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Richest Australians 2007

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BRW - Australian Rich List 2006
Australian BRW Rich List 2007
Review of Australia's richest people
according to the BRW (Business Review Weekly) business magazine, 2007

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richest australians BRW Rich List Review - Richest Australians 2007

Like most rich lists around the world, the Australian rich list has significantly increased over the past year. The number of billionaires have increased and it is now much harder to be listed as it takes a minimum of $180 million to get on the BRW Rich 200.

The top ten richest Australians are similar to last year, with a couple notable additions. James Packer holds on to his number one position, with Frank Lowy and Richard Pratt also keeping their second and third positions. Andrew Forrest and Kerr Neilson in fifth and sixth places have both had meteoric rises over the past twelve months.

Andrew Forrest of Fortescue Metals Group saw his wealth increase by $8.4 million every day over the past 12 months. Last year Forrest hadn't even made it to the billionaires club with an estimated $810 million, but 2007 finds the man with assets worth $3.89 billion. Just below Andrew Forrest is the South African born Kerr Neilson. Neilson's rise to the top was even more impressive than Forrest's rise, with a 471 percent increase for the year. Kerr Neilson increased his $443 million last year to $3.53 billion this year. His investment firm Platinum Asset Management was listed on the Australian Stock Exchange at $5 per share and quickly rose to $8.80 on the first day of trading.

Gina Rinehart is edging closer to the top of the Australian rich list, coming in at fourth place. Last year she became the first Australian female billionaire with $1.8 billion, while this year sees her wealth more than double with an estimated $4 billion. Rinehart inherited her iron ore business from her late father Lang Hancock, but her father also left her with the burden of debt, a mother in law that fought her in the courts, and a dispute that has been fought in court with the heirs of a business partner of Lang Hancock. The Hope Downs mine development that she is in partnership with Rio Tinto should see her march to the top of the list continue.

The richest man in Australia has held on to the number one spot for now, but the Westfield Shopping Centres billionaire Frank Lowy continues to expand his business globally and is now less than a billion dollars behind James Packer. Since the death of his father in 2005, James Packer has increased the $6.9 billion Packer fortune that he inherited to an estimated $7.25 billion this year. After taking control of Publishing and Broadcasting Limited, James has sold much of the company's traditional media assets (which includes the channel 9 television station) and plans to split PBL into two companies. They will include Consolidated Media Holdings for the media assets and Crown Holdings which will include the PBL casinos and gaming assets.

The total wealth of the richest 200 Australians has increased to $128,600,000,000 which is a 27 percent increase from the same time last year. The average wealth of each person has increased from $508 million in 2006 to $688 in 2007. Back in 1987 there were just two Australian billionaires (Kerry Packer and Robert Holmes a Court), compared to the thirty billionaires that now call Australia home. Sixty four BRW Rich 200 listings were born outside of Australia, which says something about the multicultural makeup of Australia.

Nineteen people debuted on the Rich 200 list with Clive Palmer heading straight to the billionaires club after the success of his iron ore company Mineralogy. A few other debutantes included Jan Cameron with $470 million, Gordon Martin with $440 million, Nigel Satterley with $420 million and Andrew Abercrombie with $379 million.

Jeremy Reid of the Everest Babcock and Brown funds management group is the youngest rich list entrant at the age of 30 and an estimated net worth of $200 million. Roc Kirby of Village Roadshow is the oldest with an age of 89 and assets of $325 million.



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top 10 rich list Richest Top 10

Ten Richest People in Australia in 2007 according to the BRW business magazine.
(All figures in Australian Dollars)

1. James Packer,$7.25 billion, PBL, Publishing and Broadcasting Limited
2. Frank Lowy, $6.51 billion, Westfield Shopping Centers
3. Richard Pratt, $5.4 billion, Visy Industries
4. Gina Rinehart, $4.0 billion, Hancock Prospecting
5. Andrew Forrest, $3.89 billion, Fortescue Metals Group
6. Kerr Neilson, $3.53 billion, Platinum Asset Management
7. Harry Triguboff, $3 billion, Meriton Apartments
8. Zhengrong Shi, $2.87 billion, Suntech Power Holdings
9. Kerry Stokes, $2.71 billion, Seven Network (television station)
10. David Hains and Family, $2.62 billion, Portland House Group

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