Cotton On founder Nigel Austin again ranked among Australia’s wealthiest people

The fortune of publicity-shy Geelong businessman Nigel Austin has again seen him ranked among Australia’s wealthiest people – “not bad for a guy who started as a cash-strapped university student”.

Billionaire Geelong businessman Nigel Austin.

Geelong businessman Nigel Austin has again featured prominently in a list of Australia’s wealthiest people.

The Cotton On founder ranked 59th on the Australian Financial Review’s annual Rich List with a $2.43bn fortune, six spots higher than last year.

The wealth of the publicity-shy Mr Austin jumped more than 20 per cent in the past 12 months, according to the list that was published Friday.

“Austin continued the expansion of his retail empire in 2023, opening 100 stores overseas in the financial year and lifting Cotton On Group’s revenue by 4 per cent to $2.2bn,” it said.

“Not bad for a guy who started as a cash-strapped university student selling jackets at a Geelong market.”

In March, The Australian’s Richest 250 list placed Mr Austin in 47th position with a $2.86bn fortune, while his ex-wife, Decjuba founder Tania Austin, also made the list in 244th spot.

Her wealth was estimated at $598m.

The publications have different methodologies in calculating a person’s wealth.

Decjuba founder Tania Austin. Picture: Supplied.

The Cotton On brand started out with Mr Austin, then just a teenager, selling denim jackets at Corio’s Beckley Markets in the late 1980s.

After opening its first store in 1991, the brand expanded internationally in 2006.

It has continued to expand in North America, Asia and Africa, and now operates in more than 20 countries.

A new flagship store was launched in Westfield Geelong in early 2023.

The group owns shoe brand Rubi, stationery label Typo and fashion business Factorie.

Mr Austin is also owner of Rosemount Stud, which has significant landholdings in Gnarwarre and Ceres.

He has an extensive property portfolio, including at the southern end of Pakington St where he has been buying up multiple properties in recent years.

Additionally, Mr Austin purchased two Hyland St properties in Fyansford for $7.2m in 2021.

The sites will ultimately become the commercial hub of the fast-growing suburb and are a key element of the Gen Fyansford housing development.

Hancock Prospecting boss Gina Rinehart was way out in front of the Rich List.

Her $40.6bn fortune placed her well ahead of Meriton property’s Harry Triguboff ($26.5bn).

Gina Rinehart.

Ms Rinehart, 70, made news last week after it emerged members of the Australian swimming team had unsuccessfully lobbied the National Gallery of Australia to remove a portrait of her by Indigenous artist Vincent Namatjira.

The mining magnate continues to sponsor individual swimmers despite splitting from overarching body Swimming Australia in 2021.

Avalon Airport owner Lindsay Fox was in 21st position, with the 87-year-old’s wealth estimated at $5.13bn.

Mr Fox has appeared on every Rich List since its inception in 1983.

“He began delivering soft drinks in summer and fuel in winter and today the business (Linfox) is the largest privately owned logistics company in the Asia-Pacific region.,” the list noted.

Originally published as Cotton On founder Nigel Austin again ranked among Australia’s wealthiest people