What the 2025 Rich List reveals about how our wealthiest made their fortunes
If you want to emulate the financial success of Australia's richest people, there is one investment avenue that is a recurring theme on the annual rich list.
Each year, the Australian Financial Review releases one of the country’s most fascinating and talked-about publications: The Rich List. It’s not just a peek into the net worth of Australia’s wealthiest - it’s a lens into the industries shaping serious wealth in this country.
The much-anticipated list revealed that the top 161 richest Australians are billionaires, and the entry-level wealth of those cashed-up Aussies was a whopping $747 million.
Not bad for a little country of 27 million people, huh?
This year’s AFR Rich List 200 once again reveals some eye-watering figures and surprising insights. While the list itself is interesting, what is more interesting to me is how these Australians made their money.
Property dominates wealth list
One in three of the 250 richest Australians made their wealth through property investment.
Interestingly, just under half of these made their initial money elsewhere but amassed the bulk of their fortune through property.
Harry Triguboff (2nd richest) made his initial wealth in textiles before turning it into $30 billion by becoming the country’s biggest private landlord.
The late Lang Walker’s family (22nd wealthiest) made their initial wealth in earthmoving before amassing the majority of the $7 billion net worth thanks to property investment.
Frank Lowy (16) and John Gandel (20) are worth $10 billion and $7 billion respectively, not so much because of their shopping centre empires, but more because of owning the land their shopping centres are built on.
The duo behind United Petroleum, Eddie Hirsch (72) and Avi Silver (74), are among Australia’s billionaire set, not because of their service station empire, but rather the land on which their businesses operate.
Spotlight Group owners Morry and Zac Fried (29), along with Harvey Norman boss Gerry Harvey (39) and Chemist Warehouse founders The Gance Family (14), made the bulk of their billions because they own the land on which their retail empires operate.
Let’s unpack the list - and what it means for aspiring investors.
Billion-dollar fortunes and where they come from
At the top of the list is mining magnate Gina Rinehart, holding onto her number one spot with a net worth of $38 billion - despite a 6 per cent drop ($2.5 billion) over the past year. The drop alone is wealth most of us would dream about.
Her wealth, like many others on the list, fluctuates based on share prices, commodity markets, and investment performance. But there’s no doubt that mining is the powerhouse industry, accounting for a staggering $141 billion of the total wealth on the list.
However, hot on its heels is property, contributing $126 billion to the collective net worth of Australia’s richest. That puts it ahead of booming sectors like technology and retail.
Why property continues to be a wealth generator
While mining may top the charts in dollar value, property remains one of the most accessible and resilient pathways to building long-term wealth - especially for those outside the billionaire club.
It’s also arguably tied to the mining sector itself, with many mining operations tied to land ownership and leases. In that way, property is both a standalone wealth builder and a foundation for other industries.
What sets property apart, however, is that unlike tech unicorns or mining empires, it’s a wealth strategy available to everyday Australians.
From residential investments to commercial holdings, property provides tangible, scalable opportunities to build passive income and equity over time.
Three out of every five Australians on the rich list made their wealth from property and businesses connected to property.
Then there are a bunch who make their fortunes elsewhere but seem to pile that money into property as a means of preserving and keeping their wealth.
Top industries by total wealth in the top 10 on the Rich List:
- mining – $141 billion
- property – $126 billion
- technology – $106 billion
- retail – $78 billion
- manufacturing, media, finance, agriculture – trailing further behind.
