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Summary
- The collective net worth of the Top 200 wealthiest Australians rose AU$479.6 billion in 2021, despite the impact of the COVID-19 pandemic.
- Mining magnate Gina Rinehart once again holds the crown of Australia’s richest person, with AU$31.06 billion wealth.
- The booming Australian iron ore price has bolstered Ms Rinehart’s wealth.
Despite many countries battling the economic collapse due to the COVID-19 pandemic, Australia's 200 wealthiest people boosted their collective wealth to AU$479.6 billion, up from AU$424.6 billion in 2020.
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The Financial Review Rich List includes 200 wealthiest persons and families of Australia, placed by their personal net worth. The Australian Financial Review publishes the rich list every year.
The 39th edition of Financial Review Rich List is out with Gina Rinehart once again wearing the crown of the wealthiest person in Australia, followed by Andrew Forrest.
With the soaring commodity prices, the Iron Ore Magnate, Gina Rinehart boasting a personal net worth of more than AU$31 billion.
Top ten names from AFR’s 2021 rich list
Gina Rinehart once again back on top of the Aussie’s rich list
Gina Rinehart is a well-known mining magnate in the Australian mining and agricultural sectors. Her wealth for 2021 recorded to be AU$31.06 billion, up from AU$28.9 billion in the 2020 list published in November 2020.
Ms Rinehart is the Executive Chairman of a privately-owned mineral exploration firm, Hancock Prospecting.
ALSO READ: Iron ore rally eases on China’s pledge to limit emissions
Another miner, Andrew Forrest, was second on the list, like last year, although he added more than AU$4 billion to his wealth for a cumulative value of AU$27.25 billion.
Atlassian founders Mike Cannon-Brookes and Scott Farquhar have moved up to 3rd in 2021. Their wealth passed AU$20 billion for the first time amid the remote-work revolution pushed their paying customer base over 200K.
Anthony Pratt & family were next on the list with an estimated wealth of more than AU$20 billion. The technology sector boom has contributed considerably to their rising wealth, although they did lose a spot in this year’s list.
Founders of Australian-made software-as-a-service (SAAS) firm Canva, Melanie Perkins and Cliff Obrecht, entered the Rich List’s top 10 this time. Canva’s simplified graphic design platform has secured many active users, and the total number is at par with Italy’s population.
The 2021 list shows where the Australian economy bounced back, with industries including iron ore, property, and retail emerging as the big winners and driving the wealth of the country’s top 200.
Property developers have fared better in 2021, with the sector remaining the second-highest source of wealth in 2021. Moreover, the largest property companies on the Rich List 2021 have been revealed, with the wealth shifting as the nation emerges from last year’s pandemic-led recession.
ALSO WATCH: Is Australia’s property market on the cusp of a boom?
The collective wealth of 200 people in the rich list is equivalent to 25% of Australia’s annual gross domestic product (GDP) AU$1.9 trillion. Interestingly, the year 2021 sees a record number of women representing 18% of the list, with thirty-nine on the Rich List.
