Entrepreneurs

Tech founders explode on Forbes’ list of top 50 richest Australians

Dominic Powell /

richest australians

Gina Rinehart is seen on Melbourne Cup Day at Flemington Racecourse in Melbourne on Tuesday, November 1, 2016. Source: AAP Image/Julian Smith.

Gina Rinehart has stayed her course as Australia’s richest person for another year, but tech company and startup founders have shone on Forbes‘ 2019 list of Australia’s richest people.

A number of the countries wealthiest saw their fortunes fluctuate on this year’s list compared to the last, with Forbes attributing the changes to the decline of the Australian dollar, which has dropped 8.7% against the US dollar since the last list in November 2017.

However, in news that will surprise few, mining magnate Gina Rinehart has remained at the top of the list with a net worth of $US14.8 billion ($20.5 billion), despite declines in iron ore prices knocking her wealth down $US1.8 billion.

Following Rinehart is real-estate billionaire Harry Triguboff with $US9 billion, and cardboard-box maker Anthony Pratt with a net worth of $US6.8 billion. Westfield chairman Frank Lowy follows, with a wealth of $US6.5 billion.

But shooting up five spots are Atlassian’s founders Mike Cannon-Brookes and Scott Farquhar, each with a net worth of $US6.4 billion, increasing by $US3 billion respectively since the last list. This increase is largely due to Atlassian’s share price being up almost 90% over the last year.

Other new tech faces on the list include WiseTech Global founder Richard White, who shot up to 17th place with $US2.2 billion in net worth after a strong year for the company’s share price.

Mining mogul-turned-political figure Clive Palmer has made his return to the list, slotting in at 20th place thanks to a number of court-ordered royalty payments from his legal battle with CITIC Pacific Mining.

Of all 50 rich listers, just seven are women, and only one newcomer has popped onto the list: co-founder of investment platform Netwealth Michael Heine, with a net worth of $750 million.

Australia’s top 10 richest people are:

  1. Gina Rinehart, $14.8 billion
  2. Harry Triguboff, $9 billion
  3. Anthony Pratt, $6.8 billion
  4. Frank Lowy, $6.5 billion
  5. Mike Cannon-Brookes, $6.4 billion
  6. Scott Farquhar, $6.4 billion
  7. Andrew Forrest, $4.3 billion
  8. John Gandel, $4 billion
  9. James Packer, $3.6 billion
  10. Lindsay Fox, $3.5 billion

NOW READ: Fashion, food, and footwear: The richest retailers on Forbes 2017 World’s Billionaires list

NOW READ: Atlassian founders top Young Rich List after more than doubling their personal wealth in the last year

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Dominic Powell

Dominic is the former features and profiles editor at SmartCompany.

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