The Financial Review Rich List has uncovered its top 10 ahead of its full publication on Friday, and three iron ore moguls have gotten it done. Financial Review has released the Australian 2021 Rich List, with mining magnate Gina Rinehart topping the list.
Top of the List for the second year running is Gina Rinehart, the owner of Hancock Prospecting and founder of the Pilbara’s Roy Hill mine. If the List had been calculated earlier this month when iron ore costs bumped $US240 a ton, Rinehart would have trebled her wealth from the $13.8 billion she was worth in 2019.
The early April cut-off was still enough for a $31 billion valuation – the biggest fortune recorded in the Rich List’s 39-year history. Rinehart was the past record-holder as well, achieving a $29.17 billion valuation in 2012 at the height of the last mining boom.
China’s reliance on Australian iron ore, hesitant for what it’s worth, has additionally placed steel into Andrew Forrest’s hold on the Rich List number two position, with a $27 billion fortune. Presently a genuine “third force” in the local industry behind multinationals BHP and Rio Tinto, Forrest’s Fortescue had paid him dividends worth more than $3 billion in the previous two years.
He is reinvesting his benefits from extraction back into the planet, trying to demonstrate up technology to permit the improvement of the green steel industry and for shipping fleets to run on green ammonia. Forrest is likewise planning a $1 billion green hydrogen plant at Port Kembla.
Iron ore is additionally responsible for the seventh-largest fortune on the 2021 Rich List, that of Clive Palmer with $13 billion. The controversial Queenslander is set to gather an extra $250 million per year from Chinese aggregate CITIC, notwithstanding the $500 million annual royalties it is as of now sending him since it wants to mine an additional billion tons of the metal across his Pilbara tenements.
Third and fifth on the List are two examples of Australia making its own luck, as opposed to benefiting as much as possible from what’s underneath our patch of earth.
Mike Cannon-Brookes and Scott Farquhar co-founded Atlassian in 2002, and the creator of task-management and cooperation software has become the greatest Australian technology success story since CSL.
The fortunes of the two UNSW alumni passed $20 billion for the first time in 2021, as the remote-work revolution pushed Atlassian’s paying customer base over 200,000 and its Nasdaq-listed market capitalization to $75 billion.
Cannon Brookes has edged before Farquhar due to his more broad holdings in NSW’s booming property market.
Parting them is Anthony Pratt, whose Australian business Visy, and US business Pratt Industries are from the apparently more old-school industry of cardboard box and glass manufacturing and recycling.
However, Pratt and his family’s fortune of only more than $20 billion has additionally expanded because of technology, to be specific the e-commerce boom empowered by pandemic lockdowns which have brought about an expansion in parcel volumes of between 15% and 30% internationally.
Pratt has vowed to invest $2 billion over the next decade to make new jobs in Australia, and in April banded together with the federal and Victorian governments on a $37 million drum pulping system, which vows to remove contaminates, for example, plastics from the waste paper stream. Visy is additionally spending $35 million to upgrade the Laverton glass recycling center it obtained as part of a year ago’s $1 billion acquisition of Owens-Illinois’ local operations.
6th on the List is Harry Triguboff, up to two places on a year ago with a $17 billion fortune, as his Meriton Properties rides the real estate boom fuelled by low-interest rates.
Triguboff says his serviced apartment business has incompletely recuperated because of domestic tourism. His finger ever on the pulse of what home purchasers want, he is building four-bedroom apartments for the first time to provide food for those expecting to permanently work some of the weeks from home.
In eighth is Hui Wing Mau, whose $12 billion fortune has been cut by $6 billion from the earlier year, as the share cost of his Hong Kong-listed Shimao Property Holdings succumbed to China’s central bank moving to oblige credit supply.
Born poor in Fujian province, Hui trained as a village doctor under Mao Zedong’s regime before working in textile factories and afterward successfully investing in them. He holds Australian citizenship in the wake of studying for an MBA at the University of South Australia in the mid-1990s, while his family lived in Darwin for a period.
In ninth is Frank Lowy with $8.5 billion, his fortune holding consistent after a perfectly timed exit from his Westfield worldwide shopping center business in 2017, three years before the pandemic re-evaluated the area.
Breaking into the top 10 for the first time are two more technology innovators in Canva co-founders Melanie Perkins and Cliff Obrecht.
Canva, the software platform which vows to work on graphic design, has brought $500 million up in venture capital since 2012 when it grew out of a school yearbook business the pair ran from the Perth living room of Perkins’ mother. Its last share sale in April valued it at $20 billion.
In a virtuous case of paying it forward, Cannon-Brookes and Farquhar are among Canva’s investors. Also, at 55 million monthly active users, and more than $500 million in annualized revenues, Canva seems headed for Atlassian-esque ubiquity.
Top 10 Rich List 2021 of Australia
- Gina Rinehart
Once again Ms. Rinehart is the country’s richest person with a personal net worth of $31.06 billion. Ms. Rinehart’s Hancock Prospecting is doing remarkably well-exporting iron ore to Chinese steel mills.
- Andrew Forrest
Mining mogul Andrew “Twiggy” Forrest is the second richest person in the country with a personal net worth of $27.25 billion. His mines have profited extraordinarily from taking off commodity costs because of Chinese demand.
- Mike Cannon-Brookes
Co-Founder of Atlassian, Mike Cannon-Brookes. Mike’s personal net worth is somewhat higher than his colleague Scott’s, coming in at $20.18 billion.
- Anthony Pratt
Packing industry heavyweight Anthony Pratt is the fourth richest person with a family net worth of $20.09 billion. He is the executive chairman of Visy cardboard, which was the engine room of Australia’s online shopping boom.
- Scott Farquhar
Co-Founder of Sydney technology group Atlassian, Scott Farquhar is the fifth richest person in the country with a net worth of $20 billion. Atlassian gives software tools that demonstrated priceless during the work-from-home revolution during the pandemic.
- Harry Triguboff
Founder and MD of property developer Meriton, Harry Triguboff has driven gigantic wealth creation on the rear of taking off house prices. He is the 6th richest person in the country with a net worth of $17.27 billion.
- Clive Palmer
Mr. Palmer made enormous in-roads into the list because of his mining positions profiting incredibly from taking off commodity costs. He is the seventh richest person in Australia with a net worth of $13.01 billion.
- Hui Wing Mau
Hui Wing Mau is the founder and chairman of real estate juggernaut Shimao Property. He is the eighth richest person in the country with a personal net worth of $11.70 billion.
- Frank Lowy
Property developer and former long-time Chairman of Westfield Frank Lowy is the ninth richest person in Australia with a personal net worth of $8.51 billion.
- Melane Perkins and Cliff Obrecht
Canva CEO and co-founder Melanie Perkins and her colleague Cliff Obrecht come in as the tenth richest people in Australia with a personal net worth of $7.98 billion.