Mining magnate Gina Rinehart has topped the Financial Review Rich List for the third consecutive year, becoming Australia’s richest person worth a record $34.02 billion – up $3 billion from last year.
There are 13 debutantes on the 2022 Rich List, helping drive the total wealth of Australia’s top 200 past half a trillion dollars to $555 billion, up from $480 billion in 2021, making the past year a record period for wealth creation. There are a record 137 billionaires in Australia, up from 111 last year.
The economy’s main sectors – iron ore, property, tech – are well and truly leading the recovery out of COVID-19, with the overall wealth of the 10 richest people, a record $219 billion, representing 40 per cent of the Rich List.
With wealth creation accelerating, it now takes $629 million just to get on this year’s Rich List. Based on the Financial Review’s database, the Rich List includes nine billionaires in the elite “ten-digit club” – those with wealth exceeding $10 billion. This year also sees 37 women on the list.
The full 40th annual Rich List, compiled by editors Julie-anne Sprague and Michael Bailey, will be available on www.afr.com and will appear in a special edition of The Australian Financial Review Magazine in this Friday’s Financial Review.
Strong iron ore prices have put a wind in the sails of Pilbara mining mogul Andrew Forrest, who comes in at No.2 with a wealth of $30.72 billion, trebling his wealth from 2019 when he was worth $8 billion.
But during a momentary dip in iron ore prices, the ‘oreligarchs’ run at the top of the Rich List was momentarily snatched by the giants of big tech.
Atlassian’s Mike Cannon-Brookes briefly became Australia’s richest person last year as his company’s shares soared at the same time as iron ore prices tumbled. However Atlassian shares fell pushing him below the iron ore miners and into 3rd place with an estimated wealth of $27.83 billion. Scott Farquar is the 4th wealthiest Australian with a fortune of $26.41 billion. Rich List valuations were ruled off in mid-April.
A surge in online shopping relying on packaging has benefited Anthony Pratt’s cardboard box manufacturer Visy, helping take him and his family to a new level of wealth, now worth $24.30 billion, up from $20.09 billion, and in 5th spot.
As Australia’s real estate market continued to soar during the past year, Meriton founder Harry Triguboff has built his wealth from $17.27 billion to $21.25 billion in 2022 and remains at 6th place. So successful is his company, that it is estimated that one in 10 units in Sydney is a Meriton build.
And while Clive Palmer may not have had the federal election he was hoping for, the last year has seen his wealth increase from $13.01 billion to $19.55 billion and remains at No.7 thanks in part to his 2006 royalties deal with Chinese mining giant CITIC. The resources boom has also allowed former Glencore CEO Ivan Glasenberg to join the ten-digit club, creating a wealth of $12.20 billion, up from $7.39 billion, and placing 9th on the List.
It’s been a rollercoaster of a year for Canva founders Melanie Perkins and Cliff Obrecht, who occupy 8th spot with $13.80 billion, down $3 billion from their October Young List Rich appearance thanks to a Nasdaq slide.
Rounding out the Top 10 is titan of business Frank Lowy, who has invested shrewdly since offloading Westfield in 2018. He’s worth $9.27 billion, up from $8.51 billion last year.
“This year’s Rich List has the widest gap between the nation’s youngest and oldest entrepreneurs, proving age is no barrier to wealth creation. Of the 13 new people joining the list, 7 are aged 40 or under,” Rich List co-editor Julie-anne Sprague said.
“There are some notable departures this year as rising inflation and interest rates resets investor appetite for growth stocks. Some bigger names to fall off the list include Zip Co’s Larry Diamond who’s wealth has plunged from $598 million to less than $70 million over the past year,” said Sprague. “As some fortunes fall, others rebound. Flight Centre’s Graham Turner and wife Judy Turner, who operates their Spices Retreats, rejoin the list after a two-year hiatus.”
Rich List co-editor Michael Bailey said: “It’s been fascinating to watch the Rich List rollercoaster ride this year, with fortunes based on software growing exponentially then falling just as dramatically as the Rich List was being finalised. Technologists have joined the miners as a new source of volatility on the List ”
The Financial Review Rich List is available on www.afr.com. A Rich List edition of AFR Magazine, featuring profiles of our richest people and analysis of the trends that are making them even richer, is available nationally tomorrow Friday, May 27.
The Financial Review Rich List 2022 Highlights:
TOP 10 (worth a collective $219.35 billion)
• Gina Rinehart – $34.02 billion (up from $31.06 billion) – Resources, Agriculture
• Andrew Forrest – $30.72 billion (up from $27.25 billion) – Resources
• Mike Cannon-Brookes – $27.83 billion (up from $20.18 billion) – Technology
• Scott Farquhar – $26.41 billion (up from $20 billion) – Technology
• Anthony Pratt & family – $24.30 billion (up from $20.09 billion) – Manufacturing
• Harry Triguboff – $21.25 billion (up from $17.27 billion) – Property
• Clive Palmer – $19.55 billion (up from $13.01 billion) – Resources
• Melanie Perkins and Cliff Obrecht – $13.80 billion (up from $7.98 billion) – Technology
• Ivan Glasenberg – $12.20 billion (up from $7.39 billion) – Resources
• Frank Lowy – $9.27 billion (up from $8.51 billion) – Property
STATE BY NUMBERS
• NSW – 79 Rich Listers (72 last year)
• VIC – 60 (58 last year)
• QLD – 19 (21 last year)
• WA – 18 (20 last year)
• SA – 3 (1 last year)
• NT, ACT – 2 each (1 each last year)
• TAS – 1 – (1 last year)
TOP 5 WOMEN RICH LISTERS (Combined wealth of $58.03 billion)
• Gina Rinehart (ranked 1) – $34.02 billion
• Melanie Perkins with Cliff Obrecht (8) – $13.80 billion
• Alexandra Burt & Leonie Baldock (25) – $4.22 billion
• Katie Page with Gerry Harvey (31) – $3.26 billion
• Betty Klimenko & Monica Weinberg-Saunders (39) – $2.73 billion