AFR Young Rich List sees wealth take a hit as musicians make a rise

AFR young rich list

The wealth of 2022’s Rich Listers has fallen 27% during the year to a four-year low of $30 billion

The AFR Young Rich List of Australians has fallen 27% during the year to a four-year low of $30 billion, while the music industry has seen a resurgence, revealed the list.

With valuations of technology companies falling as interest rates rise, Australia’s richest young entrepreneurs have collectively lost $11 billion from the value of their companies.

Some $3 billion of that has been struck from the estimated fortune held by Canva co-founders Melanie Perkins, 35, and Cliff Obrecht, 36.

But it’s not all bad news for the couple, with the pair continuing their run at the top of the AFR Young Rich List, with a combined wealth of $13.7 billion.

The 2022 Financial Review Young Rich List reveals the diverse ways the next generation of entrepreneurs are building their fortunes. Defying the downturn is burritos and nachos, which have been a winner for Sam Prince, 38. Growth at his Mexican restaurant chain Zambrero has lifted his wealth to $1.2 billion, up from $1.1 billion last year, to #3 on the Young Rich List.

“Prince is leading something of a comeback for traditional industries in this year’s edition,” said Rich List co-editor Michael Bailey.

“Software makers are getting shoved aside by sportspeople, musicians and fashionistas, who were once the mainstays of the Young Rich List.”
Rich List co-editor Julie-anne Sprague said: “The technology sector had a reality check this year, with the lofty company valuations that underpinned their wealth tumbling as rising interest rates reset expectations for growth and sharpened investor focus on profitability.”
While wealth from tech is down, the start-up sector is still the best way to end up on the Young Rich List, with 29 entrepreneurs creating their riches in the technology field.
But sport and entertainment has been lucrative during the past year, with 12 sports people on the list – including newcomers, golfer Cameron Smith ($37 million and #97 ); Perth baseballer Liam Hendriks ($48 million and #83 ) who scored a lucrative contract with the Chicago White Sox; and former Bankstown local Jordan Mailata ($49 million and #82) who now plays for the NFL’s Philadelphia Eagles.
In entertainment, two Australian musicians setting the global stage alight – Tones & I, and Vance Joy – debut on the Young Rich List, thanks to their writing of hit songs for which they paid their own recording costs, which sees the resurgence of the music industry on the list.
Their hits have also increased in value due to their music being played more over streaming. Combined with a post-pandemic return to touring, Tones & I is worth $35 million (#98) while Vance Joy is worth $40 million (#96).
The Financial Review Young Rich List has tracked the wealth of Australia’s wealthiest people aged 40 and under since 2003.
To qualify, Young Rich Listers must not have inherited their wealth. The entry point for this year’s list is $35 million, down from $36 million last year.
This year’s debutants include Ed Craven, who hit headlines in August after he bought a Tookrak mansion for more than $88 million, setting a record for Melbourne real estate. He debuts at #5 with $1.1 billion thanks to his crypto online casino.
Miranda Kerr
remains the richest public figure under 40, with a wealth pile of $173 million, up from $124 million to come in at #31. Hollywood star Chris Hemsworth, whose fitness app Centr was snapped up by the younger brother of Amazon billionaire Jeff Bezos, increased his wealth by $57 million to $162 million (#37).
Australia’s wealthiest Young Rich sport star is F1 driver Daniel Ricciardo who despite not having a seat on the grid next year, is worth $156 million (#38), closely followed by Brooklyn Nets basketball star Ben Simmons, worth $144 million (#41).
But while sporting stars may be scoring financial goals, it’s been a very different game for many entrepreneurs in the buy-now-pay-later sector as well as cryptocurrencies. Afterpay co-founder Nicholas Molnar has lost nearly 60% of his wealth from $2.8 billion to $1.2 billion and slipped to #4.
Meanwhile, the Warwick brothers – Kieran, Aaron and Grant – co-owners of a play-to-earn cryptocurrency game, have collectively seen their wealth plunge by 80%. Keiran saw his wealth plummet from $463 million last year to $93 million.

The AFR Young Rich List 2022 Highlights

TOP 10 (worth a collective $20.8 billion):

1&2 – Melanie Perkins and Cliff Obrecht,35 & 36, $13.7 billion (down from $16.5b) – Canva
3 – Sam Prince, 38, $1.2 billion (up from $1.1b) – Zambrero Mexican restaurant & healthcare
4 – Nicholas Molnar, 32, $1.2 billion (down from $2.78b) – Afterpay
5 – Ed Craven, 27, $1.1 billion (debutant) – online casino
6 – Jack Zhang, 37, $957 million (up from $543m) – Airwallex tech
7 – Tim Gurner, 40, $788 million (up from $609m) – Property
8 – Robert Chamberlain, 38, $741 million (up from $320m) – Huno Group travel
9 – Owen Kerr, 38, $542 million (down from $728m) – Pepperstone Financial Services
10 – Ryan,40, & Sam,38, Kroonenburg $541 million each (down from $542m) – education


1 – Miranda Kerr, 38, $173 million (up from $124m)– Manufacturing/Retail (#31 on the Young Rich List)
2 – Chris Hemsworth, 39, $162 million (up from $105m) – Arts (#37)
3 – Margot Robbie, 32, $102 million (up from $62m) – Arts (#56)
4 – Jennifer Hawkins, 38, $95 million (up from $72m) – Manufacturing/Retail (#60)
5 – Vance Joy, 34, $40 million – singer (#96)


1 – Daniel Ricciardo, 33, $156 million (#38) – F1 driver
2 – Ben Simmons, 26, $144 million (#41) – Basketballer
3 – Jason Day, 34, $115 million (#48) – Golfer
4 – Andrew Bogut, 37, $111 million (#49) – Retired basketballer
5 – Joe Ingles, 35, $58 million (#71) – Basketballer


1 – Melanie Perkins (#1) – $13.7 billion
2 – Tah-nee Beard (#16) – $395 million (with husband Simon Beard)
3 – Jessica Sepel (#20) – $381 million (with husband Dean Steingold)
4 – Miranda Kerr (#31) – $173 million
5 – Kayla Itsines (#35) – $165 million

STATE BY STATE (includes Young Rich Listers coupled up)

NSW – 39
VIC – 29
QLD – 14
SA – 3
WA – 2

Top image: Sam Bankman-Fried

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