Chances are you’ve never heard of Australia’s richest families

BRW has revealed Australia’s richest families and you have probably never heard of them.

Wealth of 2.7 billion ... David Smorgon. Picture: Supplied

AUSTRALIA’S richest families are making even more money thanks to the booming property market.

Led by the Smorgons, many of the families have moved into property to boost their already considerable wealth, BRW Rich List editor John Stensholt says.

Twenty of the 50 wealthiest families made their initial fortunes in industries ranging from steel to retail to manufacturing and hosiery, but have made even more by pouring the wealth into property.

Mr Stensholt says the Baiadas, the family behind the Steggles and Lilydale poultry brands, is on the cusp of making a lot more money from property through their development business Celestino. Celestino is building the $4 billion The Gables Box Hill masterplanned residential and mixed-use development in Sydney’s northwest and the $2.5 billion Sydney Science Park. News_Image_File: New fortune ... The Baiadas family behind the Steggles and Lilydale poultry brands, is on the cusp of making a lot more money from property through their development business. Picture: Jono Searle

“Most of the wealthy families are undertaking big residential property projects originally designed to be drip-fed onto the market over several years and thus ensure steady income and returns,” Mr Stensholt said.

“But even that strategy has accelerated with the housing boom.”

He said the Lewis family is struggling to keep up with demand for their $700 million Sovereign Hills masterplanned suburb in Port Macquarie in NSW while the Laidlaws, who made their fortune with the Hard Yakka clothing company, and former Best and Less owners the Scheinbergs have bought into commercial property after selling their original businesses.

The Smorgons remain the nation’s wealthiest family with a steady $2.7 billion fortune in the

AUSTRALIA’S RICHEST FAMILIES

— They have a combined wealth of $41.18 billion up from $40.1 billion in 2014

— The average wealth on the list is $824 million per family, the highest ever result.

— The top 12 have billion dollar fortunes

— The Smorgon family tops the list for the seventh year

— The Smorgon, Liberman, Besen, Wilson and Myer families have been in the top 10 of the list since 2008

THE TOP 5

1. Smorgon family with $2.7 billion (investment; Melbourne)

2. Wilson family with $2.6 billion (plumbing and building supplies company Reece; Melbourne) 3. Liberman family with $2.5 billion (investment; Melbourne)

4. Buckeridge family with $2.5 billion (building materials manufacturing, construction; Perth)

5. Besen family with $2.4 billion (property, retail; Melbourne)

FIRST TIME APPEARANCE

— Melbourne’s Ring family came 31st with $440 million (after majority sale of Swisse Wellness vitamins company)

— Perth’s Caratti family came 47th with $312 million (diversified into property after initial fortune made in earthmoving)

— Perth’s Cardaci family came 50th with $302 million (transport sector)