- In 2020, Australia’s Top 100 rich self-made young entrepreneurs have a collective wealth of AU$39.6 billion.
- Technology entrepreneurs leading the space with more than 81 per cent of the Top-100's combined funds.
- Some familiar and not-so-familiar heavy-hitters have made it to the list.
In 2020, the busiest of the streets screeched to a halt as COVID-19 virus unleashed havoc worldwide. The coronavirus pandemic shattered most of the economies across the world, leaving their people homebound for months. Although, the lockdowns have closed many doors for people across the world, for some it has also opened new avenues.
A recent Financial Review 2020 Young Rich List revealed an incredible array of young millionaires in Australia tossing the curveballs thrown at them during the pandemic and successfully winning the game of trade. In this year's edition of the elite 40 and under titans, the overwhelming number of wealth generated are from the binary.
So, who are these young wealthy people ruling the world of business in 2020? Let us find out.
AFR has published the Young Rich List for 2020, and surprisingly 81 per cent of the Top 100's combined AU$39.6 billion funds originated from the world of technology. The combined wealth of the Top 100 billionaires in 2019 stood at AU$41.2 billion.
The Top 5
Atlassian co-founder Scott Farquhar has topped the Financial Review 2020 Young Rich List. His AU$17.77 billion wealth is nearly half of the entire Top 100 billionaire’s combined wealth. Farquhar's business partner Mike Cannon-Brookes recently turned 41, just ten days before the cut-off date, hence he didn't make it to the list. Or else, he would have been on the top spot with a net worth of AU$18.4 billion.
This year, the COVID-19 pandemic has given a kickstart to many technology-based innovations. Out of the Top 100, 56 billionaires have built their fortunes on technology.
Tech entrepreneurs and Canva founders Melanie Perkins, 34 and her fiancé Cliff Obrecht, 32 have taken #2 and #3 spots. They are worth AU$3.43 billion.
Coronavirus-induced lockdowns have had a major impact on the online retail binge. At an age of just 30, Afterpay founder Nick Molnar is Australia's youngest billionaire. Molnar is worth AU$2.22b and ranks #4 on the list. Fifth on the list is, Canva co-founder Cameron Adams, who's worth AU$1.12 billion.
Interesting Read: Tech Players Atlassian, Afterpay and NEXTDC in Action
The rich newcomers
In 2019, the Rich List had 27 newcomers; however, the 2020 list has welcomed 18 debutants, which include Go-To skincare label owner Zoë Foster Blake with an estimated AU$36 million. The beauty guru said that a sharp surge in beauty, self-care and wellness products during pandemic resulted in the success of Go-To skincare. She is a beauty writer-turned-blogger, and an Instagram influencer. Zoë is also the author of ten books.
Forty-year-old Zoë Foster Blake has joined tennis star Ash Barty in making her first appearance on the Young Rich List. Aussie engineers Selvam Sinnappan and Winston Wijeyeratne who founded the Sleeping Duck out of frustration of not being able to find a comfortable yet affordable mattress, are worth $150 million each.
ASX debutant online marketplace
MyDeal.com.au founder Sean Senvirtne, who is worth AU$230 million, is also on the list. Furniture and garden e-commerce marketplace MyDeal (ASX:MYD) was listed on ASX in October and its shares soared more than 80 per cent above its offer price.