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The Top 10 richest Australians

Forbes has released its list of Australia’s top 10 richest people and there were some notable surprises.

Gina Rinehart has lost her titles as Australia’s richest woman and Australia’s richest person, with Blair Parry-Okeden taking first place. Ms Parry-Okeden is an American heiress and longtime Australian resident, who inherited a quarter of American media conglomerate Cox Enterprises (privately owned).

Ms Parry-Okeden’s wealth is valued at US$8.8 billion, pipping Ms Rinehart on US$8.5 billion. The falling iron ore price and a legal ruling impacting on her shareholding in Hancock Prospecting were the major factors in Ms Rinehart’s wealth falling.

Property developer Harry Triguboff has moved into third place with an estimated wealth of US$6.9 billion, thanks to rising rents and continued Chinese demand for his Sydney apartments, which drove his wealth up by $1.3 billion.

Here’s the full list.

Rank Name Net worth Origin of wealth
1 Blair Parry-Okeden US$8.8bn Media
2 Gina Rinehart US$8.5bn Mining
3 Harry Triguboff US$6.9bn Property
4 Frank Lowy US$5 bn Shopping malls
5 Anthony Pratt US$3.6bn Manufacturing
6 James Packer US$3.5bn Casinos
7 John Gandel US$3.2bn Shopping malls
8 Lindsay Fox US$2.8bn Logistics/real estate
9 David Teoh US$1.95bn Telecommunications
10 David Hains US$1.9bn finance

Source: Forbes

James Packer makes the list again – mainly thanks to his 50% holding in Crown Resorts Ltd (ASX: CWN) which is worth roughly US$3 billion.

David Teoh has shot into the top 10 thanks to a series of smart acquisitions by TPG Telecom Ltd (ASX: TPM). Mr Teoh is the executive chairman of TPG and along with his wife own around 34.5% of the company. That shareholding is currently worth just over US$2 billion.

Kerr Neilson of Platinum Asset Management Limited (ASX: PTM) fell to eleventh from eighth last year with a US$1.9 net worth. Mike Cannon-Brookes and Scott Farquhar of NASDAQ-listed Australian software company Atlassian came it at 14th and 15th respectively.

Andrew Forrest, chairman of Fortescue Metals Group Limited (ASX: FMG) has dropped to 22nd place, with a net worth of US$1.24 billion, suffering from falling iron ore prices and the impact of his 33.3% holding in Fortescue.

Foolish takeaway

How quickly fortunes can change. Andrew Forrest’s stake in Fortescue in 2014 was worth A$6.4 billion – today it’s worth just $1.59 billion. It’s also interesting to see a number of newcomers from software and technology join the Forbes rich list.

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Motley Fool writer/analyst Mike King owns shares in TPG Telecom. You can follow Mike on Twitter @TMFKinga

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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