stokes: $4.99 billion
The price of iron ore has surged these past few months, and this has put a fire under Kerry Stokes’ finances. For whatever reason, Asian steel makers are concerned that iron ore is going to rise in price in the near future.
The collapse of a tailings dam in Brazil, which forced Vale—the world’s largest supplier of iron ore—to cut shipments, drove steel buyers to beef up inventories over the past few months. These Asian buyers bid up the price of iron ore to ensure that their furnaces kept pumping out steel, so they would be able to ensure they had enough supply.
Conclusion:
The Australian economy has enjoyed a post-pandemic resurgence, as Forbes correctly points out, but inflation has flattened the curve, which has led to a flattening of the curve as a result. As a result of the 7.8 percent inflation rate, the highest in three decades, there is still a challenge with living costs and higher average home prices, but some Aussies aren’t feeling the pinch as much as others.
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