Despite the hiccups we saw with the S&P/ASX 200 Index (ASX: XJO) at the back end of the trading week just past, the fact still remains that ASX 200 shares were, as recently as Wednesday, at a new all-time record high.
For one, that is good news for anyone invested in ASX shares directly. But it's also good news for almost all Australians, thanks to the high proportion of our superannuation that is invested in ASX shares.
But while this share market trajectory has probably benefitted all of us in varying ways, there's still little doubt that the largest beneficiaries are those Australians who already had the most wealth tied up in the stock market.
Last week, the Australian Financial Review (AFR)'s Rich Bosses list was revealed for the 2024 financial year ending 30 June. It shines a light on just how rich the richest ASX executives have become over the last 12 months or so.
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The ASX bosses benefitting from a rising ASX 200
Leading the Rich Bosses list for FY24 was none other than Richard White, co-founder and CEO of tech stock WiseTech Global Ltd (ASX: WTC). White increased his holding in Wisetech by more than $2 billion last financial year to a total of $12.95 billion.
This was only possible thanks to Wistech's stunning rise over the back half of 2023 and early 2024. This had the company almost double in value from $58 a share in October to just over $101 a share by May.
Taking out the number two and six spots on the list were Alan and Peter Wilson, the father and son team that runs the plumbing supplies company Reece Ltd (ASX: REH). Alan Wilson finished FY24 with a shareholding worth $9.03 billion, while son Peter ended up at $3.02 billion.
Reece stock also spent the first few months of 2024 exploring new record highs. In February, the company jumped nearly 20% to a new record after blowing its earnings expectations out of the water.
The Rich Bosses list wouldn't be complete without the presence of Fortescue Ltd (ASX: FMG) chair Andrew 'Twiggy' Forrest.
Forrest dropped to the third spot on this year's list after his stake in the iron ore mining giant fell by $300 million. Sure, Fortescue stock has had a rough 2024, dropping by almost 30% between January and June. Even so, that still left Forrest with a shareholding worth $8.95 billion on 30 June.
Sam Hupert and Anthony Hall, co-founders of healthcare stock Pro Medicus Ltd (ASX: PME), took the fourth and fifth spots in the Rich Bosses list.
Pro Medicus shares were the best performers on the entire ASX 200 over FY24, recording a gain of 118.7%.
That saw Hupert and Hall's stake in the company more than double to $3.74 billion each.
Netwealth, Harvey Norman and Goodman Group round out the ASX shares list
Next up, we have another father-and-son duo in Michael and Matt Heine. The Heines run wealth management company Netwealth Group Ltd (ASX: NWL).
Like the other Rich Bosses on this list, this duo had a very lucrative FY24 indeed, with the Heins' Netwealth stake rising by $900 million. That left their combined shareholding at a total of $2.67 billion at 30 June.
At the ninth spot on the list, we have a famous name in ASX retail, Gerry Harvey. Harvey is, of course, one of the founders of Harvey Norman Holdings Ltd (ASX: HVN). Over FY24, the Harvey Norman share price rose by around 20%, boosting Mr Harvey's stake in the company by $300 million to a total of $1.73 billion.
Finally, we have another eponymous company boss, Greg Goodman of Goodman Group (ASX: GMG).
The financial year just gone was very kind to both Goodmans. Goodman Group stock rose by over 73% over the 12 months to 30 June. This represents a windfall for the company's co-founder, Mr Goodman, whose stake in the property giant increased by a similar amount to end at $1.51 billion.
