The property boom and the fall of mining has shaken up the pecking order among Australia’s richest people.
Billionaires who invested in land have overtaken those who dig their riches from the ground.
Property developer Harry Triguboff has taken the top spot on the BRW Rich 200 list from mining magnate Gina Rinehart.
His wealth is $10.62 billion, supported by the property boom. Triguboff, owner and head of Meriton Group, has appeared on all 33 rich lists compiled by BRW.
Of the 200 people on the list, more than a quarter, 54, made most of their money in the property sector. And many on the list who made money in other industries have subsequently poured the proceeds into property development or management businesses.
Gina Rinehart, Australia’s richest person for five years, is now fourth on the BRW Rich 200 list with $6.06 billion, a steep drop from 2015’s $14.02 billion, the result of falling iron ore prices and a family dispute.
Her daughter Bianca Rinehart is now on the rich list at 60th with $905 million after taking control of 23% of Hancock Prospecting after legal action over a family trust.
There are 24 women on the latest BRW Rich 200 list, compared with 17 last year.
Anthony Pratt, who followed in his father Richard’s footsteps to make his money in packaging and paper, is the second richest with $10.36 billion and Westfield founder Frank Lowy next with $8.26 billion.
However, there is one very rich person who hasn’t been included in the latest rich list. BRW doesn’t include Blair Parry-Okeden, a US-born resident of Scone, New South Wales.
There’s some dispute over whether she can correctly be described as “Australian”. Forbes lists her as “Australia’s richest person“, and not the richest “Australian”, who inherited a quarter of one of America’s biggest media conglomerates, Cox Enterprises, now worth about $10.4 Billion.
The combined total wealth of the BRW Rich 200 list is $197.3 billion this year, up from $193.61 billion last year.
There are 53 billionaires among the 200 and the average wealth per person is $987 million, up from $974 million last year.
Not all did well.
James Packer’s wealth is down more than $1 billion to $5 billion, mainly because of a falling share price for Crown Resorts and a legal settlement that sees his sister Gretel Packer debut on the list at number 77 with $739 million.
Missing from this year’s BRW Rich 200 list is online retailer Ruslan Kogan and John Grill, the founder of engineering group WorleyParsons.
They didn’t reach the record $303 million cut-off, which is up $17 million on last year.
The biggest rise on the list is Melbourne billionaire John Gandel whose wealth jumped $1 billion to $5.4 billion, mainly due to the strong performance of his 50% owned Chadstone Shopping Centre, the largest in the southern hemisphere.
The highest ranked new rich-lister is Manny Stul and family, the owners of Moose Toys which has the globally popular Shopkins girls toy. Stul debuts at number 39 with $1.24 billion.
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