Atlassian, Canva founders move into top 10 of Richest 250 list as tech sector booms

An elite clutch of start-up founders is getting richer more quickly than ever, adding $30bn since March as wealth shifts from old industries to new sectors. See the new rankings.

New guard and old guard: Atlassian's Mike Cannon-Brookes (baseball cap) and fellow founder Scott Farquhar (inset left) and Canva's Cameron Adams, Cliff Obrecht and Melanie Perkins (top right), are taking the game to older faces on the rich listers like Frank Lowy (main picture) and Gina Reinhart.

The technology revolution has well and truly arrived.

For the first time, the wealthiest people in Australia are tech start-up gurus as the shift from so-called old industries such as mining and manufacturing to the newer online sector gathers pace and brings significant change to the ranks of the country’s wealthy elite.

Analysis by The Weekend Australian have Atlassian duo Mike Cannon-Brookes and Scott Farquhar on top of The List – Australia’s Richest 250 with estimated wealth of $29.9bn each.

The Atlassian share price on the NASDAQ exchange in the US has surged almost 70 per cent in value in the past six months, meaning the co-founders surpass mining magnates Gina Rinehart and Andrew Forrest at the top of the The List.

Mr Cannon-Brookes and Mr Farquhar’s paper fortune from their Atlassian shares have increased by a combined $15bn since calculations for the 2021 edition of the List, published by The Australian in late March, were finalised.

Mike Cannon-Brookes and fellow founder of Atlassian, Scott Farquhar pictured together in their Sydney HQ.

Rinehart topped that edition with an estimated $36.28bn fortune from her huge mining and agricultural interests. It was a similar story then for Dr Forrest, who placed second with wealth of $29.61bn as commodity prices boomed.

While Fortescue’s net profit for the year to June 30 was a record $US10.3bn ($14.08bn), more than double that from the previous year, Fortescue shares are down almost 15% in six months and are worth more than 25 per cent less than their value on January 1 as global iron ore prices fall.

That in turn has meant Mrs Rinehart’s estimated wealth has fallen, though her giant private Hancock Prospecting will likely reveal its biggest ever financial result when its accounts are lodged with the corporate regulator by the end of October.

Gina Rinehart has been toppled from the top of the Richest 250

Dr Forrest, who earned a PhD in marine science at the University of WA in 2019, has lost more than $6bn from the value of his Fortescue shares since the beginning of 2021 but did receive a $4bn dividend in August that has mitigated some of that drop in wealth.

It is not clear yet what sort of dividend Rinehart will receive from Hancock’s profits, but she did share in more than $2bn of dividends over consecutive quarterly payments earlier this year from her giant Roy Hill mining operations.

For now though, Mrs Rinehart and Mr Forrest are estimated to have had $10bn wiped from their wealth in six months.

Yet calculations show the top 25 of The List have put more than $30bn in wealth since March, almost all of which is driven by big gains by the technology magnates.

The biggest gain comes from the incredible new valuation for online graphics and design elements start-up Canva, led by co-founder couple Melanie Perkins and Cliff Obrecht.

Canva made headlines this week when it emerged with a $US40bn ($54bn) valuation after a $US200m raising from new and existing investors.

It makes Canva the most valuable private software firm in the world, and Ms Perkins and Mr Obrecht, 34 and 35, now worth a combined $16.4bn to vault inside the top 10 for the first time.

They represent the changing face of wealth, with their fellow founder Cameron Adams now worth $4.4bn himself – above the likes of James Packer and Lindsay Fox.

But the tech leaders also believe they are at the vanguard of a new way of thinking about how they can use their profits and shareholding to help change the world with Ms Perkins saying their 30% Canva stake will be used to give away billions via their charitable foundation.

“We truly believe that what is good for business is also good for humanity, and we think we are seeing a whole new breed of companies that are really bringing that to the fore,” Ms Perkins said.

It is a similar story for Farquhar, who told The List this year that “we want to … talk about the issues we think are really important to Australia. Climate change, obviously, is a big one. We speak out, I think, on those things where we think it helps the industry and helps Australia.”

Technology now accounts for six of the top 25, with WiseTech founder Richard White joining the Canva trio and Atlassian duo. Mr White’s shares in his logistics software firm have helped his wealth increase by about $1.4bn in six months.

There are four retailers, with Jack Cowin’s 25 per cent stake in listed Domino’s Pizza Enterprises leading to a huge $1.5bn rise in his paper fortune since March, four from the property sector – including Sydney apartments king Harry Triguboff in sixth place with a $18bn fortune, and for from the mining sector.

Other big movers include manufacturer Anthony Pratt, who wants to make his cardboard box maker and recycling giant more digital-savvy. But there’s plenty of money in packaging and his wealth increases by about $4bn.

Then there is Australia’s oldest billionaire, Len Ainsworth. He and his family’s wealth is up about $1bn as the share price of poker machines manufacturer Aristocrat Leisure rises.