Most wealthiest Aussies earn from property

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The entire fortune of the 250 wealthiest Aussies is $318.33 billion, with each member having an average of $1.27 billion, according to a study by The Australian. Property dominated the majority of wealth, with 68 of the richest people making money from the industry.

"A lot of Australia's wealth is still in the hands of people in some old industries: manufacturing and mining, property," the List editor John Stensholt told SBS News.

The List: Australia’s Richest 250, which was published in The Weekend Australian on Saturday, included 96 billionaires—15 people aged 40 and under, and 27 females. The average age of members is 65, with 95-year-olds Len Ainsowrth (Associated World Investments, Sydney) and Marc Beseen (TarraWarra, Melbourne) — who was also the eldest in the roster. Tobi Pearce (Sweat), 26 years old, was the list’s youngest member.

Visy Executive Chairman and owner of Pratt Industries Anthony Pratt (58, Melbourne) is Australia’s wealthiest individual, with a fortune of $13.14 billion. Joining Pratt in the top 10 is Hancock Prospecting Chairman Gina Rinehart (65, Perth). She holds the second spot, with an accumulated wealth of $13.12 billion – a mere $20 million difference compared to Pratt’s.

Meriton Managing Director Harry Triguboff (86, Sydney) is at number 3, with a total wealth of $12.31 billion.

The report also found that nearly a quarter of Australia's 250 richest people were born overseas. Among the top 10 on the list, five of the richest multi-billionaires were born abroad.

"We've got so many migrant success stories on this list. About a quarter of the 250 were born overseas, including 13 from China alone and about a dozen from Eastern Europe," The List editor John Stensholt told SBS News.

The List was curated and edited by wealth expert John Stensholt and a global team of researchers and journalists.

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