Forbes reveals collective wealth of Australia’s 50 richest totals over $300 billion

Australia’s 50 Richest

Gina Rinehart maintains her position as the country’s richest person

Forbes Australia has shared its 2023 Australia’s 50 Richest list, detailing the collective wealth of Australia’s top money makers.

The collective wealth of Australia’s 50 Richest on the 2023 Forbes list soared 70% to US$213 billion (AUD$308 billion) from $125 billion in 2019 when the list was last published.

The rise was largely driven by higher prices of new homes and increased costs of both transport and long-deferred holidays.

Amid fluctuating iron ore prices, Gina Rinehart maintains her position as the country’s richest person with a net worth of $30.6 billion. At No. 2 is mining magnate Andrew “Twiggy” Forrest, who is betting big on renewable energy, and has an estimated fortune of $21.7 billion.

See also: Forbes Australia’s Ben Pellow on the brand’s growing success and its big plans for 2023

In the third spot, with a net worth of $15.5 billion, is property developer Harry Triguboff, who is set to celebrate a double milestone this year: his 90th birthday and the 60th anniversary of his company, Meriton.

The top 10 richest in Australia are:

1) Gina Rinehart; US$30.6 billion
2) Andrew Forrest; $21.7 billion
3) Harry Triguboff; $15.5 billion
4) Bianca Rinehart & siblings; $12.5 billion
5) Anthony Pratt; $11.6 billion
6) Mike Cannon-Brookes; $10.8 billion
7) Scott Farquhar; $10.6 billion
8) Cliff Obrecht & Melanie Perkins; $7.2 billion
9) Frank Lowy; $6 billion
10) Richard White; $5.4 billion

A tech decline took the sheen off software firm Atlassian’s once-lofty valuation, but founders Mike Cannon-Brookes (No. 6, $10.8 billion) and Scott Farquhar (No. 7, $10.6 billion) remain in the top 10.

WiseTech Global, which helps logistics companies manage their supply chains, however bucked that trend with its shares rising 20% in the past 12 months, propelling founder Richard White to No. 10 with $5.4 billion.

Despite challenges, the tech sector accounts for five of the dozen new faces this year. Husband and wife Cliff Obrecht and Melanie Perkins, who cofounded design firm Canva, enter the list at No. 8 with a combined net worth of $7.2 billion, along with the company’s third cofounder Cameron Adams (No. 29, $1.8 billion).

Anthony Hall (No. 40, $1.4 billion) and Sam Hupert (No. 43, $1.3 billion), cofounders of medical imaging software company Pro Medicus also make their debut on this year’s list.

Miners Chris Ellison (No. 33, $1.59 billion), who draws his wealth from the listed Mineral Resources, and Mark Creasy (No. 48, $1.02 billion), one of the country’s most successful prospectors, likewise appear on the list for the first time.

Other newcomers include Jack Gance (No. 41, $1.35 billion) and Marco Verrocchi (No. 42, $1.34 billion), cofounders of the Chemist Warehouse pharmacy chain, which is poised for an IPO.

The minimum net worth to make this year’s list was $960 million, up from $750 million in 2019.

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