Mining magnate Gina Rinehart has again been named Australia’s richest person, though her fortune fell between 2023 and 2024. Despite this, the 50 richest people in the country are 4 percent wealthier collectively, as industries rose and fell over the course of the year.
The new data comes by way of the Forbes’ Australia’s 50 Richest list for 2024 which detailed the staggering amount of money Australia’s top 1 per cent actually earned over the last 12 months, despite the fact that the Australian dollar struggled.
Richest Australians 2024
While you may be unsurprised to hear that some of the richest people in Australia work within the mining industry, we also saw a number of technology-focused leaders in the top ten, as well as manufacturing and real estate. Here’s the full list:
1. Gina Rinehart
While Rinehart enjoyed a strong year in 2023, with her wealth inflating around 23 per cent, 2024 has actually seen her war chest dwindle. According to Forbes, Rinehart’s fortune fell to USD$30.2 billion (AUD$44.74 billion) this year – not a bad result by any stretch, but likely one she’ll want to shake off in the year ahead. Forbes noted that Rinehart is moving into the lithium space, likely as a means of entering the nascent EV battery market.
Industry: Mining and Metals
Business: Hancock Prospecting
Role: Chairman
Wealth in 2024: USD$30.2 billion (AUD$44.74 billion)
2. Andrew Forrest & Family
Forrest’s fortune was less impacted over the past year, down to USD$21.5 billion (AUD$31.8 billion), most likely as a result of his earlier investments into renewables. Forrest made the biggest acquisition in the history of Australia’s clean energy industry in 2022, dropping $4 billion on CWP Renewables, and has reportedly committed to producing 14 gigawatts of clean energy by 2030. If Twiggy gets it right, he might wind up with another private jet or better still, a second private island.
Industry: Mining and Metals
Business: Fortescue Metals Group
Role: Chairman
Wealth in 2024: USD$21.5 billion (AUD$31.8 billion)
3. Harry Triguboff
“High Rise” Harry Triguboff has been at the forefront of Australia’s move to smaller dwellings for years. Triguboff has seen his wealth shoot through the roof to USD$16.2 billion (AUD$24 billion) as the demand for housing soars, thanks to big investments made in the construction of apartment dwellings. According to Forbes, the 91-year-old was one of the first developers in Australia to see the potential of high-density living in Sydney, and has reaped the rewards.
Industry: Real Estate
Business: Meriton
Role: Managing Director
Wealth in 2024: USD$16.2 billion (AUD$24 billion)
4. Mike Cannon-Brookes
The first major move in the list compared to last year, Mike Cannon-Brookes jumped from 6th place in 2023 to 4th this year. The Atlassian co-founder grew his wealth from USD$10.8 billion (AUD$16 billion) to USD$13.7 billion (AUD$20.3 billion) over the course of the year, according to Forbes, propelled by a recovery in the tech sector. Plus, having taken over operations of renewable energy outfit Sun Cable, and acquiring a minority stake in AGL Energy, Cannon-Brookes is pushing hard into the renewables space.
Industry: Technology
Business: Atlassian
Role: Co-founder and co-chief executive
Wealth in 2024: USD$13.7 billion (AUD$20.3 billion)
5. Scott Farquhar
Coming up right behind his collaborator, Scott Farquhar enjoyed the same success Cannon-Brookes did over the past year. Together, Farquhar and Cannon-Brookes have made some iffy financial calls in the past, founding Atlassian with using credit cards, but it seems to have all paid off in the end. Part of the reason for their success is that the pair stuck to eating ramen in the early days of the company, Farquhar has said.
Industry: Technology
Business: Atlassian
Role: Co-founder and co-chief executive
Wealth in 2024: USD$13.5 billion (AUD$20 billion)
6. Anthony Pratt
Anthony Pratt built his fortune on recycling bins and cardboard: two very unsexy things, but things that have become incredibly important in our modern age of e-commerce and circular thinking. The Pratt family was always ahead of the curve, with Anthony’s grandfather starting Pratt Industries in 1948, which is now one of the biggest makers of corrugated cardboard in the world. Anthony also created the humble Visy bin, which helps offices around the world recycle. Good effort.
Industry: Manufacturing
Business: Visy, Pratt Industries
Role: Executive Chairman
Wealth in 2024: USD$10.3 billion (AUD$15.2 billion)
7. Cliff Obrecht & Melanie Perkins
Australia’s biggest power couple have done it again, taking their graphic design platform Canva to new heights. Now worth USD$8.8 billion (AUD$13 billion), Obrecht and Perkins have previously talked about donating half of their fortune to charities. 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 2024: USD$8.8 billion (AUD$13 billion)
8. Bianca Rinehart & Family
While Gina kept the top spot on the list this year, her family saw a significant fall, from 4th place to 8th. Daughter Bianca, along with siblings Ginia, John Hancock and Hope are all equal beneficiaries of the USD$5 billion (AUD$7.4 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 2024: USD$8.5 billion (AUD$12.6 billion)
9. John, Alan & Bruce Wilson
The family behind Reece Group, Australia’s biggest bathroom and plumbing supplies chain, entered the top 10 this year, and tends to keep a low profile compared to some others on the list. The family’s involvement with the business began when Leslie Wilson joined the board of Reece in 1958. Since then, Reece has thrived due to Australia’s fascination with home renovations and constant construction of new apartment buildings.
Industry: Retail
Business: Reece Group
Role: Majority stakeholders
Wealth in 2024: USD$6.6 billion (AUD$9.8 billion)
10. Frank Lowy
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 (AUD$23.7 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$6.5 billion (AUD$9.6 billion)
Methodology
The richest Australians of 2024 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 February 2nd, 2024. 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
