Australia’s youngest, richest set is getting even richer, with their combined wealth doubling from last year to $41.2 billion. Financial Review’s list of Australia’s under 40 rich list for 2019 reveals that the young entrepreneurs, executives, entertainers, and athletes are bringing in even more money.
The majority of that list have brought in their money through the tech sector. In fact, topping the list are the co-founders for Atlassian, an enterprise software company that develops collaboration and productivity software for software developers, content management, and project managers. The partners, Mike Cannon-Brookes and Scott Farquar, are worth $13.5 billion and $13.22 billion respectively, earning them the number 1 and number 2 spots for a record-setting eighth year.
Coincidentally, that’s enough wealth to earn them the fifth and sixth spots of Australia’s richest people over all. Melanie Perkins and Cliff Obrecht of Canva come in third with a net worth of $1.35 billion. Melanie Perkins also claimed the title of Australia’s riches young woman.
Spots four and five also go to tech billionaires. It’s not until you get to number six that you see a different industry, in this case, agriculture. Peter Greensill, who is the co-owner of Greensill Farming, has a net worth of $745 million thanks to both the sugar cane, fruit, and vegetable farming and the financial services firm Greensill capital. Tim Gurner follows Greensill with his property development company. Nicholas Molnar takes the ninth position with another tech offering—Afterpay, a financial services company. Number 10 goes to fitness influencers Kayla Itsines and Tobi Pearce, who own the fitness app Sweat.
“The Financial Review Rich List really demonstrates how the wealthiest self-made young Australians are growing their businesses at a rate that is challenging legacy ASX companies,” said the list’s editor, Michael Bailey. “It’s fascinating to see businesses like Canva that is just five years old that are now worth seven times as much as Here There & Everywhere, the 30-year-old, ASX-listed media and entertainment company.”
The list seems to suggest that if you’re looking to make a lot of money, then going into tech is the path to follow—at least that’s true for 36 of the top 100 on Financial Review. There’s also a clear trend for women to be on the list, with nine women making it on the list and three in the top 10.
AFR Young Rich List 2019
- Mike Cannon Brookes – $13.499 billion
- Scot Farquhar – $13.215 bullion
- Melanie Perkins and Cliff Obreacht – $1.350 billion
- Collis and Cyan Ta-eed -$799 million
- Ori Allon – $747 million
- Peter Greensill – $745 million
- Shangin ‘Jin’ Lin – $659 million
- Tim Gurner – $608 million
- Nicholas Molnar – $564 million
- Kayla Itsines and Tobi Pearce – $486 million
