The Wagner family has come in at 102 in this year’s AFR Rich List rankings
It’s been a tough year for the Wagner family’s ASX-listed global construction business, which combined with COVID-19, has seen their total wealth dip slightly from 2019, according to the AFR’s Rich List 2020.
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Heavyweights of the Toowoomba and Australian business community, the Wagner family has been named number 102 in this year’s Australian Financial Review’s Rich List.
Collectively, according to the AFR, the Wagner family are worth an estimated $1 billion, down 8.7% on last year’s estimate of $1.1 billion.
From a long line of Toowoomba stonemasons, Denis Wagner and his three brothers John, Joseph, and Neill joined their father in starting a concrete plant in 1989, which has since blossomed into a global ASX-listed construction and mining services business.
But according to the AFR, “2020 was not their best year, less because of COVID-19 than a pricing dispute with Boral, a big customer”.
“On the plus side, the family won approval from European regulators for its “earth friendly” concrete which emits less carbon dioxide in production,” the AFR said.
“It also expects to benefit as governments spend more on infrastructure as a means of pandemic recovery.”
The AFR’s Rich List 2020 – which includes the country’s top 200 wealthiest families and individuals – is out today.
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