Billionaires flock to Adelaide as Peregrine owners lead the way

More of Australia’s big billionaires are making their money in South Australia than ever before. See who holds the cash in 2023.

Adelaide is having a billionaire boom, with more of Australia’s wealthy elite making their money in South Australia than ever before.

Big interstate names like billionaire Lang Walker, who is building the $3bn Riverlea estate in Adelaide’s north, and Nick Andrianakos, who spent $130m last year for a 50 per cent share of the Colonnades shopping centre are making large investments in South Australia.

“I’ve got nothing but good to say about Adelaide and I’ve got nothing but good to say about the future of Adelaide,” Walker recently told The Advertiser.

Don’t miss your copy of The List: Australia’s Richest 250, exclusively in The Australian on Friday, March 24 and online at rich250.com.au.

Meanwhile, the value of the Shahin brothers rises in value again in this year’s edition of The List – Australia’s Richest 250, along with an increase in wealth for Chris Thomas of Thomas Foods.

Rod Duke. Picture: Marissa Findlay

The Shahin’s Peregrine Corporation is one of Australia’s largest privately-held businesses, while profit for Thomas Foods doubled to more than $180m last year.

Peregrine has annual revenue of more than $2bn for a group that employs 3500 people.

Other Adelaide connections on The List include billionaire Shaun Bonett, the former Adelaide commercial lawyer who now owns shopping centres – including Port Plaza – via his Precision Group and a majority stake in digital gift card business Prezzee.

Then there is Rod Duke, the son of a bookmaker who grew up in Adelaide and took his first job at 16 selling shoes at the Rundle Street branch of retailer Ezywalkin in the 1970s.

Samer Shahin. Picture: Supplied

Two years in, Duke was Ezywalkin’s top seller, managing the chain’s third biggest grossing store by the time he was 18.

Duke eventually found his way over to New Zealand, where today he’s a billionaire as boss of the Briscoe retail chain.

Here are the wealthiest South Australian residents this year on The List:

1. Khalil, Samer and Yasser Shahin ($2.27bn)

It will be 40 years next year since the late Fred Shahin started what is one of Australia’s biggest private companies with a small BP service station in Woodville Park, South Australia. His sons now own and run Peregrine Corporation, a business that has more than $2bn in annual revenue and employs more than 3500 people.

2. Chris Thomas ($2.14bn)

Thomas and his family own what is Australia’s biggest privately owned red meat processor, Thomas Foods. The business specialises in livestock trading and meat wholesaling and processing, and has annual revenue of more than $2.7bn. Net profits doubled in 2022 to more than $180m. Thomas started the business in 1988 and it is now run by son Darren.

Chris Thomas, managing director of meat processing company T&R Pastoral.

3. Nick DiMauro ($1.06bn)

DiMauro owns retail and commercial properties across South Australia, Western Australia, Queensland, NSW and New Zealand. He arrived as a child from Italy and first worked as a telegram boy for the old Postmaster general in Adelaide.

Richlister Nick DiMauro at Sefton Plaza. Picture: Michael Marschall

Mining magnate Gina Rinehart tops the The List this year with a fortune of more than $30bn.

The 2023 edition of The List – Australia’s Richest 250 is published on Friday in The Australian and online at richest250.com.au