- Atlassian co-founders Mike Cannon-Brookes and Scott Farquar have topped the Australian Financial Review’s Young Rich List for 2019.
- The duo, who have a combined wealth of $26.714 billion, have topped the list for the eighth consecutive year.
- Also making the Young Rich List are Canva cofounders Melanie Perkins and Cliff Obreacht, as well as Afterpay cofounder Nicholas Molnar.
Atlassian’s co-founders have topped the Young Rich List once again.
The Australian Financial Review has revealed its 2019 Young Rich List, which tracks the wealth of Australia’s richest people under the age of 40.
To make it on the list, however, you have to be “self-made” rather than inheriting your wealth.
Topping the list are Atlassian co-founders Mike Cannon-Brookes and Scott Farquar who have a combined wealth of $26.714 billion. It’s the eighth time they made it on the top of the list, after jointly taking the pole position each year since 2012.
Taking up the third place are Melanie Perkins and Cliff Obreacht, founders of Canva.
Rich List editor, Michael Bailey, said the list shows how the wealthiest Aussies on the list are growing their companies at a rate that challenges legacy businesses on the Australian Securities Exchange (ASX).
“It’s fascinating to see businesses like Canva that is just five years old that are now worth seven times as much as Here There & Everywhere, the 30-year-old, ASX-listed media and entertainment company,” he said in a statement.
“The Young Rich List is growing solidly again in 2019, and it’s quite interesting to see how Australia’s young entrepreneurs are thinking about business, growth and success.”
Collectively, the 100 young Australians on the list have $41.2 billion, nearly twice as much as 2018 which was $23.5 billion.
There were 29 people who debuted on the list, including actor Margot Robbie, model Jennifer Hawkins and basketballer Ben Simmons.
Here is a list of the top 10 rich listers and how much they are worth:
- Mike Cannon-Brookes, Atlassian $13.499 billion
- Scott Farquhar, Atlassian $13.215 billion
- Melanie Perkins and Cliff Obreacht, Canva $1.350 billion
- Collis and Cyan Ta’eed, Envato $799 million
- Ori Allon, Compass $747 million
- Peter Greensill, Greensill Farming $745 million
- Shangjin “Jin” Lin, Aqualand $659 million
- Tim Gurner, Gurner $608 million
- Nicholas Molnar, Afterpay $564 million
- Kayla Itsines and Tobi Pearce, Sweat $468 million
Cannon-Brookes is one of the co-founders of software company Atlassian. His fortune in 2019 has had a massive jump since 2018, when he was worth $7.124 million. In September, Cannon-Brookes announced his plan to invest in the solar project SunCable in the Northern Territory. When completed, it will have the largest solar farm in the world.
Farquhar follows closely behind Cannon-Brookes on the list. He nearly doubled his wealth since 2018, where he was worth $7.128 million. Farquhar and Cannon-Brookes registered Atlassian as a business name back in 2001. In the early days, Farquhar handled engineering and business operations while Cannon-Brookes took care of the sales and marketing, design and strategy and product management. In 2015, the company listed on the Nasdaq.
In third place – and the only other billionaires on the list – are cofounders of graphic design software company Melanie Perkins and Cliff Obreacht. Last week, Canva was valued at $US3.2 billion ($4.7 billion), more than three times where it was at the start of 2018.
Collis and Cyan are cofounders of Envato, an online marketplace for digital assets such as WordPress templates. In 2015, career website JobAdvisor named Envato Australia’s Coolest Company for Women. Cyan Ta’eed told Business Insider Australia the ways the company worked to attract more women, including more inclusive language on job ads, overhauling the recruitment process and implementing flexible working.
Allon is the co-founder and executive chairman of real estate technology company Compass. The company uses technology to reduce the time and challenge of buying and selling a house. In 2016, the company released an app which lets users look at traditional factors like price and neighbourhood, as well as more advanced metrics like date on the market and negotiability.
Greensill is both co-owner of Greensill farming and board member of the Greensill company. Hailing from Bundaberg, Greensill oversees his family’s sweet potato, sugar cane and watermelon operations.
Shangjin “Jin” Lin – who debuted on the list – is the only son of Chinese billionaire Yi Lang and founder of property company Aqualand. The company was founded in 2014 and has since racked up a portfolio of 23 sites including Blue at Lavender Bay and Bellevue Residences.
Gurner is the founder and CEO of luxury developer Gurner. He has dropped from third place on the list in 2018 when he was worth $631 million. The company launchd in Collingwood in 2013 and has 19 buildings and more than 5,700 apartments in development across New South Wales, Victoria and Queensland.
Ninth on the list is Nicholas Molnar, cofounder of buy-now, pay-later platform Afterpay. Earlier this month, the company enlisted former World Bank chief economist and Obama adviser Larry Summers to advise it on its US expansion. In 2019, Molnar’s wife Gabrielle paid $10 million for a penthouse on the Ben Buckler clifftop in the eastern suburbs, a three floor building with a rooftop terrace and pool.
Taking up the 10th place are Kayla Itsines and Tobi Pearce, cofounders of Bikini Body Training Company and the fitness app Sweat. The duo founded Bikini Body Training in 2013 and a year later, they developed a 12-week workout program called the Bikini Body Guide. More than 20 million people use the Sweat app, which features a nutrition plan and a workout schedule.
See the full rich list on the Australian Financial Review.