THE LIST. Australia's richest person, Gina Rinehart, is the daughter of iron-ore explorer Lang Hancock. Rinehart made her wealth rebuilding Hancock Prospecting, becoming chair in 1992 when her father died.
AFR Rich List 2023: The ten richest Australians for 2023, ranked. Gina Rinehart, Andrew 'Twiggy' Forrest, Anthony Pratt, Harry Triguboff, Clive Palmer, Mike Cannon-Brookes.
As of July 26, 2023, Gina Rinehart was the wealthiest person in Australia, with an estimated net worth of 27.5 billion U.S. dollars, followed by Andrew Forrest (No. 2, $21.6 billion), Harry Triguboff (No. 3, $15.5 billion); and Mike Cannon-Brookes (No. 4, $11.7 billion).
Australian Financial Review's annual rich list. Mining magnate Gina Rinehart has once again been crowned Australia's richest person, as a boom in iron ore prices lifted her personal net wealth to $34 billion.
The eye-watering wealth on display in the report is a stark difference to most Australians' perception of what it takes to be considered rich. The Finder survey which asked 1000 people what it took to be rich and found that earning $336,516 per year was the magic number.
Forbes' real-time data shows that as of June 2023, there are 48 Australian billionaires on the list of the world's richest people.
Key statistics
Average net worth for all Australian households in 2019–20 was $1.04 million. Total average liabilities for households saw a statistically significant increase from $189,500 in 2017–18 to $203,800 in 2019–20.
Gina Rinehart: $43.17 billion
With a net worth of an excruciating $43 billion, Rinehart is not only the richest woman in Australia - by a large margin - she is also the eighth-richest woman in the world and among the wealthiest humans alive.
The highest number of rich-listers live in the 2088 postcode in Sydney - which includes Mosman and Spit Junction - with 19,707 people earning $188,324, on average. In comparison, there were just 559 people in the 3944 Portsea postcode in Victoria's Mornington Peninsula, earning an average of $229,805 per year.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
The 10 in the BRW rich families list are the Smorgons ($2.64 billion), the Besens ($2.1 billion), the Libermans ($2.1 billion), the Myers ($2.01 billion), the Wilsons ($1.83 billion), the Roberts family ($1.82 billion), the Wright family ($1.53 billion), the Salteris ($1.17 billion) and the Tiecks ($1.07 billion).
The Walton family is the world's richest family, with an estimated net worth of $247 billion. The majority of the family's wealth comes from their ownership of Walmart, the largest retailer in the world, founded in 1962 by Sam Walton.
“90% of all millionaires become so through owning real estate.” This famous quote from Andrew Carnegie, one of the wealthiest entrepreneurs of all time, is just as relevant today as it was more than a century ago. Some of the most successful entrepreneurs in the world have built their wealth through real estate.
Australia's median wealth per adult is USD$181,361, positioning the middle class above the global average.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
Land boom and bust. The 1880s saw extraordinary growth: consumer confidence, easy access to credit, and steep increases in land prices led to an enormous amount of construction. During this "land boom", Melbourne reputedly became the richest city in the world, and the second-largest (after London) in the British Empire ...
Nicola Forrest to become Australia's second-richest woman after split from billionaire Andrew Forrest. Australia's wealthiest couple, Andrew and Nicola Forrest, have separated after more than three decades of marriage, but they say the split will not affect their shared business or philanthropic interests.
To feel wealthy, Americans say you need a net worth of at least $2.2 million on average, according to financial services company Charles Schwab's annual Modern Wealth Survey. But even if you have that much in the bank, it might not be enough to be considered rich in certain places, the survey found.
People in the census's very top income bracket, like you, earn at least $156,000 a year — or $3,000 a week — before tax. At census time, there were about 596,531 people in Australia above that income level — or 3.8 per cent of income earners.
It takes a $650,000-a-year income to reach America's top 1%—but in some states you need to earn much, much more. It's easier in southern states to reach the threshold of the top 1% of earners than it is in others, new research from SmartAsset has shown.