Atlassian co-CEO and co-founder, Mr Mike Cannon-Brookes has bagged the first rank in the Financial Review Young Rich List 2019, with a wealth of $13.5 billion. The Young Rich List incorporated names of 100 wealthiest individuals aged 40 years and under.
Among the top ten wealthiest Australians, technology stars have grabbed the top five positions in the list, with Atlassian founders Mr Cannon-Brookes and Scott Farquhar taking the first and the second place, respectively.
Mr Cannon-Brookes and Mr Farquhar who were ranked first with a wealth of $7.1 billion each in previous year’s Young Rich List, have continued to remain at top even in 2019.
Atlassian founders have made a significant contribution of about 65 per cent to the total wealth of the individuals.
Top and bottom five individuals in the 2019 Rich List
Among the bottom five individuals, Dante Exum, Aaron Hornlimann and Marc Leishman have made a fresh entry into the Young Rich List 2019 as they were not a part of the previous year’s list.
Top Five Wealthiest Individuals
One can see that, consistent with his last year’s wealth, Mike Cannon-Brookes has retained his first position in 2019 list. Melanie Perkins & Cliff Obrecht have jumped fourteen steps up on the ladder, reaching 3rd position, while Collis & Cyan Ta'eed have climbed four steps up. Ori Allon has descended by one position; however, his wealth has improved by about $208 million.
The co-founder of Sydney-based software start-up Atlassian, Mike Cannon-Brookes is a tech investor in the areas of fintech, agriculture, software, energy and software. Aged 39 years, he continues to support for technology that favours environment.
Recently, he announced his intention to invest in the formation of the world's largest solar farm, which is the solar project worth $20 billion of Singaporean company Sun Cable.
Scott Farquhar, aged 39 years, has achieved multiple milestones in his entrepreneurial journey, including the receipt of ‘Australian Entrepreneur of the Year’ award from EY in 2006 and ‘Australian IT Professional of the Year’ award in 2004. He had also co-founded Skip Capital, a private investment fund, which focuses on rapidly growing technology companies.
The 2019 Rich List indicates that Scott Farquhar’s wealth has improved substantially by $6.12 billion from the previous year. Ranked 2nd in the recent list, he was just $0.28 billion away from the first position in terms of wealth.
Scott Farquhar and Mike Cannon-Brookes were also ranked amongst the top 10 billionaires of Australia in the AFR Rich List 2019 that was released in May 2019. Mr Farquhar and Mr Cannon-Brookes were positioned at 5th and 6th spot with a wealth of $9.75 billion and $9.63 billion, respectively.
Take a look at Australia’s Ten Richest Billionaires highlighted in AFR Rich List 2019 below:
Melanie Perkins & Cliff Obrecht
From last year’s wealth of $177 million, Cliff Obrecht and Melanie Perkins now have a combined net worth of $1.35 billion. Cliff Obrecht (32 years) and Melanie Perkins (33 years) are co-founders of a graphic design company, Canva.
Recently, Canva raised $85 million with backing from venture capitalist Mary Meeker, boosting its valuation to $4.7 billion. The latest capital raise helped the co-founders attain the status of tech billionaires on paper.
Collis & Cyan Ta'eed
Collis & Cyan Ta'eed have built an online marketplace for digital assets, Envato, into one of the most successful tech start-ups of Australia. In 2017-18, Envato reported a revenue of USD 95.3 million, which was more than the revenue of USD 82.3 million recorded a year before. However, the company’s after-tax profit declined from USD 17.6 million in 2016-17 to USD 9.5 million in 2017-18.
It is remarkable to note that the dip in profit did not stop Ta'eed’s from declaring a dividend of $57.5 million in October 2018. Also, the decline in profit was majorly due to the increase in employee benefits expenses.
Executive Chairman and co-founder of Compass, Ori Allon is another tech star whose net wealth has been recorded at $747 million in Rich List 2019. His real estate company, Compass Inc is one of the biggest names in the US real estate, and operates across Washington, New York, San Francisco, Miami, Chicago and Los Angeles.
In July this year, Compass raised USD 370 million that increased its valuation to ~USD 6.4 billion, increasing its total raised capital to $1.5 billion. Ori Allon’s net wealth has also improved by about 39 per cent in the current Rich List relative to the last year.
The collective wealth of Australia’s wealthiest individuals in Rich List 2019 has doubled from $23.5 billion in 2018 to $41.2 billion in 2019. A significant improvement in the total wealth of the rankers indicates that the Australian markets have remained resilient irrespective of construction crises and trade wars.
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