Wealth up, age down on Forbes rich list

THE rich are getting richer, and younger.

THE rich are getting richer, and younger.

Two-thirds of the billionaires to make an appearance on this year's Forbes magazine list of the world's wealthiest are worth more than they were 12 months ago. And the average age is falling.

Australia's cut of the action was a 12-strong contingent led by James Packer, ranking at No142, with an estimated $US5.5 billion ($7 billion).

Next was retail mogul Frank Lowy and his family, ranked 172 with $US4.6 billion; cardboard manufacturer Richard Pratt, at 369 with $US2.5 billion; and property tycoon Harry Triguboff, ranked 407 with $US2.3 billion.

Solar energy entrepreneur Shi Zhengrong, an Australian citizen but Chinese resident, concluded the list of local multibillionaires, ranking at 432 with $US2.2 billion.

With less than $US2billion were property magnates John Gandel and Stanley Perron, Seven boss Kerry Stokes and WIN Corporation's Bruce Gordon, the mining sector's Andrew Forrest, heiress Gina Rinehart and retailer Gerry Harvey.

Australian-born Rupert Murdoch, chairman and chief executive of News Corporation, which publishes The Weekend Australian, outranked them all at No73, with $US9 billion.

At 39, Mr Packer was among the youngest on the list, with Forbes noting that the average age of its billionaires had dropped to 62 years, two years younger than in 2005.

"This year's new billionaires are seven years younger than that," Forbes said. "Of list members' fortunes, 60 per cent made theirs from scratch."

The combined net worth of the list came in at $US3.5 trillion, up $US900 billion.

Of a record 946 billionaires, 178 were new, including a healthy injection of Russians and Indians. The former had 19, the latter 14, pipping the Chinese, who boasted 13.

India's total representation of 36 included three in the top 20, where it was bettered only by the US. They were steel tycoon Lakshmi Mittal with $US32 billion and brothers Mukesh and Anil Ambani ($US20.1 billion and $US18.2 billion respectively).

There was no change at the top, where Microsoft founder Bill Gates and investor Warren Buffett maintained their domination. Mr Gates led with $US56billion and was followed by Mr Buffett with $US52 billion.