The 50 people who just missed the Richest 250 list in 2025
The cut-off to make The List is now a record $635m, so plenty of big names and quiet achievers with business empires just missed qualifying this year. See who nearly made it.
This year’s edition of The List - Australia’s Richest 250 featured a record cut-off mark of $635m to make it into the ranks of the nation’s wealthy elite.
Former Jetstar boss Bruce Buchanan, who moved to New York to found fast-growing e-commerce software company Rokt, is number 250 on The List with a $635m fortune.
At that level, it means there are dozens of successful Australian entrepreneurs who just miss making The List.
Or the rising cut-off, up from $590m in 2024, means some people drop off this year.
Here is a selected list of 50 names who just missed the cut-off for the Richest 250 in 2025, and their estimated wealth.
Tania Austin ($625m)
Retail powerhouse Austin just missed The List this year due to a fall in profit at her Decjuba chain. Decjuba has 175 stores.
Austin stepped aside as chief executive in late February, but is staying on as chair and focusing more on her philanthropic efforts.
Greg Boorer ($622m)
He founded CDC (Canberra Data Centres) in 2007, which is now valued at $17bn after some shareholders sold to the Future Fund and ASX-listed Infratil in February.
Ron Rafferty, Rob Jowett, Alan Barnett ($620m combined)
The trio own CJD Equipment, which was formed in 1975 by Rafferty and Jowett. CJD, run by Barnett, sells construction and agricultural equipment, including the Chamberlain and John Deere brands. It made a $43m net profit from $914m revenue last year.
Greg Farrell & Family ($620m)
Profits fell for the Farrell Family’s Federal Group this year, meaning they missed the cut-off for The List. Federal owns hospitality and tourism assets in Tasmania.
Andrew Muir ($600m)
Muir is the former chief executive of the family retail chain Good Guys. He and his family shared in about $1bn in proceeds from the sale of the group in 2017, and subsequent property sales.
Garry Rothwell ($600m)
Rothwell is the owner of Winten Property Group, which he founded in 1972 and is known for developing luxury apartment projects and commercial buildings in Sydney.
Steven Kalmin ($592m)
The chief financial officer of global commodity giant Glencore for 20 years, Kalmin fell from The List this year due to the rising cut-off. His estimated wealth is mostly based on his shareholding.
Helen Dickinson & Anne Routley ($585m)
Dickinson and Routley are the little-known Hobart-based daughters of the late Harold Cuthbertson, who took over the family’s Blundstone boot-making business in 1953 and ran it successfully for 51 years. Blundstone made a net profit of $US25.5m ($40m) in 2024 from $US116m ($182m) revenue, which was down from $US136m revenue in 2023. The fall caused the duo to miss the cutoff for the Richest 250 this year.
Lenka Dransfield & Family ($580m)
Dransfield owns snack food wholesaler CAL Marketing. Its products include dried shiitake mushrooms, jelly shots and ready-to-eat wild abalone. CAL made a $50m net profit last year.
Alan Tribe ($580m)
Tribe made his fortune developing the IKEA furniture franchise business in Western Australia, before selling back the stores to its Swedish parent in 2017 for $170 million. He has a big shareholding in the ASX-listed PYC Therapeutics.
Pamela Wall ($570m)
The widow of Codan co-founder Ian Wall owns the biggest shareholding in ASX-listed Codan, which makes high frequency radios, gold metal detectors, mining and defence industry equipment. Wall is a noted Adelaide philanthropist and donated $10 million to the Adelaide Festival Centre last year.
Naomi Milgrom ($560m)
The owner of the Sussan fashion chain fell from The List this year in line with a drop in net profit for the group. Her private ARJ Group has more than $350m in annual revenue. She bought Sussan from her late father Marc Besen in 2003.
Leon Kamenev ($570m)
Kamenev lives in just about the best house in Sydney, an $80m amalgamation of several properties in Vaucluse. He made about $500m from the sale of Menulog in 2015.
Steve Wilson ($550m)
A renowned Brisbane stockbroker, Wilson ran his own broking firm and now has a large shareholding in ASX-listed Pinnacle Investment Management.
Toby Browne ($550m)
Browne started vitamins business PharmaCare in 1985 from a small warehouse in Sydney’s northern beaches. He falls from the Richest 250 this year, with net profit falling to $25m from about $35m in 2023.
Megan Wynne & Bruce Bellinge ($550m)
Wynne is the executive chair and founder of human services provider APM, which she privatised from the ASX in a deal with private equity firm Madison Dearborn Partners last year. Husband Dr Bellinge, a Perth fertility specialist, has also been an APM shareholder.
