Kayla Itsines and Tobi Pearce amass $486 million fitness fortune — up $423 million just one year
SOUTH Australian power couple Kayla Itsines and Tobi Pearce have skyrocketed up the 2018 Young Rich List as their combined wealth soared by more than 650 per cent ... in just one year. Here’s how they did it.
- Tobi Pearce and Kayla Itsines to earn $100m in annual revenue
- Rich List 2017: Kayla Itsines and Tobi Pearce amass $63m fortune
- Kayla Itsines and Tobi Pearce announce engagement
POWER couple Kayla Itsines and Tobi Pearce have skyrocketed up this year’s Young Rich List after amassing a $486 million fitness fortune — up $423 million in just 12 months.
The pair’s wealth has jumped from $63 million last year, according to this year’s Financial Review Young Rich List, placing them as the fifth and sixth wealthiest Australians up to the age of 40.
Their joint wealth growth is equivalent of $1.15 million every day.
They were jointly listed at 40 on last year’s list.
Itsines, 27, and Pearce, 26, were the biggest movers on this year’s list and the duo, who generate most of their earnings from their fitness app Sweat, have become the wealthiest self-made 20-somethings in Australia.
They are the only South Australians on this year’s list.
For a record seventh year, Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar top this year’s list with combined wealth of $14.2 billion.
Third is Melbourne property developer Tim Gurner ($631 million), who made headlines last year when saying young Australians would struggle to buy a home when they were “spending $40 a day on smashed avocados and coffees”.
Rounding out the top five is Ori Allon, whose $539 million fortune is generated from investments in technology and property.
Other well known names on this year’s list include Steve Smith (95), Harry Kewell (48), Chris Hemsworth (49) and Miranda Kerr (52).
Itsines and Pearce have harnessed the power of social media to build an empire based first on downloadable Bikini Body Guides, to bundled e-books, branded fitness equipment and, since late 2015, a smartphone app called Sweat With Kayla.
The app is available in seven different languages and in 155 countries, with more than 30 million people having signed up to the $20-per-month subscription app since its inception.
In June, Pearce said the company was on track to generate $100 million in annual revenue.
“Last year we grew 86 per cent year-on-year in revenue, we are currently the world’s largest health and fitness app in terms of paying users and revenue, and this year we’re on track to hit $100 million, so I’m pretty excited about that,” he said at a SA Tourism Industry Council conference.
The Financial Review Young Rich List tracks the wealth of the 100 richest Australians aged 40 and under, who are self-made and have not inherited their wealth.
The combined wealth of this year’s list rose by more than $10 billion to $23.5 billion.
Technology remained the dominant sector represented, with 29 tech players on the list, followed by financial services with 13 and sport with eight.