10 Richest People in Australia for 2023 Revealed

The richest person in Australia for 2023 has been crowned, with mining magnate Gina Reinhart once again taking the top spot. With an estimated net worth of USD$30.6 billion (AUD$44.3 billion), the Hancock Prospecting chairman managed to produce a repeat performance on last year’s list, not to mention, pocket a handy AUD$8 billion in the process. The new data comes by way of the Forbes 50 Richest list for 2023 which detailed the staggering amount of money Australia’s top 1% actually earned over the last 12 months. Perhaps most shocking of all was the sheer number of Australian billionaires that managed to defy the inflation stagnation and come out on top.

Richest Australians 2023

While Rinehart and Forrest remain top of the proverbial totem pole, the tech sector wasn’t far behind, even amid a challenging year. Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar kept up the pace, along with Canva creators Cliff Obrecht & Melanie Perkins. Here is a list of the 10 richest Australians for 2023, according to Forbes.

1. Gina Rinehart – USD$30.6 Billion

After seeing estimated revenue at her Hancock Prospecting business surge by more than 23 per cent to almost $11 billion, Gina Rinehart was always going to be hard to beat. The chairman of the mining magnate managed to fend off rival Andrew Forrest, securing a solid year amid fluctuating iron ore prices. At last report, the profit generated by her majority-owned Roy Hill mine makes Rinehart’s Hancock Prospecting the nation’s largest private company.

Industry: Mining
Business: Hancock Prospecting
Role: Chairman
Wealth in 2023: USD$30.6 billion (AUD$44.3 billion)

2. Andrew Forrest – USD$21.7 Billion

Much like his stablemate Rinehart, Andrew ‘Twiggy’ Forrest battled a series of fluctuating mineral prices this year, however, it didn’t stop him from securing some serious wealth. The Fortescue Metals Group chairman has quietly lifted his wealth in 2023 to USD$21.7 billion (AUD$31.4 billion) according to the Forbes report.

Unlike Rinehart, however, Forrest’s investment in renewable energy may safeguard him for years to come. The mining magnate recently acquired CWP Renewables for more than AUD$4 billion, marking the biggest acquisition in the history of Australia’s clean energy industry. The deal is set to see Forrest expand his reach into wind, solar and battery farms across the eastern seaboard, presumably in an effort to get in early and reap the rewards. If Twiggy gets it right, he might wind up with another private jet or better still, a second private island.

Industry: Mining
Business: Fortescue Metals Group
Role: Chairman
Wealth in 2023: USD$21.7 Billion (AUD$31.4 billion)

3. Harry Triguboff – USD$15.5 billion

With a net worth of around USD$15.5 billion (AUD$22.5 billion), property developer Harry Triguboff is not to be trifled with. The Merrion managing director is set to celebrate his 90th birthday and the 60th anniversary of his company this year.

The businessman made much of his wealth over the last few years off of increased demand for apartment dwellings in light of the rising housing market. According to Forbes, Triguboff was “one of Australia’s first developers to see the potential of apartment living when most of the country aspired to single-family homes. Obviously, it’s paid dividends.

Industry: Property
Business: Meriton
Role: Managing Director
Wealth in 2023: USD$15.5 billion (AUD$22.5 billion)

4. Bianca Rinehart & Siblings – USD$12.5 billion

Not content with simply dominating the list of the richest Australians for 2023, Gina Rinehart had to get the whole family involved. Daughter Bianca, along with siblings Ginia, John Hancock and Hope are all equal beneficiaries of the USD$5 billion Hope Margaret Hancock Trust. This entity owns a reported 23.45 per cent of Hancock Prospecting, making it one of the most valuable family organisations in the country.

Industry: Manufacturing
Business: Hope Margaret Hancock Trust
Role: Beneficiaries
Wealth in 2023: USD$12.5 billion (AUD$18.1 billion)

5. Anthony Pratt – USD$11.6 Billion

Whoever said recycling doesn’t pay obviously never met Anthony Pratt. The man behind the humble Visy bin has secured an enormous amount of money over the past few years, buoyed by a significant global uptick in e-commerce purchases. Pratt managed to scoop profits by predicting the trend in 2020, revamping Visy’s corrugated box divisions to combat the rise in home dining. There is also the reported AUD$1 billion transaction that added AUD$2 billion to Visy’s AUD$9 billion valuation, so that certainly helps.

