SINGAPORE (January 17, 2019) – Tycoons on the 2019 Forbes Australia Rich List saw mixed results as some fortunes rose and some fell. Mining mogul Gina Rinehart retains the top spot on the list with a net worth of US$14.8 billion. The complete list can be found at www.forbes.com/australia.
Property tycoon Harry Triguboff remains at the No. 2 spot with a net worth of $9 billion. Cardboard-box kingpin Anthony Pratt and retail tycoon Frank Lowy also retain their third and fourth ranks with net worths of $6.8 billion and $6.5 billion respectively.
Overall, the wealth of 22 tycoons fell, partly because of the Australian dollar’s 8.7% drop against the U.S. dollar since the previous Australia Rich List in November 2017. Of the 23 fortunes that rose, the biggest gain went to Atlassian founders Mike Cannon-Brookes and Scott Farquhar, who are up $3 billion each. Their $6.4 billion fortunes put them in a tie for fifth place, up five spots. Another notable tech billionaire is WiseTech Global founder Richard White, who jumped 16 places to No. 17 after his fortune swelled to $2.2 billion.
Among the three returnees to the list is flamboyant mining mogul Clive Palmer, who makes the list for the first time since 2014. His estimated fortune is $1.8 billion, placing him at No. 20. It’s his debut as a Forbes billionaire, thanks to court-ordered royalty payments from CITIC Pacific Mining’s huge Sino Iron project in Western Australia.
Coal baron Chris Wallin also makes a comeback. He’s at No. 41 with a net worth of $910 million, bucking the downward trend for most mining tycoons. Another returnee is Computershare founder Chris Morris, who ranks No. 49 with $760 million.
One newcomer joins the list this year: financial-services whiz Michael Heine, co-founder of investment platform Netwealth. Since its November 2017 initial public offering, his company’s share price has more than doubled, placing Heine at No. 50 with an estimated fortune of $750 million.
Four notable drop-offs include 96-year-old property billionaire Stanley Perron, who died in November. Flight Centre founder Graham Turner, property developer Tim Roberts and Chris Thomas, founder of Adelaide-based meat processor Thomas Foods, also fell below this year’s $750 million cut-off.
The top 10 richest in Australia 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
5) 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
The list was compiled using information from the individuals, stock exchanges, analysts, private data bases, government agencies and other sources. Net worth numbers were based on stock prices and exchange rates as of the close of markets January 11. Private companies were valued by using financial ratios and other comparisons with similar companies that are publicly traded.
For more information, visit www.forbes.com/australia
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