Australia’s richest individuals have seen their fortunes grow despite economic challenges, according to Forbes’ 2024 Australia’s 50 Richest list. Mining magnate Gina Rinehart retains her top spot, though her wealth has dipped slightly. Australia’s 10 Richest 2024 list highlights the dominance of mining, technology, and real estate sectors, showcasing the resilience and diversification of Australia’s economy. As industries rise and fall, the nation’s elite continue to amass staggering wealth.
The Whole List
Forbes has released the list of Australia’s 50 richest people with in-depth analysis. According to Forbes, Australia’s 50 wealthiest individuals have seen their fortunes grow despite the challenges posed by a weaker currency. Together, they increased their combined wealth by $9 billion by roughly 4%, bringing their total to $222 billion. Here is the whole list of Australia’s 10 Richest 2024.
| Rank | Name | Net Worth (in USD) | Industry |
| 1 | Gina Rinehart | $30.2 B | Metals & Mining |
| 2 | Andrew Forrest & family | $21.5 B | Metals & Mining |
| 3 | Harry Triguboff | $16.2 B | Real Estate |
| 4 | Mike Cannon-Brookes | $13.7 B | Technology |
| 5 | Scott Farquhar | $13.5 B | Technology |
| 6 | Anthony Pratt | $10.3 B | Manufacturing |
| 7 | Cliff Obrecht & Melanie Perkins | $8.8 B | Technology |
| 8 | Bianca Rinehart & siblings | $8.5 B | Metals & Mining |
| 9 | John, Alan & Bruce Wilson | $6.6 B | Fashion & Retail |
| 10 | Frank Lowy | $6.5 B | Finance & Investments |
Gina Rinehart Retains Title as Australia’s Richest Person Despite Wealth Dip
According to the 2024 Forbes’ Australia’s 50 Richest list, mining magnate Gina Rinehart remains Australia’s richest person. However, her fortune has declined slightly from the previous year. Despite the dip, Rinehart’s wealth still stands at an impressive USD$30.2 billion (AUD$44.74 billion).
Figure 1: Gina Rinehart, Australia’s Richest Person
Mining and Metals: Rinehart and Forrest Lead the Pack
Gina Rinehart, the chairman of Hancock Prospecting, experienced a 23 per cent increase in her wealth during 2023. However, 2024 saw her fortune shrink. This drop didn’t stop her from securing the top spot in Australia’s 10 Richest 2024 list again. Rinehart is also diversifying her portfolio, moving into the lithium space to tap into the growing electric vehicle (EV) battery market.
Andrew Forrest, chairman of Fortescue Metals Group, holds second place on the list. His wealth also decreased slightly to USD$21.5 billion (AUD$31.8 billion). Forrest’s investments in renewables, including a record-breaking USD$4 billion acquisition of CWP Renewables, have positioned him as a leader in Australia’s clean energy transition.
Figure 2: Andrew Forrest, chairman of Fortescue Metals Group
Real Estate Dominates with Triguboff in Third Place
“High Rise” Harry Triguboff, managing director of Meriton, sits comfortably in third place. Triguboff’s wealth has risen to USD$16.2 billion (AUD$24 billion) due to the high demand for apartment dwellings in Australia. His pioneering efforts in high-density living in Sydney have paid off handsomely, solidifying his position among Australia’s wealthiest.
Figure 3: Harry Triguboff, the Third Richest in the list of Australia’s 10 Richest 2024
Tech Titans Rise: Cannon-Brookes and Farquhar
“The technology sector remains a major source of wealth generation in Australia.”, with Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar ranking fourth and fifth, respectively. Cannon-Brookes’ fortune surged to USD$13.7 billion (AUD$20.3 billion), while Farquhar’s wealth reached USD$13.5 billion (AUD$20 billion). Both tech moguls have expanded their investments into renewable energy, further boosting their fortunes.
Manufacturing and Retail: Pratt and Wilson Families Secure Spots
Anthony Pratt, executive chairman of Visy and Pratt Industries, ranks sixth with a fortune of USD$10.3 billion (AUD$15.2 billion). Pratt’s wealth stems from his family’s manufacturing legacy, particularly in recycling and cardboard production.
The Wilson family, owners of Reece Group, made a significant entry into the top ten, securing the 9th spot with a net worth of USD$6.6 billion (AUD$9.8 billion). Their fortune has grown due to Australia’s booming home renovation and construction markets.
Canva Founders Continue to Thrive
Cliff Obrecht and Melanie Perkins, co-founders of Canva, are Australia’s leading power couple in the tech industry. Their wealth has risen to USD$8.8 billion (AUD$13 billion). The pair has pledged half their fortune to charity, demonstrating their commitment to philanthropy even as their business thrives.
Family Wealth: Bianca Rinehart and Frank Lowy in the Top Ten
Bianca Rinehart and her siblings, equal Hope Margaret Hancock Trust beneficiaries, rank eighth on the list. Their combined wealth stands at USD$8.5 billion (AUD$12.6 billion). The trust owns 23.45 per cent of Hancock Prospecting, one of Australia’s most valuable family enterprises.
Frank Lowy, the former Westfield Corp. owner, rounds out the top ten in Australia’s 10 Richest 2024, with a net worth of USD$6.5 billion (AUD$9.6 billion). Lowy’s sale of Westfield 2018 for USD$16 billion (AUD$23.7 billion) remains one of Australia’s most significant deals. Today, he focuses on managing the Lowy Family Group, an investment house with offices in New York, Los Angeles, and Sydney.
How the List Was Compiled
Forbes compiled the 2024 list using a rigorous methodology. The publication analyzed shareholding and financial data from families, individuals, stock exchanges, annual reports, and analysts. The list includes individual and family fortunes, with private companies valued against publicly traded counterparts. Public fortunes were determined using stock prices and exchange rates as of February 2, 2024.
Wealth Continues to Concentrate
Despite economic challenges, including a struggling Australian dollar, Australia’s richest have collectively become wealthier. The top 50 saw their combined wealth increase by 4 per cent over the past year. Mining, technology, and real estate remain dominant industries among Australia’s elite, highlighting the country’s economic diversification and resilience.
