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    Gina Rinehart tops AFR Rich List for fifth consecutive year

    Mining magnate Gina Rinehart continues her reign for a fifth consecutive year at the top of the 2024 Financial Review Rich List.

    This year, Rinehart’s worth broke through the $40 billion barrier for the first time – up $3 billion from last year. Her estimated rise in wealth is driven by higher valuations across the mining sector.

    Australia’s wealthiest 200 control $625 billion – up 11% from last year. Mining and property continue to be Rich List mainstays, with five of the top 10 fortunes built from mining. However, the tech sector is making a comeback, with three tech players taking places on the top 10 list.

    This year marks the 41st Rich List, first published in BRW Magazine in 1983. At the time, the total worth of Australia’s wealthiest people was $4.6 billion, and it took just $10 million to make the list. It now takes $718 million to make the Rich List.

    Rinehart’s wealth is $14 billion more than her closest rival – property scion Harry Triguboff, who is worth an estimated $26.49 billion.

    Media magnate Kerry Stokes’ (in 12th place) net worth increased 51% year-on-year to $11.3 billion.

    Rich List co-editor Michael Bailey said new financial reporting rules introduced by the federal government last year made this the most comprehensive Rich List ever.
    “Major private companies previously exempt from publicly lodging financial reports, like Bruce Gordon’s WIN Television, ‘Caravan King’ Gerry Ryan’s Jayco, and ethanol giant Dick Honan’s Manildra, all had to reveal their profits for the first time – in some cases materially changing their estimated valuations.”

    The publication noted the tech sector as the story of 2024, with the sector responsible for $108.1 billion of this year’s list.

    According to the Financial Review, in 2014, there were no technologists in the Rich List’s Top 10. Now, there are four: Mike Cannon-Brookes (listed in third spot alongside Annie Cannon-Brookes in light of their separation, although their wealth of $24.38 billion is still combined as they are yet to split assets), Scott Farquhar (number five, worth $22.88 billion) and Canva’s Melanie Perkins and Cliff Obrecht (in tenth place, worth $13.62 billion).
    In total, 28 technologists have made the 2024 Financial Review Rich List, up from 24 last year – including fintech entrepreneur Jack Zhang and crypto gambling billionaires Ed Craven and Tim Heath. The tech sector is also responsible for some of the notable debutants: Estonian-based online gaming mogul Tim Heath; the founder of CoinSpot cryptocurrency exchange, Russell Wilson; and the founder of the LMCT+ online promotions business, Adrian Portelli.
    Rich List co-editor Yolanda Redrup said: “The Rich List named its first two billionaires in 1987 – Robert Holmes à Court ($1.4 billion) and Kerry Packer ($1.3 billion) – now, there are 150 Australians and their families who have achieved this feat. This highlights the entrepreneurial spirit and hard work of the members of this list.
    “There are nine Rich Listers who have appeared on every list since 1984, and many are household names, but the next decade could be one of changing faces, as the mean age nears 70 and billions of dollars are set to be passed onto the next generation.”

    All up, there are 11 new individuals or couples on this year’s Rich List, including Simon Dyer and his family, who brought mattress brand Sealy to Australia, and Queensland’s Murphy family, whose Canstruct earned $1.82 billion over five years as the long-term operator of the federal government’s offshore detention centre in Nauru.
    The number of women on the list has grown from 36 last year to 41 this year.
    Top 10 (worth a collective $222.6 billion)

    1. Gina Rinehart – $40.61 billion – Mining
    2. Harry Triguboff – $26.49 billion – Property
    3. Mike Cannon-Brookes & Annie Cannon-Brookes – $24.38 billion – Technology
    4. Anthony Pratt & family – $23.30 billion – Manufacturing 
    5. Scott Farquhar – $22.88 billion – Technology
    6. Clive Palmer – $22.75 billion – Mining
    7. Nicola Forrest – $16.92 billion – Mining
    8. Andrew Forrest – $16.76 billion – Mining
    9. Ivan Glasenberg – $14.86 billion – Mining
    10. Melanie Perkins and Cliff Obrecht – $13.62 billion – Technology
    States by numbers

    1. NSW – 80 Rich Listers
    2. VIC – 57 
    3. QLD –  21
    4. WA – 19
    5. SA – 3 
    6. ACT – 2
    7. NT – 1  
    8. TAS – 1

    The post Gina Rinehart tops AFR Rich List for fifth consecutive year appeared first on Mediaweek.

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