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PHOTO: The 2022 Rich List

The List is the biggest annual study of Australia’s 250 wealthiest individuals undertaken in this country, with final wealth figures calculated in late February 2022.

Well, 2021 might not have been our year, but that didn’t stop the richest people in Australia from turning their fortunes from massive to monstrous. Across the board, the richest Australians managed to traverse the Delta and Omicron variant threat, capitalising on the iron ore boom that saw mining magnates Clive Palmer and Andrew Forrest swell their net worths enormously last year. In fact, looking at The Australian’s recently unveiled Richest 250 List, you’d be forgiven for thinking 2021 was the year that technology companies and mining giants took over. However, despite strong competition from her adversaries and a spate of new entrants, the richest Australian of 2022 was a familiar face, with Hancock Prospecting chairman Gina Rinehart taking out the title.

 

Who is the richest person in Australia?

According to The Australian’s Rich List for 2022, mining magnate Gina Rinehart is the richest person in Australia. The businesswoman swelled her personal wealth to AUD$32.64 billion, up from AUD$36.28 billion last year.

 

Australia’s Richest 250 List

Compiled by media publication The Australian, the Richest 250 list shines a light on how the other half lives. Delving deep into property portfolios, share prices and investments, the report profiles the influential movers and shakers in Australia that shape our economic landscape. According to The Australian, the list is the biggest annual study of Australia’s 250 wealthiest individuals undertaken in the country. Here’s how it works:

While much of the wealth accumulated by Australia’s richest people is subject to anonymity, The Australian‘s list takes into account net worth calculations based on public records. The final results are based on wealth figures calculated generally in late February. Needless to say, the results weren’t entirely surprising.

Richest Australians 2022

Of the 250 people who made the list, the average wealth sat around AUD$2.08 billion, up from AUD$1.88 billion last year. Importantly, the report reveals that wealth in Australia has surged, with a record 29 new names making the list this year, the youngest of which being Afterpay guru Nick Molnar, who at just 32-years-old is the country’s youngest self-made billionaire. As John Stensholt, Editor – The List rightly points out, the explosion of wealth in the technology secure has been a driving catalyst for new rich listers.

“The technology revolution is heralding a shift from “old” industries such as mining and manufacturing to newer online sectors, bringing significant change to the ranks of the country’s wealthiest individuals,” Stensholt said. “It has also helped create a record number of new names on The List, with 29 debutants. Despite the pandemic, some sectors – retail in particular – have done incredibly well and created a surge in new wealth on The List. It’s been fun uncovering the new names coming up amongst the old guard of The List and sharing their stories.”

Despite Molnar’s early success, the average age of Australia’s richest people remains unsurprisingly high at 65 years of age, while among the 250 members of the rich list, there were only 30 women. But perhaps most ironic of all, was knowing that one of those 30 had pipped every man to the post for the second year running. The richest Australian in 20212 is none-other than mining magnate Gina Rinehart.

Gina rinehart

1. Gina Rinehart (AUD$32.64 Billion)

After an incredible year in 2020 that saw her grow her personal wealth by an astonishing 123 per cent, Hancock Prospecting chairman Gina Rinehart has followed it up. Despite being the only member of the top 10 to lose wealth this year, Rinehart continued to benefit from the major boost in iron ore prices. The move drastically increased the profit from her majority-owned Roy Hill mine. Back in October 202o, IBISWorld estimated revenue at Rinehart’s Hancock Prospecting to have surged more than 23 per cent to almost $11 billion, making it the nation’s biggest private company.

Industry: Mining
Business: Hancock Prospecting
Role: Chairman
Wealth in 2021: AUD$36.28 billion
Change: -11%

Andrew forrest

2. Andrew Forrest (AUD$31.77 Billion)

Another mining giant still benefitting from the iron ore prices upgrade in 2020 was Andrew ‘Twiggy’ Forrest. This year, the proud Aussie managed to swell his personal wealth by 7%, however, he did almost everything he could to drop off. In addition to acquiring R.M. Williams, Forrest renewed his focus on charitable endeavours, donating a whopping $109.6 million, more than anyone else on The List.

Industry: Mining
Business: Fortescue Metals Group
Role: Chairman
Wealth in 2021: AUD$29.61 billion
Change: 7%

Anthony pratt

3. Anthony Pratt & Family (AUD$27.77Billion)

Visy chief Anthony Pratt managed to rise up the ranks this year, leap-frogging perennial rich listers Mike Cannon-Brookes and Scott Farquhar into third place. Pratt’s whopping $27.77 billion net worth follows a similar growth in 2021 that came by way of a mass change in consumer behaviour. The continued boom in e-commerce sent revenue up in Visy’s corrugated box divisions, while the rise in home dining saw demand for plastic and aluminium packaging increase. Throw in 2020’s reported AUD$1 billion transaction that added $2 billion to Visy’s $9 billion valuation and you’ve got a pretty handy bump in cash.

Industry: Manufacturing
Business: Visy, Pratt Industries
Role: Executive Chairman
Wealth in 2021: AUD$21.27 billion
Change: 30%

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