Property sector churning out the billionaires
Property continues to be a billionaire factory, with Australia’s newest rich list featuring ten powerbrokers from the industry.
Property continues to be a billionaire factory, with Australia’s newest rich list featuring ten powerbrokers from the industry.
Property magnates were the most prolific by sector on The List: Australia’s Richest 250, published by The Australian.
There were 59 property moguls included on the list of 250, ahead of technology (29), investment (28), retail (27), mining (22), and manufacturing (14).
The highest entrant from the property sector is Harry Triguboff, with a ranking of six based on wealth of $20.81 billion.
The most popular suburbs for The List’s rich are Toorak (20), Point Piper (12), Vaucluse (11), Mosman Park (6), while NSW can claim the highest number of people from the list with 98 residents, Victoria has 71, Queensland 32, Western Australia 21, South Australia 5, Northern Territory 2 and Tasmania and the ACT 1 each. Nineteen live overseas.
Gina Rinehart tops the 2022 The List: Australia’s Richest 250 with a massive $32.64 billion wealth. Fellow West Australian and mining magnate Andrew Forrest comes in a close second with wealth of $31.77 billion.
Anthony Pratt is third with $27.77 billion, while Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar are round out the top five with wealth of $26.20 and $25.99 billion respectively.
| Overall List Rank | Industry Rank | Name | Valuation | Age | State of Residence |
|---|---|---|---|---|---|
| 6 | 1 | Harry Triguboff | $20.81b | 89 | NSW |
| 16 | 2 | John Gandel | $5.05b | 87 | VIC |
| 17 | 3 | Lang Walker | $5.03b | 76 | NSW |
| 23 | 4 | Chau Chak Wing | $3.74b | 68 | Overseas |
| 26 | 5 | Greg Goodman & Family | $3.52b | 59 | NSW |
| 34 | 6 | Hui Wing Mau | $2.94b | 71 | Overseas |
| 36 | 7 | Maurice Alter & Family | $2.62b | 96 | VIC |
| 37 | 8 | John van Lieshout | $2.56b | 72 | QLD |
| 38 | 9 | Bruce Mathieson | $2.50b | 78 | VIC |
| 44 | 10 | Marc Besen & Family | $2.44b | 98 | VIC |
List editor John Stensholt the technology revolution is heralding a shift from “old” industries such as mining and manufacturing to newer online sectors, bringing significant change to the ranks of the country’s wealthiest individuals.
“Despite the pandemic, some sectors, retail in particular, have done incredibly well and created a surge in new wealth on The List,” he said.
The youngest person on the list is 32-year-old Nick Molnar, while the oldest are Len Ainsworth and Marc Besen, who are both 98 years old. The average age of those on the list is 65 years old.
Harry Triguboff is the founder and managing director of Meriton and is known as “high-rise Harry”. A perennial inclusion in such lists, he is one of ten Australians who have appeared in every Financial Review Rich List, or its predecessor, the BRW Rich 200, since it was first published in 1984.
At 16 in the overall ranking John Gandel is the next richest property developer, having made his fortune made his fortune in commercial real estate, including shopping centres in Melbourne.
Walker Corporation is an Australian-based privately owned property development company, with an international development portfolio in USA, Canada and Malaysia. It is Australia's largest privately owned development company, being fully owned and operated by its high-profile co-founder and Chairman, Lang Walker, who is the next property rich-lister at number 17.
