Meet Australia's technology multi-millionaires under the age of 40

Highlights

• Thanks to technological advancements, Australia has risen to become one of the world's wealthiest countries.
• Melanie Perkins (34) and Cliff Obrecht (35), a power couple, are the wealthiest people under the age of 40 in Australia, with a personal net worth of US$16.5 billion.

Thanks to technological advancements, Australia has risen to become one of the world's wealthiest countries. We can't imagine our lives in the 21^st century without technology.

Recently, the top 10 wealthiest people under the age of 40 have been announced in the Financial Review Young Rich List 2021. We'll look at how these folks became billionaires and millionaires and earned their place on the list because of technological advances.

Who are Australia's Top Tech Multi Millionaires under 40? Meet the Richest Aussies

Here is a list of the billionaires who made the top of the list.

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Melanie Perkins and Cliff Obrecht (US$16.5 billion), online graphic design tool, Canva

Melanie Perkins (34) and Cliff Obrecht (35), a power couple, are the wealthiest people under the age of 40 in Australia, with a personal net worth of US$16.5 billion.

The technology entrepreneurs founded one of the world's most valuable companies by creating an online graphic design tool, Canva. With over 60 million active users, Canva is a true market leader.

Canva is popular among marketers, students, and bloggers. Canva is used by several large organisations, including PayPal Holdings Inc, American Airlines Group Inc, Intel Corp, and Zoom Video Communications Inc.

Nicholas Molnar (US$2.78 billion), “buy now pay later” platform

Nick Molnar is a living legend in Australia. He is 31 years old and is credited with revolutionising the buying pattern of millions of millennials, which earned him a spot on the country's list of the young affluent. 

Molnar is the Co-CEO of Afterpay, a payment platform that allows customers to buy now, pay later. Molnar's success was aided by Afterpay. It allows users to spread the expense of their purchases across a series of interest-free payments. For example, it permits customers to pay for small products such as dresses in four interest-free payments.

Moreover, Afterpay's founder has made a fortune out of Corona-induced online buying binges. As the pandemic spreads, his company's stock price goes up, propelling him to billionaire status.

Furthermore, Afterpay's success propelled him to the third position on the list, with a personal worth of US$2.78 billion.

Laurence Escalante (US$2.68 billion), casino-themed online games

Laurence Escalante (40) of Perth became a double-billionaire as his casino-themed online games made a remarkable profit in a world weary with lockdowns. He is the driving force behind Australia's most recent technological triumph.

Moreover, he owns Virtual Gaming Worlds, an online casino game provider that offers blackjack table games and online poker machines. Following the success of Virtual Gaming Worlds, Escalante accumulated a personal wealth of US$2.68 billion.

Fung Lam (US$1.02 billion), e-commerce firm

Fung Lam (40) is the founder and CEO of New Aim, one of Australia's most successful online enterprises. Lam's net worth is US$1.02 billion, thanks to New Aim.

New Aim was formed in 2005 and has since grown to become an industry-leading e-commerce firm thanks to its innovative business approach. It has provided thousands of distinctive new goods to all online markets, ranging from office and home furniture, tools and electrical appliances.

Kain Warwick (US$879 million), blockchain protocol developer

Kain Warwick's (40) fortune was changed by cryptocurrency. On the list, the Bitcoin entrepreneur is ranked seventh.

Warwick had no idea when he started creating new methods to use blockchain from his Bondi home in 2016 that it would become the fuel for the biggest crypto-mania since the Bitcoin bubble of 2017. He developed a blockchain protocol that aided in the growth of global cryptocurrency mania, earning him US$879 million in the process.

Owen Kerr (US$728 million), online Financial Service provider

Owen Kerr, 37, the creator of Pepperstone Financial Services, amassed a fortune by assisting others in becoming wealthy.

Pepperstone was among the first online brokers to adopt a "No Deal Desk" strategy. The goal is to remove conflicts of interest by providing clients with direct access to interbank liquidity sources.  s

Cyan Ta'eed (US$664 million), Online marketplace

Cyan Ta'eed (40), a co-founder of Envato, an online marketplace for creators to sell and purchase creative assets. Users can also learn new skills and build templates with the help of the company. During the COVID-19 pandemic, the company has grown significantly. Ta'eed has a personal net worth of US$664 million.

Bottom line

Technology was a boon to the majority of Australia's wealthiest citizens. It paved the way for the development of modern apps and devices that simplified and facilitated living.

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