Rich Listers keep it in the family
This year’s Rich List 200 reveals some prominent families spreading the wealth around — but not necessarily by design.
The property sector has dominated this year’s BRW 200 Rich List as the mining sector loses its lustre.
The big names in property are headlined by Australia’s new richest person — Harry Triguboff — but he is just one of 54 on the list to have made much of their wealth in property.
It’s symbolic of the shift from the resources boom to the housing boom as the nation’s engine of growth.
Mr Triguboff claimed the crown from mining magnate Gina Rinehart, whose wealth has plummeted from $20 billion two years ago to just $6.06bn this year.
The stunning fall can be pinned to both a slump in iron ore prices, from over $US150 a tonne to levels below $US50, and a bitter family court battle that saw 23 per cent of Hancock Prospecting pushed into the hands of her eldest daughter Bianca.
The extent of the drop in wealth was most significant over the past 12 months for Ms Rinehart, with $8bn wiped and her spot in the Rich 200 tumbling to number four after five years at the helm.
It left Mr Triguboff to rise from third to first despite only slightly raising his fortune from $10.2bn to $10.6bn.
Meanwhile, Bianca Rinehart is one of the most well-known names to join the list for the first time, coming in at number 60 with wealth of $905 million.
It was a similar story with the Packers as James Packer saw his sister Gretel enter the list at number 77 after a carve up of the family’s riches drove her wealth to $739m. Her fortune includes significant stakes in Crown Resorts and Consolidated Press Holdings.
Mr Packer himself held at number seven on the list despite his wealth tumbling from $6.08bn to $5bn over the past 12 months.
The Pratt family also spread the wealth around, but without court intervention.
The ‘Pratt and family’ entry — which includes the holdings of Anthony Pratt, and his two sisters Heloise Waislitz and Fiona Geminder — came in at number two for the second straight year. Wealth through the Visy and Pratt Industries businesses was pegged at $10.35bn.
However, two other familiar names joined the list in Alex Waislitz and Raphael Geminder.
Alex, husband of Heloise, heads the Thorney investment operation and entered the list with wealth of $1.13bn, while Raphael — husband of Fiona — saw his wealth strike $1.22bn as he joined the list for the first time following the successful IPO of Pact group.
Mr Waislitz and Mr Geminder were two of three new entrants that join as billionaires, with toymaker Manny Stul revealed to have wealth of $1.24bn as he claimed 39th spot on the list.
Apartment developer Tim Gurner served as the youngest newcomer to the list at 34 years of age. He entered at number 160 with wealth of $460m.
In total, the wealth of the Rich 200 came to $197.3bn this year, up marginally from the $195.9bn seen last year.
The stronger number came on the back of the nation housing a record-high 53 billionaires.
The biggest winner for the year was Patrick Grove, with the internet entrepreneur’s wealth more than doubling to $587m after he completed the sale of iProperty.com.
Other major increases were seen by fellow tech names Leon Kamenev, Mike Cannon-Brookes and Scott Farquhar, with the latter two profiting from the US listing of Atlassian and the former celebrating the $855m sale of his Menulog business, of which he held 55 per cent.
All three saw their wealth enlarged by around 75 per cent.
The biggest loser from last year was troubled mining mogul and outgoing politician Clive Palmer, whose wealth more than halved from $1.4bn to $570m. The next greatest percentage loss was Gina Rinehart’s fall from $14.02bn to $6.06bn, ahead of another major mining name - albeit one better-known in Europe - in Ivan Glasenberg.
Mr Glasenberg, who heads commodities trader and miner Glencore, saw his wealth slashed from $6.14bn to $3.33bn through a tumultuous year. He consequently slid from sixth to ninth on the Rich List.
Andrew Forrest bucked the broader trend as the iron ore kingpin’s wealth advanced to $3.33bn from $2.83bn, delivering him eighth spot.
Other places in the top 10 were largely filled by property heavyweights as Westfield chairman Frank Lowy edged up to the three spot from four last year on wealth of $8.26bn, Melbourne property developer John Gandel surged to five from eight as his fortune rose to $5.4bn and Hui Wing Mau slid one spot to number six on a $1.5bn decline in wealth to $5.39bn.
