Canva founders lose $6bn but top AFR Young Rich List

Canva co-founders Melanie Perkins and Cliff Obrecht have retained the top spot on The Australian Financial Review’s 2026 Young Rich List despite a $6 billion fall in their combined estimated wealth, as AI infrastructure founders emerge among the biggest new fortunes.

The pair lead the rankings for the sixth consecutive year, with combined wealth of $12.5 billion. Across the list, the collective wealth of Australia’s 100 richest people aged 40 and under fell to $43.42 billion, from $45 billion in 2025.

The edition includes 18 newcomers, among them Australian Test cricket captain Pat Cummins, alongside entrepreneurs spanning property, medtech and fitness.

Canva’s correction meets the AI infrastructure boom

According to the publication, Canva’s valuation fell $10 billion from its 2025 peak of $60 billion after issues with its AI product rollout and its reliance on costly third-party AI models.

While that correction reduced its founders’ estimated fortunes, demand for AI infrastructure helped propel others into the top 10.

Josh Payne debuted at number seven with an estimated $1.23 billion after his London-based AI infrastructure and cloud computing company, Nscale, filed to list on the New York Stock Exchange at a potential US$35 billion valuation. His Arkon Energy and Nscale co-founder Nathan Townsend entered at number eight, also with $1.23 billion.

Firmus Technologies co-founder Tim Rosenfield ranked third with $1.71 billion. However, the Financial Review noted it calculated his valuation before Firmus withdrew its initial public offering on October 9, and it would likely be lower if recalculated.

Financial Review Rich List Editor Hannah Tattersall said the rankings reflected a turbulent year.

“Between the AI boom, market corrections and persistent inflation, global markets have been spinning and the numbers on this year’s list reflect that turbulence. While the headline wealth dropped by $1.6 billion, largely driven by Canva's $6 billion personal valuation reset, the hunger to build businesses hasn't slowed down.”

White Fox climbs as property holds ground

Stake.com and Kick co-founder Ed Craven placed second with $5.2 billion, while LMCT+ founder Adrian Portelli ranked fourth with $1.41 billion.

White Fox Boutique founders Georgia and Daniel Contos climbed 12 places to fifth, with combined estimated wealth of $1.38 billion. Their rise followed expansion into the US, UK and Canada, alongside a $150 million Vaucluse property portfolio.

At least nine entrants built their fortunes in real estate. Newcomers included GemLife founder Adrian Puljich at number 11, property investor Eddie Dilleen at number 58 and Graya co-founder Rob Gray at number 65.

Tattersall said the spread of businesses illustrated the different routes onto the list - and the difficulty of staying there.

“What makes this year so compelling is the contrast. On one hand, hyperscalers like Nscale are securing $US40 billion commitments from global tech giants; on the other, traditional self-starters like Eddie Dilleen are turning a $20,000 McDonald's savings stash into 200 properties. But staying on the list remains the real test, as the collapse of companies run by former Young Rich Listers, like Stax and Geedup, proves just how unforgiving the current economic cycle can be.”

Cummins joins the rankings

Health and fitness businesses also featured among the new fortunes.

Heidi founder Thomas Kelly debuted at number 45 with $169 million, while Eucalyptus founders Tim Doyle and Charlie Gearside ranked 55th and 66th respectively, following the company’s $1.6 billion sale to Hims & Hers.

CSB and Move With Us founder Rachel Dillon entered at number 74, joining her husband, Sweat co-founder Tobi Pearce, who ranked 57th.

Cummins debuted at number 96, supported by commercial earnings and early technology investments, including preventative health startup Everlab. Seven basketballers made the list, with retired NBA player Aron Baynes returning at number 100.

Australian Financial Review Magazine Editor Matthew Drummond said the edition underscored the commercial demands behind the wealth estimates.

“It is a year defined by sharp recalibrations. While capital has flooded into next-generation AI infrastructure, the margin for error has narrowed dramatically. The list is a clear reminder that building enduring wealth requires far more than just riding a global trend - it demands ruthless commercial execution.”

The full 2026 Young Rich List, including profiles, features and sector rankings, is available today, October 30, at AFR.com and in a special glossy edition of The Australian Financial Review Magazine.