The announcement of Australia’s wealthiest individuals for 2024 reveals their staggering combined fortunes. The Australian Financial Review’s Rich List reveals that the top 10 wealthiest Australians are worth a combined $222.6 billion, marking an increase of nearly $7 billion from last year.
Gina Rinehart: The Mining Magnate
Leading the list for the fifth consecutive year is Gina Rinehart, with a fortune of $40.6 billion, up $3 billion from last year. This remarkable increase makes Ms. Rinehart the first Australian ever to be worth more than $40 billion. Her wealth stems from her substantial interests in the mining industry.
Harry Triguboff: The Property Mogul
Coming in second is Meriton property mogul Harry Triguboff, with a net worth of $26.49 billion. Despite being $14.11 billion behind Ms. Rinehart, Mr. Triguboff’s fortune continues to grow, largely due to his successful ventures in the property market.
Tech Titans: Mike and Annie Cannon-Brookes
Joint third on the list are technology billionaires Mike Cannon-Brookes and his former wife Annie Cannon-Brookes, who together hold a combined fortune of $24.38 billion. Their wealth is primarily derived from their investments in the tech sector.
Australia’s Top 10 Wealthiest
Here is a breakdown of Australia’s top 10 wealthiest individuals and how they made their fortunes:
- Gina Rinehart – $40.6 billion – Mining
- Harry Triguboff – $26.5 billion – Property
- Mike & Annie Cannon-Brookes – $24.4 billion – Technology
- Anthony Pratt & family – $23.3 billion – Manufacturing
- Scott Farquhar – $22.9 billion – Technology
- Clive Palmer – $22.8 billion – Mining
- Nicola Forrest – $16.9 billion – Mining
- Andrew Forrest – $16.8 billion – Mining
- Ivan Glasenberg – $14.9 billion – Mining
- Melanie Perkins & Cliff Obrecht – $13.6 billion – Technology
The Rise of Wealth Amidst a Cost of Living Crisis
Despite a prolonged cost-of-living crisis in Australia, the wealth of the country’s richest 200 people grew by 11 percent over the past year. Together, these 200 individuals are now worth a combined $625 billion. The least wealthy among them still hold an impressive $718 million.
Tech Sector’s Rapid Growth
While five of the top 10 wealthiest Australians made their fortunes in mining, the technology sector is seeing unprecedented growth. The list includes 28 individuals who have amassed their wealth through tech-related ventures, including financial technology (fintech) and crypto gambling.
Geographic Distribution of Wealth
New South Wales remains Australia’s top state for the very rich, with 80 of the 200 wealthiest individuals residing there. Additionally, the number of women on the list has increased significantly, growing from 36 in 2023 to 41 in 2024.
We will release the full AFR Rich List, which will detail Australia’s wealthiest individuals and their income sources. The data not only highlights the significant growth in individual fortunes but also underscores the diverse avenues through which Australia’s richest are accumulating their wealth, from mining and property to technology and manufacturing.
The information is taken from AFR and MSN
