Property remains the main vehicle by which fortunes are made. But those in tech are easily the quickest builders of wealth in a record-breaking Financial Review Rich List.
After Donald Trump slashed the corporate tax rate and granted instant write-offs for investment, no. 1 on the Rich List Anthony Pratt grew pre-tax earnings 15 per cent to $1.26 billion. Alina Gozin'a
It took 16 years of the Rich List before the club of Australia’s wealthiest 200 included a technology-sector tycoon. Back in 1998, Sean Howard, founder of OzEmail, was alone in a sea of property magnates and media moguls.
But tech has well and truly arrived as a source of wealth creation in Australia. This year’s Financial Review Rich List includes a record 14 technology entrepreneurs. They are led by Atlassian co-founders Scott Farquhar and Mike Cannon-Brookes who are in the top 10 for the first time, with fortunes over $9 billion each, after shares in their NASDAQ-listed company nearly doubled in value in one year.
Michael BaileyArts & Culture editorMichael Bailey writes on arts and culture, and edits Weekend Fin. He is a former editor of the Financial Review Rich List. He is based in Sydney. Connect with Michael on Twitter. Email Michael at m.bailey@nine.com.au