Rounding out the top 10 was TPG Telecom boss David Teoh and his wife Vicky, who manage wealth of around $3.08bn.
The advance of the acquisitive Mr Teoh ensured one new name on the top 10 list, with Stan Perron the name to fall out despite the commercial property entrepreneur seeing his wealth increase from $2.65bn to $2.88bn.
The full list of the BRW’s Rich 200 List for 2016 is provided below:
1 Harry Triguboff $10.62b
2 Anthony Pratt & family $10.35b
3 Frank Lowy $8.26b
4 Gina Rinehart $6.06b
5 John Gandel $5.40b
6 Hui Wing Mau $5.39b
7 James Packer $5.00b
8 Andrew Forrest $3.33b
9 Ivan Glasenberg $3.33b
10-11 David & Vicky Teoh $3.08b
12 Stan Perron $2.88b
13 Lindsay Fox $2.49b
14 David Hains & family $2.48b
15 Solomon Lew $2.13b
16 Alan Rydge $2.08b
17 Lang Walker $2.02b
18 Mike Cannon-Brookes $2.00b
19 Gerry Harvey $1.99b
20 Huang Bingwen & family $1.99b
21 Scott Farquhar $1.97b
22 Kerr Neilson $1.94b
23 Len Ainsworth & family $1.92b
24 Jack Cowin $1.81b
25 Kerry Stokes $1.71b
26 John Van Lieshout $1.68b
27 Angela Bennett $1.61b
28 Maurice Alter & family $1.59b
29-30 Leonie Baldock & Alexandra Burt $1.55b
31 Ye Lipei $1.52b
32 Judith Neilson $1.45b
33 Tony Perich & family $1.37b
34 Chau Chak Wing $1.37b
35 Russell Withers & family $1.33b
36 Bob Ell $1.33b
37 Michael Hintze $1.32b
38 Nigel Austin $1.26b
39 Manny Stul & family $1.24b
40-41 Morry Fraid, Zac Fried & families $1.22b
42 Raphael Geminder $1.22b
43 Chris Wallin $1.22b
44 Bob Ingham $1.17b
45 Con Makris & family $1.17b
46 Brett Blundy $1.16b
47 Alex Waislitz $1.13b
48 Ron Walker $1.11b
49 Ralph Sarich $1.11b
50 Jonathan Munz & family $1.07b
51 Sam Tarascio $1.05b
52 Greg Goodman & family $1.04b
53 Bruce Mathieson $1.00b
54 Bruce Gordon $990.00m
55 Richard Smith $964.00m
56 Neville Pask $954.00m
57 Maha Sinnathamby $943.00m
58 Peter Gunn $943.00m
59 Sandy Oatley & family $910.00m
60 Bianca Rinehart $905.00m
61 Reg Rowe $901.00m
62 Nick Politis $879.00m
63 Paul Little $874.00m
64 Joy-Chambers Grundy & Family $858.00m
65 Chris Thomas $848.00m
66 Ashley Williams $824.00m
67 Brian Flannery $823.00m
68 John Kahlbetzer $822.00m
69 Lloyd Williams $790.00m
70 Nechama Werdiger and Family $789.00m
71 Marcus Blackmore $786.00m
72 Ervin & Charlotte Vidor $784.00m
74 Jeff Chapman $784.00m
75 Peter Scanlon & family $766.00m
76 Geoff Harris $740.00m
77 Gretel Packer $739.00m
78 Gordon Fu & family $733.00m
79 Bruno Grollo & family $724.00m
80 Bill James $722.00m
81 Graham Turner $707.00m
82 Paul Lederer & family $703.00m
83 Travers Duncan $686.00m
84 Terry Snow $685.00m
85 Allan Myers $671.00m
86 Chris Morris $667.00m
87 Richard White $657.00m
88 Andrew Muir $651.00m
89-90 Iris Lustig-Moar & Max Moar $650.00m
91 Paul Fudge $646.00m
92 Kevin Seymour & family $641.00m
93 Jack Bendat $637.00m
