Paper and packaging tycoon, Mr Anthony Pratt leads the Financial Review Rich List 2019 for the third consecutive year, with $15.57 billion to his name. The Rich Listâs 37th edition is out, and Australia now has 91 billionaires having an average wealth of 1.7 billion dollars and a cut-off of 472 million dollars.
The Financial Review Rich List incorporates 200 wealthiest individuals and families of Australia, ranked by personal net worth. The list is published in The Australian Financial Review each year.
Let us have a look at the top 10 wealthiest people on the list:
Born in Melbourne, Victoria, Mr Anthony Pratt is a businessman and billionaire living in Australia. He is an Executive Chairman of worldâs largest privately-owned packaging and paper company, Visy Industries and Pratt Industries in America. Mr Pratt became the richest person in Australia for the first time in 2009 with a net worth of A$4.3 billion. After that, he achieved the top position in 2017 and has retained it since then.
Iron Ore Magnate, Gina Rinehart is the only woman in the list of top 10 wealthiest individuals of Australia. The factors that helped her remain in the ten-digit club were a joint venture with Rio Tinto (ASX:RIO) to open the Baby Hope mine at the Hope Downs site, growth in operations of Hancock Prospecting and the gained control of iron ore junior Atlas Iron as well as Canadian metallurgical coal opportunity, Riversdale Resources. She climbed one position up in the Rich List 2019 (2nd from 3rd in 2018).
Take a look at the top five females in the wealthiest 200 list:
All the property developers increased their wealth, led by Meriton founder, Harry Triguboff, whose wealth increased from $12.77 billion in 2018 to $13.54 billion in 2019. Mr Triguboff is a Chinese-born Australian billionaire real estate developer who was declared the wealthiest person in Australia by net worth ($10.62 billion) in AFR Rich List 2016.
Chinese-Australian entrepreneur and billionaire, Mr Hui Wing Mau who entered into the elite âten-digit clubâ (those with wealth exceeding $10 billion) this time, chairs a Hong Kong-listed real estate developer, Shimao Property Holdings. He was ranked 160th in the Forbesâ Billionaires 2019 list and 22nd in the China Rich List 2018.
Four members in the list have crossed the $10 billion wealth this time. The top five sources of wealth were property, retail, resources, investment and financial services segment.
As per the Rich List pack, $341.8 billion worth of wealth is now controlled by the 200 wealthiest individuals or families in Australia, and most of the rich listers are from Sydney and Melbourne.
The technology played a significant part in the list this time but, the property retained its position as the top source of wealth for Rich Listers. This means that the declining property prices across the country haven't raided the wealthiest developersâ pockets too severely in Australia.
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