The 25 executives who doubled their money on the ASX in a year

Some little known bosses and board members now have shareholdings worth $100m-plus, joining billionaires and other high profile investors whose wealth has soared over the past year.

Larry Diamond from Zip Co, Maree Isaacs from WiseTech Global and David Riches, the founder and chief executive of GenusPlus.

At least 25 executives and board members, ranging from billionaires to little-known players operating out of the spotlight, have doubled their money on the ASX this year - adding more than $20bn to their paper wealth.

The biggest mover is Larry Diamond, the founder of buy now pay later firm Zip Co, up 970 per cent to $150m.

Almost the entire group hold stock worth more than $100m each in their respective companies, led by WiseTech Global founder Richard White’s $15bn shareholding and including the likes of 93-year-old former Codan chairman John Uhrig.

Uhrig retired as chairman in 2007 but his family’s investment company is still one of the biggest shareholders in Codan, which makes high frequency radios, gold metal detectors, mining and defence industry equipment.

Pamela Wall, a former Codan board member and the widow of late Codan co-founder Ian Wall, is Codan’s biggest individual shareholder with a $553m paper stake. The Wall family are noted philanthropists in Adelaide and Mr Wall told The Australian in 2021 he wanted charities to be big beneficiaries of the shareholdings.

Pamela Wall at her 90th birthday Picture: Supplied

The staggering amount of rising paper fortunes comes as the stockmarket has hit fresh highs this year, though the stocks that have shone the most brightly, mostly come from the healthcare, power and telecommunications services and technology.

White’s WiseTech accounts for four billionaires on The List - Australia’s Richest 250, including his co-founder Maree Isaacs and current or former board members Charles Gibbon and Michael Gregg.

Each of the quartet’s shareholdings have more than doubled this year, adding at least $10bn in combined wealth.

But other WiseTech investors also now hold large shareholdings, including Leigh Porter, who is among the company’s top 20 shareholders with a $204m stake, and Peter Willis, whose Linkedin biography says he was chief operating officer and chief financial officer of WiseTech for five years to 2010. Willis has a $90m stake.

In a period when the All Ordinaries Index is up almost 17 per cent, several small and mid cap companies have doubled in value - sending the share wealth of their founders and executives past the $100m mark.

David Riches, the founder and chief executive of GenusPlus, has about $244m worth of shares in his power and communications infrastructure services group.

David Riches, CEO Genus Group

Perth-based GenusPlus floated on the ASX in late 2020 and its shares traded between $1.00 and $1.40 at most until earlier this year. The stock is up about 85 per cent since January 1 and Mr Riches and his family hold more than 52 per cent of the company’s share on the market.

The company’s history goes back a second and third generation to Riches’ father and grandfather and various companies they operated. GenusPlus was formed in 2017 and listed three years later.

It had $551m revenue in the 2024 financial year and statutory net profit of $19.3m.

“Genus made significant progress in FY2024 enabling it to be positioned as an active participant in the energy sector’s transition to renewable energy, and the Australian Government’s Rewiring the Nation program,” Riches said when the company’s financial results were announced in August.

Greg Forsyth, a non-executive director and former chairman of Supply Network has a shareholding worth about $363m in the company, which supplies replacement parts for road transport equipment.

Otherwise, a collection of health industry related companies are among the hottest stocks.

Pro Medicus provides radiology imaging software and services, allowing radiologists to view reports and images generated by X-rays and other medical scans.

It has been one of the best performers on the ASX for several years and founders Dr Sam Hupert and Anthony Hall’s combined stake has more than doubled to about $9bn in the past 12 months.

Pro Medicus chairman Peter Kempen, who has been the board since 2008, is another beneficiary. His shareholding is now worth about $113m.

Aged care provider Regis Healthcare is up about 150 per cent in the past year, boosting the shares of co-founders Ian Roberts and Bryan Dorman to $529m and $416m respectively.

Regis shares are now trading at their highest level since its 2014 float. Dorman sold a $68m stake in May.

Executive chairman Alan Taylor’s stake in radiopharmaceutical company Clarity Pharmaceuticals is worth $106m, while board member Dr Chris Roberts has a shareholding now worth $135m.

Other big movers include Ian Macoun of fund manager Pinnacle (up 122 per cent to $340m) and Alan Tribe, the chairman of PYC Therapeutics. His paper wealth has surged 270 per cent to $260m.

Meanwhile, billionaire Andrew Forrest’s investment in Bega Cheese has doubled to $186m and David Teoh’s holding in Singapore telecommunications business Tuas is up 152 per cent to $935m.

Originally published as The 25 executives who doubled their money on the ASX in a year