Gina Rinehart tops rich list as Sam Gance and Adrian Portelli lead new billionaire entrants

The Nightly

3 Min Read

15 Mar 2024

Gina Rinehart has topped the rich list. Credit: The West

Australia has a record 159 billionaires in 2024, including a swathe of new entries like Nicola Forrest, Sam Gance and Adrian Portelli.

There are also many familiar names, like Gina Rinehart, Andrew Forrest, Mike Cannon-Brookes and Clive Palmer.

And, this year, there are even more young billionaires with 20 people aged 40 or under making the latest rich list published by The Australian.

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Collectively, Australia’s 250 richest people are worth $591.31 billion.

See the top 25 below.

AUSTRALIA’S RICHEST PEOPLE

One to ten:

1. Gina Rinehart - $50.48b

Gina Rinehart, Chairman of Hancock Prospecting, is back in first place this year. Profits have surged thanks to its flagship and majority-owned Roy Hill mine.

Images of Gina Rinehart supplied by Hancock Prospecting - Gina Rinehart in regional WA — Gina Rinehart. Credit: unknown/supplied by Hancock Prospecting

2. Andrew Forrest (with Nicola Forrest) - $37.17b

Mining magnate Andrew “Twiggy” Forrest, founder and executive chairman of Fortescue Metals Group, also remains in second place. He shares a top spot on the list with Nicola Forrest. The pair confirmed their split last year.

Andrew Forrest.G Credit: LUKAS COCH/ LUKAS COCH

3. Nicola Forrest (with Andrew Forrest) - $37.17b

Nicola Forrest is a new entry in 2024’s list. This is due to the confirmation of her split from her husband Andrew Forrest. Her separate shareholding in Fortescue adds her to the list.

4. Anthony Pratt and family - $27.66b

Anthony Pratt runs Pratt Industries, which has manufacturing facilities in 25 states across Australia. Last year he opened his largest paper mill in Kentucky. Pratt also shares ownership of Visy with his sisters Heloise Pratt and Fiona Geminder.

5. Harry Triguboff - $26.01b

Harry Oskar Triguboff AO is a Chinese-born Australian billionaire real estate developer. He is the founder and managing director of apartment-tower development company Meriton and is known as “high-rise Harry” because he has put up more than 78,000 apartments.

Harry Triguboff, chief executive officer of Meriton Pty., speaks at a business lunch for the American Chamber of Commerce (AMCHAM) in Sydney, Australia, on Friday, Oct. 21, 2011. Triguboff, founder and managing director of closely-held Meriton Pty, Australia's biggest apartment developer, comments on Chinese demand for Australian homes, the Reserve Bank of Australia's monetary policy and his expectation for the housing market. Triguboff spoke at an event in Sydney. Photographer: Ian Waldie/Bloomberg *** Local Caption *** Harry Triguboff — Harry Triguboff. Credit: Ian Waldie/Bloomberg

6. Mike Cannon-Brookes - $22.92b

Cannon-Brookes is the co-founder and chief executive of the software business Atlassian, which he founded with Scott Farquhar in 2022. The Sydney-based company is publicly traded in New York and has more than 260,000 customers, according to its website. The majority of his fortune is derived from is stakes in the company.

Atlassian CEO Mike Cannon-Brookes (file image) — Mike Cannon-Brookes. Credit: AAP

7. Scott Farquhar - $22.65b

Farquhar is the co-founder and chief executive of software business Atlassian, which he founded with Mike Cannon-Brookes in 2022. The Sydney-based company is publicly traded in New York and has more than 260,000 customers, according to its website. The majority of his fortune is derived from is stakes in the company.

Atlassian cofounders Mike Cannon-Brookes and Scott Farquar (right). Credit: Supplied

8. Clive Palmer - $21.92b

Mining magnate Clive Palmer has made his fortune through mining and became a billionaire in 2019. He owns several companies including Mineralogy. He has derived much of his fortune from royalties from Pacific’s Sino Iron Ore project in WA. Palmer, a former member of the Australian Parliament, is involved in litigation with several parties, including ASIC. He is down three spots in 2024, dropping from five to eight.

Clive Palmer outside the Brisbane Supreme Court, — Clive Palmer. Credit: AAP

9. Kerry Stokes - $11.01b

WA businessman Kerry Stokes — whose Seven Group Holding has a majority stake in Seven West Media, publisher of The Nightly — has moved up to 9th spot on the list, from 12th last year.

10. Cliff Obrecht (combined) - $10.92b

Cliff Obrecht and Melanie Perkins maintain a large shareholding in Canva, which is valued at about $US26 billion. They met at university and founded the business in 2013.