RICH LIST REVEALS RECORD-BREAKING AUSTRALIAN WEALTH
• Anthony Pratt tops the Financial Review Rich List with record personal wealth of $12.90 billion. Pratt’s Visy cardboard box manufacturing and recycling business dominates Australia, but his rising wealth is mainly due to the huge growth of Pratt Industries in the United States.
• Harry Triguboff is #2 on the list with wealth of $12.77 billion. The apartment development tycoon maintains his second position on the list, and his wealth is a personal record.
• Gina Rinehart is #3 with wealth of $12.68 billion, up from $10.41 billion last year as commodity prices improve.
• Hui Wing Mau is #4 on the list with $9.09 billion wealth.
• Frank Lowy is #5 on the list with $8.42 billion wealth
• This year is the only the second in the 35-year history of the Rich List that three names are above the $10 billion mark.
• Total wealth of the Rich List is up to $282.7 billion, from $233.1 billion last year.
• The average wealth per person on the Rich List rises to a record $1.41 billion, up from $1.16 million last year.
• There are 19 women on the 2018 Financial Review Rich List.
• There are 8 female billionaires.
• There are 12 new names on the list this year.
• The 76 billionaires on the 2018 list is a record number, up from 60 last year.
• Departures from the Rich List include the late Ron Walker and Harold Mitchell.
• Hospitality young gun Justin Hemmes makes his debut on the rich list at #78, valued at $961m, ahead of industry stalwart Arthur Laundy at #170 with wealth of $606m.
• There is a record $387 million cut-off, which is up from $341 million on last year.
Cardboard box manufacturer and recycling tycoon Anthony Pratt tops the 2018 Financial Review Rich List with a personal record $12.90 billion, also a Rich List record, thanks to a big year for his Pratt Industries business in the United States.
Pratt has more than doubled the size of the Visy and Pratt Industries businesses in Australia and the US since his father Richard Pratt died in 2009.
Sydney apartments king Harry Triguboff maintains second place, despite Triguboff’s fortune rising to a record $12.77 billion of personal wealth.
Gina Rinehart comes in at #3 on the Rich List with wealth of $12.68 billion, jumping from $10.41 billion last year on the back of commodities price rises and iron ore production. Her estranged daughter Bianca Rinehart, who controls 23 per cent of Hancock Prospecting, is also among the billionaire ranks (#19, $3.28 billion).
The Rinehart’s are two of 19 women making appearances on the 2018 AFR Rich List, with 10 of them hitting the billionaire mark. The Rineharts, whose combined wealth equals $15.96 billion, are the top two women on the list and the richest people in their respective states (Western Australia and Queensland).
In fourth place is Hui Wang Mau, a Hong Kong-based property magnate with wealth of $9.09 billion. He holds Australian citizenship after studying for an MBA at the University of South Australia in the early 1990s. Most of his wealth is found in the Hong Kong-listed Shimao Property, though he also has extensive rural interests in Australia.
Fifth on the AFR Rich List is Frank Lowy, whose wealth is derived from his shopping centre giant Westfield. Lowy’s wealth is steady at $8.42 billion, up from $8.26 billion last year. The proposed takeover of Westfield by Unibail-Rodamco is set for May 30.
The 2018 Financial Review Rich List’s highest ranked debutant is Vivek Sehgah, an Indian manufacturing tycoon who also has Australian citizenship. He is the founder and chairman of Motherson Sumi, India’s largest auto parts manufacturer.
There are 76 billionaires on the 2018 Rich List – the most there has been in the 34-year history of the list.
The combined wealth of the top 5 male Rich Listers more than doubles the combined wealth of the top 5 female Rich Listers, totalling $46 billion compared to $18.37 billion.
Property remains the dominant sector on this year’s list. Of the 200 people on the list, 51 make most of their money in the property sector. Many on the list that have made money in other industries have poured their proceeds into property development or management businesses.
Property is followed by retail (22) and investment (21), with financial services, agriculture, manufacturing, technology, media, healthcare, entertainment, travel, transport, telecommunications and education also featuring in the list.
The cover of the AFR Magazine Rich List issue features an exclusive shot of Anthony Pratt, taken in New York, seated on a specially constructed throne made of cardboard. Inside the magazine there is also an exclusive photograph of Mr Patt at Donald Trump’s Mar-a-Lago Resort in Florida.
In researching his profile on Australia’s wealthiest person, Rich List editor John Stensholt travelled with Mr Pratt to the Mar-a-Lago Resort where he was introduced to US President Donald Trump.
For the first time, this year the Rich List issue of AFR Magazine will be available as a standalone magazine on newsstands from Monday, 28 May, as well as being distributed via the AFR newspaper this Friday 25 May.
The special Rich List news stand issue of the AFR Magazine will have a RRP of $4.95, and be available from selected news agencies in capital cities.
Originally published by The Australian Financial Review