Industry: Manufacturing
Business: Visy, Pratt Industries
Role: Executive Chairman
Wealth in 2023: USD$11.6 billion (AUD$16.8 billion)

6. Mike Cannon-Brookes – USD$10.8 Billion

While Forbes reported that a tech decline took a light bit of the shine off perennial overachiever Atlassian’s valuation, that didn’t stop co-chief executive Mike Cannon-Brookes from making big waves. The co-owner of NBA team the Utah Jazz and one of Australia’s most expensive houses saw his net worth hit USD$10.8 billion (AUD$15.6 billion), slightly ahead of fellow Atlassian boss Scott Farquhar.

Industry: Technology
Business: Atlassian
Role: Co-Chief Executive
Wealth in 2023: USD$10.8 billion (AUD$15.6 billion)

7. Scott Farquhar – USD$10.6 billion

Like his co-chief executive, Scott Farquhar had another solid year in the finance stakes. The Atlassian head honcho saw his net worth hit USD$10.6 billion (AUD$15.3 billion), buoyed by the success of his software company. Impressively, Farquhar is also a co-founder of Pledge 1%, which advises companies to donate at least 1% of equity, employee time or products to charity.

Industry: Technology
Business: Atlassian
Role: Co-Chief Executive
Wealth in 2023: USD$10.6 billion (AUD$15.3 billion)

8. Cliff Obrecht & Melanie Perkins – USD$7.2 Billion

Power couple Cliff Obrecht and Melanie Perkins have been one of Australia’s success stories for a little while now, but the Canva creators are going from strength to strength. The graphic design platform has steadily grown to become one of the world’s most-used online tools, capable of delivering world-class designs at the touch of a button. In 2020, Forbes named Perkins as one of the world’s “Top Under 30 of the Decade”, and just a few years later, she and husband Cliff are showing no signs of slowing down.

Industry: Technology
Business: Canva
Role: Co-owners
Wealth in 2023: USD$7.2 billion (AUD$10.43 billion)

9. Frank Lowy – USD$6 billion

The world was a little shocked when retail icon Frank Lowry sold his Westfield Corp. to a Franco-Dutch group in June 2018, but the time was certainly right. Lowry’s USD$16 billion deal, Australia’s largest takeover, significantly bolstered his bottom line and put him firmly in the top 10 richest Australians.

Nowadays, he’s more concerned with running their family investment house, Lowy Family Group, which has offices in New York, Los Angeles and Sydney. Sir Frank is the group’s principal, along with his three sons, David, Peter and Steven.

Industry: Real Estate
Business: Lowy Family Group
Role: Owner/Founder
Wealth in 2023: USD$6 billion (AUD$8.7 billion)

10. Richard White – USD$5.4 Billion

One of the lesser-known billionaires to make the Australian rich list in 2023, Richard White is a serious beacon of success in the tech startup world. White founded software company WiseTech Global in 1994 with the aim of helping logistics companies manage goods and information across supply chains. While the business enjoyed a steady level of success, White’s wealth was primarily generated when the company went public in 2016. Since then, WiseTech’s shares have soared with strong revenue growth and a series of of global acquisitions.

Industry: Technology
Business: WiseTech Global
Role: Founder
Wealth in 2023: USD$5.4 billion (AUD$7.8 billion)

Australia’s Rich Get Richer

According to the Forbes list, its first Australian edition in three years, the collective wealth of the nation’s top 50 people skyrocket by a whopping 70 per cent to USD$213 billion, up from USD$125 billion in 2019. Of course, when you consider there was a significant decrease in supply chain operations, reduced international investment and a pesky little global pandemic to send iron ore and technology prices surging to record highs, the figures aren’t really surprising.

As Forbes rightly points out, the Australian economy benefited from the post-pandemic resurgence, however, inflation has flattened the curve. The cost of living remains a challenge and higher average home prices are a reflection of the 7.8 per cent inflation rate, the highest in three decades, but some Aussies aren’t feeling the pinch at quite the same rate.

Gina Rinehart and Andrew ‘Twiggy’ Forrest both managed to traverse the tricky situations with ease, netting serious profits through the mineral businesses and subsequent energy projects. Similarly, property developer Harry Triguboff, the man behind Meriton, also scored a cash injection this year, benefitting from rising house costs and increased demand for apartment dwellings.

Methodology

The richest Australians of 2023 list was compiled by Forbes, using a strict set of guidelines. According to the publication, the list makes use of shareholding and financial information obtained “from the families and individuals, stock exchanges, annual reports and analysts”. The ranking lists:

• Individual and family fortunes – For this list, wealth was determined based on finances shared among relatives.
• Private companies – These entities were valued based on similar companies that are publicly traded.
• Public fortunes – Forbes states that these figures were calculated based on stock prices and exchange rates as of January 27, 2023. Additionally, the publication outlined that adjustments may have been made for some stocks that are “thinly traded or have a low public float”.

Much like The Australian’s Rich List, Forbes’ 50 Richest can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.

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