94 Greg Poche $629.00m
95 Harry Stamoulis & family $626.00m
96 Kerry Harmanis $622.00m
97 Andrew Abercrombie $610.00m
98 Chris Mackay $604.00m
99 Bryan Dorman $600.00m
100 Ian Roberts $595.00m
101-102 John & Robert Kirby $594.00m
103 Zig Inge & family $591.00m
104 Patrick Grove $587.00m
105-106 Shesh Ghale & Jamuna Gurung $586.00m
107 Terry Peabody $584.00m
108 Naomi Milgrom $582.00m
109 Theo Karedis $573.00m
110-111 Jina Chen & Alex Wu $570.00m
112 Clive Palmer $570.00m
113 Mary Fairfax $562.00m
114 Graham Tuckwell $559.00m
115 Greg Coffey $552.00m
116 Shaun Bonett $545.00m
117 Mick Power $544.00m
118-119 David Greiner & Ben Richardson $543.00m
120 Dale Elphinstone $541.00m
121 Leon Kamenev $539.00m
122 George Kepper $538.00m
123 John Symond $537.00m
124 Paul Blackburne $536.00m
125 Evan Acton $525.00m
126 Trevor Lee $515.00m
127 Alf Moufarrige $511.00m
128 Hamish Douglass $505.00m
129 Bruce Neill $491.00m
130 Robert Magid $489.00m
131 Kevin Maloney $485.00m
132-133 Bill & Imelda Roche $485.00m
134 Dick Honan $483.00m
135 Peter Cooper $482.00m
136 John Simpson (Corry Lyn Group) $477.00m
137 Mark Creasy $463.00m
138 Gordon Martin & family $462.00m
139-140 Diana & Rino Grollo $461.00m
141 Tim Gurner $460.00m
142 John Higgins $460.00m
143 Jonathan Hallinan $459.00m
144 Tony Poli $456.00m
145 Nick DiMauro $452.00m
146 Bob Rose $448.00m
147 Rod Duke $446.00m
148 Robert Whyte $433.00m
149 Grahame Mapp $430.00m
150 Laurie Sutton $430.00m
151 Max Beck $423.00m
152 Tony Haggarty $422.00m
153 Hilton Nathanson $421.00m
154 Michael Boyd $418.00m
155 John Singleton $416.00m
156 Christian Beck $414.00m
157 Chris Ellison $413.00m
158-159 Christina & Tony Quinn $411.00m
160 Seumas Dawes $408.00m
161 Alan Tribe $404.00m
162 Tony Wales $403.00m
163-164 Andrew & Michael Buxton $394.00m
165 Jack Gance $391.00m
166 Danny Hill $391.00m
167 Barry Lambert $389.00m
168 Harold Mitchell $388.00m
169 Patricia Ilhan $383.00m
170 Yenda Lee & family $382.00m
171 Mario Verrocchi $380.00m
172 Clive Berghofer $374.00m
173 Nigel Satterley $374.00m
174 Gerry Ryan $370.00m
175 Doug Shears $369.00m
176-177 Angus & Richard Grinham $368.00m
178 Rod Jones $367.00m
179 Joe Catalfamo $366.00m
180 Craig Winkler $363.00m
181 Michael Gordon $363.00m
182 Spiros Alysandratos $361.00m
183 Radek Sali $355.00m
184 Frank Costa & family $352.00m
185 Gordon Merchant $348.00m
186 John Kinghorn $348.00m
187 Nicole Kidman $338.00m
188 David Paradice $337.00m
189 George Koukis $336.00m
190 Tony Denny $333.00m
191 Peter Hughes & family $328.00m
192 Sam Chong $328.00m
193 John Hunt $324.00m
194 Bill McDonald $325.00m
195 Michael Crouch $321.00m
196 Philip Cardaci & family $311.00m
197 Hugh MacLachlan & family $310.00m
198 Arthur Laundy $308.00m
199 Jamie Pherous $306.00m
200 James Fairfax $303.00m