In this article, we will take a look at the 30 wealthiest people in Australia. We will also discuss the Australian economy and some of the major industries.
An Analysis of the Australian Economy
Australia, one of the leading mining countries in the world, is currently facing economic headwinds due to rampant inflation. According to a detailed report by KPMG, the Australian economy is currently reporting sluggish growth. GDP in the last quarter of 2023 slowed down to 0.2% from 0.3% in the preceding quarter. GDP growth rate is expected to reach 1.7% by December 2024 and 2.3% by December 2023. On the flip side, inflation is expected to reach 3.5% by the end of 2024 and decline to 2.7% by the end of 2025.
On June 27, the Deutsche Bank reported a higher-than-expected inflation rate of 4%, up from 3.6% in April. The industries most affected include housing, food and beverages, transport, and alcohol and tobacco each reporting price increases by 5.2%, 3.3%, 4.9%, and 6.7% respectively. Experts suggest that the Australian Reserve Bank must not go through with rate cuts anytime soon and instead raise rates until inflation subsides. HSBC is currently predicting a 30% chance of an interest rate rise by the end of this year by 25 basis points to 4.6%. You can also take a look at the wealthiest people in Czech Republic.
Is Mining the Largest Industry in Australia?
Mining is one of the largest industries by exports in Australia and contributed $2.4 trillion in export revenue over the past decade. The industry has generated 21% of economic growth in the country and has paid $252 billion in mining wages over the past decade. As of now, Australia has more than 100 prospective mining and processing projects worth $50 billion of investment that will provide almost 30,000 construction jobs and 20,000 operating jobs. The world is set to achieve zero net emissions by 2050, providing Australia with a generous opportunity, and given the time it takes to mine crucial minerals, the country must direct adequate investment right now.
On April 26, the Mineral Council of Australia published a detailed report on the feasibility of mining projects in Australia. According to the report, the country is currently missing out on $68 billion of potential investment as most mining projects are pulled out before execution amid environmental challenges. The report states that the risk attached to mining developments in Australia has significantly increased. Only 5% of projects get a favorable decision or go ahead, of those 20% of projects are executed, and 80% of them are abandoned altogether. One can deduce that while there are enough projects, there is not enough investment to complete them.
The Largest Mining Company in Australia
BHP Group Limited (NYSE:BHP) is one of the largest mining and iron ore companies in Australia, operating in more than 90 countries. The company mines copper, silver, zinc, uranium, gold, iron ore, nickel, and energy coal. The company mines copper for renewable energy, nickel for electric vehicles, metallurgical coal for steel, and potash for sustainable farming. You can also read our piece on the biggest iron ore mining companies in Australia.
In its operational review for the nine months ended March 31, 2024, BHP Group Limited (NYSE:BHP) reported that it is on track to meet copper, iron ore, and energy coal production for the year. It added that copper volumes increased by approximately 10% and Western Australia Iron Ore delivered strong growth in low-cost iron ore, despite heavy rainfalls. Increased copper production was primarily due to mining in areas of high-grade ores. Copper production in South Australia increased by 49%, as extra volume came from Prominent Hill and Carrapateena. During the nine months, the company spent $311 million on mineral exploration and evaluation and executed two major projects. The first project, known as the Jensen Stage 1, entailed the design, engineering, and construction of an underground mine containing potash. The second project, Jensen stage 2, entailed the development of more mining districts, the completion of a shaft hoist infrastructure, and the expansion of facilities to support more production capacity.
BHP Group Limited (NYSE:BHP) is working hard to revolutionize the mining process. On July 4, the company launched a project worth $250 million to install infrastructure that will facilitate the movement of trucks inside mines. The project will significantly reduce the fuel consumption of the company’s extraction trucks allowing it to advance to its goal of reaching zero operational greenhouse gas emissions by 2050. The project will require an average of 112 people every day and a maximum of 160 people. As of now, BHP Group Limited (NYSE:BHP) has six autonomous trucks, and by 2025, it expects to have the largest fleet of autonomous equipment in South America.
Now that we have studied the Australian economy, let’s take a look at the 30 wealthiest people in Australia. You can also read our piece on the biggest precious metals and minerals companies in Australia in 2024.
