Top 10 Richest People in Australia
According to a recent Australia Institute report, the gap between the wealth of those with the least and those with the most is growing – the top 20% of Australians have five times more income and a combined wealth of 71 times more than the bottom 20%. With determination, hard work, investments (and more than a little help from their parents), these Australians have managed to amass mind-boggling wealth. But, exactly how rich are they? Here’s the lowdown on the top 10 richest people in Australia (as of 05-16-2016):
1) Blaire Parry-Okeden — $10.4 Billion
Australia’s richest person, Parry-Okeden became a billionaire after inheriting one quarter of Cox Enterprises, one of America’s biggest media conglomerates, when her mother, Barbara Cox Anthony died in 2007. Her billionaire brother, Jim, manages the massive firm, however, she has no involvement with or role within the company. Parry-Okeden, 52, grew up in Hawaii, but now calls a little village called Scone, Australia home. A divorced mother of two, she lives like her mother did – in near anonymity and seclusion.
2) Gina Rinehart – $9.9 Billion
The Executive Chairman of Hancock Prospecting, Rinehart inherited her father, Lang Hancock’s estate. After a court battle involving two or her four children, she resigned her trustee position from the multibillion-dollar trust owning 24% of Hancock Prospecting. The biggest chunk of the 62-year-old widow’s fortune is generated from a joint venture mine called Hope Downs, and the Roy Hill project, a massive, world-class Western Australian iron-ore mine. A Perth resident, Rinehart claims to have donated more than $30 million for sponsorships to Australia’s Olympic rowing, volleyball, swimming, and synchronized swimming teams.
3) Harry Triguboff — $8.8 Billion
This 83-year-old Russian billionaire’s nickname is “High-Rise-Harry” – when other developers were building single-family suburban homes, he was busy building more than 65,000 apartments, mostly in Sydney. His company, Meriton, is Australia’s biggest apartment builder. The married father of two was born in China; he relocated to Australia as a teenager, where he started off in the textile industry before moving into real estate in the early 1960s.
4) Frank Lowy — $5.4 Billion
Lowy. 83, migrated to Australia from Hungary via Israel, and started a delicatessen in Sydney in 1952. He then branched out into property development, and eventually into malls. He opened his first mall in Sydney in 1959. He is presently the chairman of Westfield Corp., which owns 2 malls in the U.K. and 38 malls in the U.S. Married, and father of three, his sons Peter and Steven serve as joint CEOs of Westfield, an Australian mall business Lowy co-founded 60 years earlier. He donates to various charities, including the Lowy Medical Research Institute, the Lowy Institute think tank, and an aviation museum.
5) Anthony Pratt – $4.5 Billion
Anthony Pratt runs a third generation family business in manufacturing. The father of two’s wealth comes from Pratt Industries, the United States’ largest manufacturer of corrugated cardboard, and the Visy packaging and recycling businesses. Visy is Australia’s largest private company. His sisters Fiona Germinder and Heloise Waislitz are also billionaires due to their stakes in Visy; the combined Pratt family wealth is estimated at over $10 Billion.
6) James Packer — $3.8 Billion
Packer, owns 53% of gaming empire, Crown Resorts, a casino entity. He is probably more well-known for his engagement to American singer Mariah Carey, to whom he gifted a modest 35-carat diamond ring. The 48-year-old’s fortunes have slipped lately, resulting in the sale of several assets including a yacht named Seahorse, a ski resort, and a Sydney Harbor mega-mansion. He presently lives in Los Angeles, California where his RatPac Entertainment film company is based. He travels frequently to Tel Aviv, where he owns a luxury home.
7) John Gandel — $3.7 Billion
Gandel began his quest for wealth by expanding the women’s clothing chain “Sussan”, which was started by his Polish immigrant parents and expanded it in the 1980s by purchasing Myer department store shopping malls for $37 million. The father of four now owns half of Chadstone, the southern hemisphere’s largest shopping mall. He maintains a mansion in Melbourne’s posh Tootak suburb, where he and wife Pauline enjoy collecting Japanese art. Gandel, 81, recently donated $1 million for the redevelopment of the children’s gallery in Museum Victoria.
8) Lindsay Fox — $3.1 Billion
Trucking magnate Fox, 79, has made his fortune in logistics. Owner of Australia’s biggest privately held logistics company, Linfox, he wanted to be a truck driver like his father, so at age 16 he dropped out of his school, purchasing his first truck at age 19 – the company now owns a fleet of over 5,000. The father of five with the nickname “snake eyes” leaves management and day-to-day operations of Linfox to his sons Andrew and Peter. Fox also owns a race track, more than 100 vintage cars on public display, and a historic Melbourne amusement part, Luna Park.
9) David Teoh — $2.5 Billion
Through a series of smart acquisitions, Teoh, 60, has been able to transform his TPG Telecom computer retail company into one of Australia’s major Internet service providers. Teoh, who is executive chairman, and his wife Vicky, own more than a third of the company. With their 4 sons, Vicky has launched more than a dozen startups. Teoh emigrated in 1986 from Malaysia, and is notorious for being publicity-shy.
10) David Hains — $1.96 Billion
Hains amassed his fortune working out of the Melbourne headquarters of Portland House Group, his family’s private hedge fund. The married father of five still works at the group, and was joined in the 1980s by three sons, Richard, Stephen and Michael. Daughter Cathy is a racehorse breeder, and son Paul founded the online magazine Aeon. Hains took seven years off in the late 1960s in order to train with legendary Australian golf coach Norman von Nida in hopes of improving his golf game.