The 10 Richest People in Australia in 2023

Australia is home to some of the wealthiest individuals in the world, who have amassed their fortunes from various sectors such as mining, technology, manufacturing, real estate, and media. According to the latest Forbes list of Australia’s 50 richest people, the collective wealth of the top 10 richest Australians in 2023 is $134.7 billion, a significant increase from $97.4 billion in 2019

Who are these billionaires and how did they make their money? Here is a brief overview of the 10 richest people in Australia in 2023, ranked by their net worth as of February 15, 2023. 

1.Gina Rinehart ($30.6 billion)

Gina Rinehart is the richest person in Australia and the 32nd richest person in the world, according to Forbes. She is the chairperson and majority owner of Hancock Prospecting, a privately-owned mining and agricultural company founded by her father, Lang Hancock. Rinehart inherited the company in 1992 and expanded its operations to include iron ore, coal, and cattle. She also owns stakes in media companies such as Network Ten and Fairfax Media. Rinehart is known for her advocacy of lower taxes, less regulation, and more foreign investment in Australia.

2.Andrew Forrest ($21.7 billion)

Andrew Forrest, also known as Twiggy, is the founder and chairman of Fortescue Metals Group, the world’s fourth-largest iron ore producer. He started the company in 2003 with a vision to challenge the dominance of Rio Tinto and BHP in the Australian iron ore market. He also owns stakes in several other companies, such as Poseidon Nickel, Minderoo Group, and Squadron Resources. Forrest is a prominent philanthropist who has pledged to donate the majority of his wealth to various causes, such as ending modern slavery, improving Indigenous education, and promoting environmental sustainability. He is also a leading proponent of green hydrogen as a clean energy source for the future.

3.Harry Triguboff ($15.5 billion)

Harry Triguboff is the founder and managing director of Meriton, Australia’s largest residential property developer. He was born in China to Russian Jewish parents and migrated to Australia in 1948. He started his career in the textile industry before switching to real estate in 1963. He built his first apartment block in Sydney’s inner west and has since developed over 80,000 apartments across the country. He is also one of the largest owners of hotel rooms in Australia, with more than 5,000 serviced apartments under the Meriton Suites brand. Triguboff is a generous supporter of various Jewish and Australian charities and institutions.

4.Bianca Rinehart and siblings ($12.5 billion)

Bianca Rinehart and her three siblings, John, Hope, and Ginia, are the children of Gina Rinehart and heirs to the Hancock Prospecting empire. They each own a 23.45% stake in the company, which they inherited from their grandfather, Lang Hancock, in 2015 after a long and bitter legal dispute with their mother. The siblings also have a 50% stake in the Roy Hill iron ore project, which is operated by Hancock Prospecting. Bianca Rinehart is the eldest of the four and serves as the chairperson of the Hancock Family Memorial Foundation, a charitable trust that supports various causes, such as health, education, and arts.

5.Anthony Pratt ($11.6 billion)

Anthony Pratt is the executive chairman of Visy Industries, Australia’s largest packaging and recycling company. He is also the global chairman of Pratt Industries, the world’s largest privately-owned paper and packaging company, which operates in the US and Mexico. He inherited the business from his father, Richard Pratt, who died in 2009. He has since expanded the company’s operations and revenues, investing heavily in new plants and technologies. Pratt is also a prominent donor to various political and social causes, such as the Liberal Party, the Republican Party, the Clinton Foundation, and the Pratt Foundation.

6.Mike Cannon-Brookes and Scott Farquhar ($10.8 billion each)

Mike Cannon-Brookes and Scott Farquhar are the co-founders and co-CEOs of Atlassian, a global software company that provides collaboration and productivity tools for teams. They met as students at the University of New South Wales and started the company in 2002 with a $10,000 credit card debt. They are now among the most successful tech entrepreneurs in the world, with more than 200,000 customers and 5,000 employees. They are also active investors and philanthropists, backing startups such as Canva, Culture Amp, and Zoox, and supporting causes such as renewable energy, education, and social justice.

7.Frank Lowy ($9.4 billion)

Frank Lowy is the founder and former chairman of Westfield Corporation, one of the world’s largest shopping mall operators. He was born in Czechoslovakia and survived the Holocaust before migrating to Australia in 1952. He started his career as a delivery boy and later partnered with fellow immigrant John Saunders to open their first shopping center in Sydney in 1959. He grew the business into a global empire, with more than 100 malls in Australia, New Zealand, the US, and the UK. He sold the majority of his stake in Westfield to French property giant Unibail-Rodamco in 2018. He is also the chairman of the Lowy Institute, a think tank that focuses on international affairs.

8.Clive Palmer ($8.1 billion)

Clive Palmer is the founder and chairman of Mineralogy, a mining company that owns and operates several iron ore and coal projects in Australia. He is also the leader of the United Australia Party, a political party that advocates for lower taxes, less regulation, and more national sovereignty. He is known for his flamboyant and controversial personality, as well as his ambitious and eccentric ventures, such as building a replica of the Titanic, reopening a nickel refinery, and suing the Western Australian government for billions of dollars. He is also a generous donor to various charities and causes, such as medical research, education, and sports.

9.James Packer ($7.6 billion)

James Packer is the son of the late media mogul Kerry Packer and the former executive chairman of Crown Resorts, Australia’s largest casino operator. He inherited the majority of his father’s fortune in 2005 and diversified his investments into various sectors, such as gaming, entertainment, tourism, and technology. He has also been involved in several high-profile deals and partnerships, such as selling his stake in Nine Entertainment to private equity firm CVC Asia Pacific, merging his pay-TV assets with Foxtel, and joining forces with Hollywood producer Brett Ratner to form RatPac Entertainment. He has also faced some challenges and controversies, such as his personal and professional struggles, his legal battles with the regulators, and his failed engagements with singers Mariah Carey and Kylie Minogue.

10.Kerry Stokes ($6.4 billion)

Kerry Stokes is the chairman and largest shareholder of Seven Group Holdings, a diversified conglomerate that owns interests in media, mining, construction, and energy. He started his career as a car radio installer and later became a successful entrepreneur and investor, acquiring and expanding businesses such as Caterpillar dealer WesTrac, Seven Network, and Beach Energy. He is also a renowned art collector and philanthropist, who has donated millions of dollars and hundreds of artworks to various museums and galleries. He is also the chairman of the Australian War Memorial Council, a role that reflects his passion for military history and heritage.