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Our Methodology
To compile our list of the 30 wealthiest people in Australia, we utilized the real time billionaires data from Forbes and ranked the wealthiest people in Australia in ascending order of their net worths, as of July 6.
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30 Wealthiest People in Australia
30. Ginia Rinehart
Net Worth as of July 6, 2024: $2.1 Billion
Ginia Rinehart is one of the wealthiest people in Australia, with a net worth of $2.1 billion. She is the youngest child of the richest person in Australia, Gina Rinehart. She is a beneficiary of the trust that owns a stake in Hancock Prospecting, along with her siblings.
29. Fiona Geminder
Net Worth as of July 6, 2024: $2.1 Billion
Fiona Geminder is 29th on our list of the wealthiest people in Australia. She owns a prominent stake in Pact Group, a plastic packaging company. She also owns a stake in her family business, Visy Asia Pacific.
28. John Hancock
Net Worth as of July 6, 2024: $2.1 Billion
John Hancock has a net worth of $2.1 billion, contributing to his ranking on our list of the wealthiest people in Australia. He is the son of Gina Rinehart, the richest person in Australia. He and his sisters are the beneficiaries of the trust that owns a prominent stake in Hancock Prospecting.
27. Cameron Adams
Net Worth as of July 6, 2024: $2.2 Billion
Cameron Adams ranks 27th on our list of the wealthiest people in Australia. He co-founded Canva and currently serves as the chief product Officer. He was recruited by Melanie and Cliff as an advisor but signed as the third co-founder of the startup in 2021.
26. Brett Blundy
Net Worth as of July 6, 2024: $2.2 Billion
Brett Blundy has a net worth of $2.2 billion, contributing to his ranking on our list of the wealthiest people in Australia. He founded BBRC, an investment company in the property, fund management, agriculture, and technology industries.
25. Bob Ell
Net Worth as of July 6, 2024: $2.3 Billion
Bob Ell ranks 25th on our list of the wealthiest people in Australia with a net worth of $2.3 billion. He is the executive chairman and founder of Leda Holdings. Leda Holdings owns three different shopping malls in Queensland and another in Canberra.
24. Sam Hupert
Net Worth as of July 6, 2024: $2.4 Billion
Sam Hupert is one of the wealthiest people in Australia with a net worth of $2.4 billion. He is the co-founder of Pro Medicus, a medical imaging company. He co-founded the company with Anthony Hall. He is also a medical doctor but decided to leave practice and focus on his company.
23. Solomon Lew
Net Worth as of July 6, 2024: $2.4 Billion
Solomon Lew ranks 23rd on our list of the wealthiest people in Australia with a net worth of $2.4 billion. He is the chairman of Premier Investments, an apparel retailer. He is also the biggest shareholder of Myer and Breville.
22. Anthony Hall
Net Worth as of July 6, 2024: $2.4 Billion
Anthony Hall has a net worth of $2.4 billion, contributing to his ranking on our list of the wealthiest people in Australia. He is the co-founder of Pro Medicus, a medical imaging company. He also owns a controlling stake in Yumbah Aquaculture and a minority stake in Clean Seas Seafood.
21. Bruce Wilson
Net Worth as of July 6, 2024: $2.5 Billion
Bruce Wilson ranks 21st on our list of the wealthiest people in Australia. He draws the majority of his wealth from his stake in Recce Group. He along with his brothers owns stakes in the company that also provides heating and ventilation services to customers.
20. John Wilson
Net Worth as of July 6, 2024: $2.5 Billion
John Wilson has a net worth of $2.5 billion, contributing to his ranking as one of the wealthiest people in Australia. He owns a stake in Recce Group along with his brothers Alan and Bruce Wilson.
19. Alan Wilson
Net Worth as of July 6, 2024: $2.5 Billion
Alan Wilson is one of the richest people in Australia with a net worth of $2.5 billion. He was the chairman of Recce Group, a bathroom and plumbing equipment and supplies company. He stepped down from his position in 2022 and became executive director.
18. Michael Hintze
Net Worth as of July 6, 2024: $2.7 Billion
Michael Hintze ranks 18th on our list of the wealthiest people in Australia. He has a net worth of $2.7 billion and is the founder of the hedge fund firm, CQS. In the last quarter of 2023, Manulife agreed to buy most of CQS. He also owns MH Premium Farms.
