Smart50 alumni storm on to BRW Young Rich list

A number of entrepreneurs profiled in the SmartCompany Smart50 Awards over the past four years have exploded onto the BRW Young Rich List, highlighting the rapid growth and success of the local tech sector.

The total wealth of the group, which counts 20 new entries, rose from $6.3 billion to $7.2 billion, with the average size of each fortune rising from $70.4 billion to $85.3 billion.

The richest entrepreneurs profiled in the Smart50 Awards were Atlassian founders Mike Cannon-Brookes and Scott Farquhar, who came in fourth, counting a fortune of $360 million after equity firm Accel Partners took a 16% stake in the company last year.

Hezi Leibovich, the co-founder of daily deals site Catch of the Day along with his brother Gabby, was listed with an $80 million fortune in 22nd place. The pair sold an $80 million stake in the business to a James Packer-backed fund, valuing the company at $200 million.

Bevan Clark and Guy King, who were not profiled in the Smart50 but in the StartUpSmart and Web Awards, have been listed with a $77 million fortune in 23rd after they sold discount coupon site RetailMeNot to WhaleSharkMedia. The pair have bragged the site, which was made in just a few days, was profitable from its inception.

Jeigh Jasper and Robert Phillpot of architecture software firm Aconex have been listed with $50 million in 35th, while M2 Telecommunicates chief Vaughan Bowen – who recently announced his resignation – has a $48 million fortune in 44th.

Mark Harbottle, founder of design crowdsourcing site 99Designs, is said to have a $40 million fortune after Accel pumped $35 million into the company last year. His portfolio has grown to include the Flippa and Learnable websites as well, putting him in 52nd.

Wayne Ormond, whose Refund Group has expanded to more than 350 franchises, is listed with a $38 million fortune in 55th, while ispONE founders Chris Monching and Zac Swindells are listed at 71st with $28 million.

Vocus founder James Spenceley came in at 91st with a $24 million fortune.

Mining magnate Nathan Tinkler has topped the list with a fortune of $1.13 billion, followed by Greg Coffee at $743 million, and Steven Kalmin at $458 million.

The average age of the entrants rose from 35.6 to 36.4, while there were only three entrants in their 20s – Andrew Bogut, Chad Reed and tech entrepreneur Ruslan Kogan.

Some other notable entrants include the founder of Carmen's Fine Foods, Carolyn Creswell, with a $40 million fortune in 51st place, while Firemint founder Rob Murray is listed with $24 million in 90th, following the acquisition of his company by gaming giant EA.

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written by richard@twomen.com.au, September 22, 2011

They did well but I don't understand who would pay so much money for a dot com?
This year there a been a list of people who were on the rich list last year and went into receivership. How long does there wealth last?

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written by NickL, September 22, 2011

I think there's a typo in your second paragraph, I assume you meant to write: "...$70.4 million to $85.3 million" rather than "$70.4 billion to $85.3 billion".