There are two sets of tech brothers – the founders of the Immutable platform for non-fungible tokens, Robbie and James Ferguson (No. 78), and the pair behind A Cloud Guru, Ryan and Sam Kroonenburg (No. 137).
Technology is also responsible for some of the notable debutants on 2024’s Rich List, including three newly discovered billionaires in the form of Estonian-based online gaming mogul Tim Heath, the brain behind the CoinSpot cryptocurrency exchange Russell Wilson, and the flashy Lamborghini-loving founder of the LMCT+ online promotions business, Adrian Portelli.
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But while there are plenty of tech upstarts, the traditional resources sector has continued its dominance. It remains the top industry in the Rich List, contributing $148.2 billion.
The past 12 months have been mixed for the sector. Iron ore prices went on a roller coaster, coal went downhill and “green minerals” such as lithium fell off a cliff, booting the likes of Liontown founder Tim Goyder off the list as fast as he’d made it on.
Those in the top 10 whose fortunes are based on extraction include former Glencore CEO Ivan Glasenberg (No. 9) and Clive Palmer (No. 6), who reaped almost $447 million in mining royalties last financial year from his private company Mineralogy.
The sector also produced a relatively young Rich List debutant couple – 40-somethings Luke and Amy Mader (No. 197), after shares in the couple’s eponymous business servicing mining vehicles surged on the ASX.
All up, there are 11 new individuals or couples on this year’s list and six re-entrants. Notable debutants include Simon Dyer and his family (No. 119) who brought leading mattress brand Sealy to Australia, and today also have a range of 50/50 joint ventures with New York Stock Exchange-listed Tempur Sealy.
Also making the list for the first time is the Murphy family (No. 193) who are behind the controversial company Canstruct. It earned $1.82 billion over five years from the federal government’s offshore detention centre program in Nauru.
Property, long a reliable path to riches in Australia, rebounded after a couple of soft years. Cost shocks hurt the construction sector, leading to the precipitous fall down the Rich List this year of BGC’s building kings Andrew and Sam Buckeridge (No. 147), and the continued absence of former stalwarts such as Brisbane’s Hutchinson family. However, this was outweighed by rallying valuations and rental incomes for completed properties.
The comeback was especially kind to Harry Triguboff, 91, whose extensive build-to-rent portfolio allows him to arbitrage between selling completed apartments and keeping them. His wealth estimate increased 11 per cent to $26.5 billion, placing him second on the Rich List – his best ranking since he topped it in 2016.
Female representation on the Rich List increases from 36 to 41 this year. Some of that is due to the spectacular rise of entrepreneurs such as Nicky and Simone Zimmermann (No. 180), worth a combined $792 million after sales to private equity of stakes in their fashion house.
Marriage breakdowns have also played their part. Nicola Forrest (No. 7) is now a Rich Lister in her own right after the terms of her separation from husband Andrew (No. 8) were laid out meticulously in a Fortescue statement to the ASX.
The name of Annie Cannon-Brookes also features on the Rich List for the first time, reflecting her split from husband Mike. But, unlike the Forrests, it’s understood no asset separation has taken place yet, so the pair maintain a combined listing (No. 3) and estimated net wealth.
There will likely be a lot more changing faces on the Rich List over the next decade, with almost $140 billion now controlled by people aged over 80.
Whether these families invest as one, or split the hefty fortunes between descendants; into what industries this capital is invested, and who takes on the running of some of the country’s largest private businesses will shape the next decade of the Rich List and the country.
Read more on the 2024 Rich List
- From refugee to Rich Lister: the incredible journey of Charlie Shahin Shahin was born in Lebanon where his family, as Palestinian refugees, couldn’t own land. Now he has bought a million-acre NT cattle station.
- Rich Lister Terry Snow steps away from the cockpit At 79, the Canberra property dynamo behind Canberra Airport is finally stepping down from active roles. His son Tom will now chair the airport board.
- More than half the 11 new Rich Listers are already billionaires Two cryptocurrency giants, an under-the-radar mattress mogul, a former mechanic and an ex-NRL player are among 17 new and returning faces on this year’s Rich List.
- How the Turner women are creating a legacy beyond Flight Centre Graham Turner may have turned Flight Centre into a household name, but wife Jude and daughter Jo have a different approach to business.
- Rich Lister Wes Maas’ three rules for business decisions The former NRL player has built a billion-dollar company through hard work and diversification.
- AI reshapes Rich Lister business but not their fortunes yet Rich Listers are using AI to overhaul graphic design, advance healthcare and improve cybersecurity, but few are investing personally.
- What Rich Listers think about money – and what they teach their kids Nine of Australia’s wealthiest people reflect on their journey with money and whether material success leads to a rich life.
- Why Shakespeare matters to Rich Lister Katie Page “We all quote Shakespeare all the time, whether we know it or not.” The Harvey Norman CEO – and Rich Lister – has a lifelong love for The Bard.
- Inside the great Rich List wealth transfer Control of vast business empires is passing to a new generation, forcing families to confront the hard questions around succession planning. Of the 200 richest Australians, 45 are over 80 and control $136.1 billion.
- How the Rich List is dodging real-life Succession dramas As some of its icons are farewelled, a new generation is taking the reins. So far, Australia’s business landscape has remained relatively stoush-free.
- Behind Ian Malouf’s $50m bet on umbilical cords The Dial-A-Dump founder has shrugged off doubts about stem cell therapy and is investing heavily to get the treatments more widely approved.