17. James Packer
Net Worth as of July 6, 2024: $2.9 Billion
James Packer is one of the wealthiest people in Australia with a net worth of $2.9 billion. He owns a majority stake in Crown Resorts. Crown Resorts owns casinos in London and Australia. He stepped from his position as a board member in 2018 and later also resigned from the board of his family company, Consolidated Press.
16. Lindsay Fox
Net Worth as of July 6, 2024: $3 Billion
Lindsay Fox ranks 16th on our list of the wealthiest people in Australia with a net worth of $3 billion. He is the owner of Linfox, a private logistics company in Australia. The company also owns industrial property, two airports, and Armagaurd, a currency management company.
15. Jack Cowin
Net Worth as of July 6, 2024: $3,4 Billion
Jack Cowin has a net worth of $3.4 billion, contributing to his ranking on our list of the wealthiest people in Australia. He is the founder and chairman of Competitive Foods, a fast food company that runs Burger King and Hungry Jack’s Australian franchise.
14. John Gandel
Net Worth as of July 6, 2024: $3.5 Billion
John Gandel ranks 14th on our list of the wealthiest people in Australia. He has a 50% stake in Chadstone, a shopping mall. He also owns a stake in Vicinity Centres. The majority of his wealth comes from his shopping malls.
13. Clive Palmer
Net Worth as of July 6, 2024: $4.3 Billion
Clive Palmer has a net worth of $4.3 billion, contributing to his ranking on our list. He used to be a member of the Australian Parliament. He founded Mineralogy in 1984 and is a prominent stakeholder in the iron ore and thermal coal industries. He drew his wealth from iron ore royalties to his company.
12. Cliff Obrecht
Net Worth as of July 6, 2024: $4.4 Billion
Cliff Obrecht ranks 12th on our list of the wealthiest people in Australia. He is the husband of Melanie Perkins and the co-founder of Canva. He currently serves as the chief operating officer. He also owns an 18% stake in the company.
11. Melanie Perkins
Net Worth as of July 6, 2024: $4.4 Billion
Melanie Perkins is one of the wealthiest people in Australia with a net worth of $4.4 billion. She is the chief executive officer and co-founder of Canva, by more than 170 million people from across the globe. She owns an 18% stake in the company.
10. Kerry Stokes
Net Worth as of July 6, 2024: $6.0 Billion
Kerry Stokes ranks 10th on our list of the wealthiest people in Australia with a net worth of $6 billion. He was the chairman of Seven Group Holdings but stepped down from his position in 2021. His son is now the chief executive officer of the company.
9. Frank Lowy
Net Worth as of July 6, 2024: $6.5 Billion
Frank Lowy is one of the wealthiest people in Australia, with a net worth of $6.5 billion. The 93-year-old is a holocaust survivor who opened his first shopping center in 1959 in Sydney. He now runs his family investment business, Lowy Family Group.
8. Richard White
Net Worth as of July 6, 2024: $8.3 Billion
Richard White has a net worth of $8.3 billion, contributing to his ranking on our list of the wealthiest people in Australia. He is the founder of WiseTech, a software company for the logistics and supply chain industries. He founded the company in 1994 and it went public in 2016. He owns a controlling stake in the company.
7. Vivek Chaand Sehgal
Net Worth as of July 6, 2024: $8.3 Billion
Vivek Chaand Sehgal ranks seventh on our list of the wealthiest people in Australia. He is the chairman of Motherson Group, founded by his mother in 1975. The majority of his wealth comes from Samvardhana Motherson International, an auto parts company.
6. Anthony Pratt
Net Worth as of July 6, 2024: $10 Billion
Anthony Pratt is the sixth wealthiest person in Australia, with a net worth of $10 billion. He is the executive chairman of Visy Asia Pacific, founded by his late grandfather in 1948. He also owns Pratt Industries, a corrugated cardboard company in the United States.
5. Scott Farquhar
Net Worth as of July 6, 2024: $11.9 Billion
Scott Farquhar is the co-founder and co-chief executive officer of the software company, Atlassian. He started the company with Mike after he graduated from college. Some of the prominent customers of Atlassian include Costco and Delta Airlines.