Paul Holmes a Court ($550m)
The son of late billionaire Robert, Paul Holmes a Court owns the family Heytesbury agriculture and investment company that has more than $370m in net assets on its balance sheet.
George Kepper ($550m)
Kepper made his fortune from the technology firm Datacraft he started in 1974,and sold for about $300 million in the late 1990s.
Cathie Reid & Stuart Giles ($540m)
The wife and husband team made their fortune from the Epic Pharmacy chain and cancer care services provider Icon Group.
Marco Rossi (540m)
The executive chairman and founder of Built is the majority owner of a private construction giant that made a $31m net profit from $2bn revenue in 2024.
Barry Lambert ($534m)
The founder of Count Financial has owned Commonwealth Bank shares and other investments, including industrial hemp firm Ecofibre.
Brian Webb ($530m)
The owner of electrical wholesalers BGW Group, oversees a business that made a $30m net profit from $727m revenue in 2023.
Rick Jamieson ($510m)
Best known as the breeder of legendary racehorse Black Caviar, Jamieson owns event equipment business Harry the Hirer. It made a $27m net profit from $182m revenue last year.
Tah-nee Beard and Simon Beard ($500m)
The founders of streetwear brand Culture Kings got about $300m cash when they sold to NYSE-listed a.k.a Brands in 2021, a deal in which they also received shares. They later fell in value, but have recovered in the past year.
David Robinson & Family ($500m)
Australian Food and Fibre is a joint venture between the Robinson family of Moree and Canada’s PSP Investments. A grower, processor and marketer of cotton, AFF had a $35m operating profit last year from $771m revenue.
Ray Itaoui ($500m)
The right-hand man of billionaire retailer Brett Blundy, Itaoui has invested alongside Blundy in businesses such as Best and Less, Bras N Things, Honey Birdette Universal Store and Adventus Group.
Geoff Wilson ($500m)
The renowned fund manager has a string of listed investment companies and a private firm that made a $30m net profit last year. He also owns Queensland property.
Jonathan Dempsey & Family (480m)
The Dempsey family is the name behind the Bed Bath N’ Table retail chain that had more than $300m revenue in 2024.
Stephen Dash ($480m)
Dash is the founder of student loan business Credible, which was acquired by Fox Corporation in a deal valuing it at $585m at the time. He retained a stake and has also bought Sydney property.
Sunil Narula ($475m)
A director and state manager of Chemist Warehouse in Western Australia, Narula’s estimated wealth is based on his shareholding in ASX-listed Sigma Healthcare - which merged with Chemist Warehouse in a blockbuster deal finalised in late January.
Richard & Robert Coneliano ($470m combined)
The Coneliano family floated Sydney chemicals business Redox on the ASX in 2023. Various family members own shares in the company, headed by Robert and Richard Coneliano.
Jessica Sepel & Dean Steingold ($460m)
The duo own and run vitamin and supplement company JSHealth.
Paul & Theo Kristoris ($460m)
The Adelaide pair own Leader Computers, which had $648m revenue last year. The business was founded in 1984 and now manufactures and distributes computers and other IT equipment.
Peter Duncan & Family ($450m)
Pirtek has long been well known as a motor racing sponsor of supercars, touring car and rally teams, as well as for backing NRL club Parramatta and the New Zealand national rugby league team. The Duncan family’s privately-held Pirtek Fluid Systems made a $33m net profit in 2024 from $114m revenue.
Jim Riordan ($445m)
The owner of Riordan Group, a grain marketing, transport and storage services company, oversees a business that had $670m revenue last year.
James Cuda ($401m)
The Hobart-based Cuda is the CEO and co-founder of app developer Savage Interactive. It made a $20m net profit last year.
Ray Shadforth & Family ($400m)
The family civil contractor business is run by Ray Shadforth, which was founded in 1964 by his father Peter and uncle John. Shadforth’s Civil had $812m revenue last year and recorded a $31m net profit.
Greg Forsyth ($400m)
The chairman of ASX-listed truck and car part seller Supply Network is also the company’s biggest shareholder.
Joe Catania & Family ($400m)
His Direct Freight Express was founded in Sydney’s Mascot and Reservoir Melbourne with less than 10 staff in 1993. The Catania family has received about $50m dividends in the past two years. DFE had revenue of $538m in 2024 and made a $23m net profit.
Linda Penn & Jeffrey Mueller ($400m)
Penn is the CEO of menswear chain Lowes, which she owns with brother Mueller after their father Hans Mueller died in 2018. It had about $250m revenue last year.
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