Latest news with #AustralianFinancialReviewRichList
Sydney Morning Herald
10-08-2025
- Business
- Sydney Morning Herald
Australians are pretty rich but there's a catch
If an outsider ever wanted to understand Australia's deeply ingrained obsession with owning a house, they need look no further than the latest UBS Global Wealth Report. Released last week, it is perhaps the most succinct snapshot of our nation's immediate financial reality, also highlighting three of the country's biggest economic issues. The annual UBS report analyses key financial data from 56 countries, determining net worth by combining financial assets with real assets (savings, stocks and property), and deducting debt. Australia retained its place as the world's second-richest country for median wealth, and fifth for average wealth. Further, 1.9 million Australians maintained their status as millionaires in US dollar terms (at least $1.55 million to their name). All this looks and sounds pretty good, right? This year's median wealth figure of $411,000 is an increase of 6 per cent over last year's $387,176. The only country with a healthier figure is Luxembourg, with $607,000. By this metric, we are significantly better off than New Zealand, the United Kingdom, Canada, France and the United States, among others. Meanwhile, this year's average wealth figure marks an even greater leap, increasing by 17.8 per cent in just 12 months from last year's $807,862 to $952,000. Switzerland, the US, Hong Kong and Luxembourg took out the top spots, but we are still ahead of the UK, France, Canada and New Zealand. Intriguingly, the wealth growth trend in median and average wealth was not evident in the number of Australian millionaires. In fact, that number decreased slightly, from 1.93 million last year. The UBS report simply highlights what many of us already know to be true, which is that if you want to get ahead in Australia, you need to own property. In isolation, that might not seem much of a dip. The UBS report estimates the number of Australians with a personal wealth of $1.55 million or more will grow by more than 20 per cent over the next three years, so there could be roughly 400,000 more millionaires by 2028. Combine the growth in median and average wealth with the dip in the number of millionaires, and the UBS report paints an eerily similar picture to the concerns that were raised when this year's Australian Financial Review Rich List was published.
The Age
09-08-2025
- Business
- The Age
Australians are pretty rich but there's a catch
If an outsider ever wanted to understand Australia's deeply ingrained obsession with owning a house, they need look no further than the latest UBS Global Wealth Report. Released last week, it is perhaps the most succinct snapshot of our nation's immediate financial reality, also highlighting three of the country's biggest economic issues. The annual UBS report analyses key financial data from 56 countries, determining net worth by combining financial assets with real assets (savings, stocks and property), and deducting debt. Australia retained its place as the world's second-richest country for median wealth, and fifth for average wealth. Further, 1.9 million Australians maintained their status as millionaires in US dollar terms (at least $1.55 million to their name). All this looks and sounds pretty good, right? This year's median wealth figure of $411,000 is an increase of 6 per cent over last year's $387,176. The only country with a healthier figure is Luxembourg, with $607,000. By this metric, we are significantly better off than New Zealand, the United Kingdom, Canada, France and the United States, among others. Meanwhile, this year's average wealth figure marks an even greater leap, increasing by 17.8 per cent in just 12 months from last year's $807,862 to $952,000. Switzerland, the US, Hong Kong and Luxembourg took out the top spots, but we are still ahead of the UK, France, Canada and New Zealand. Intriguingly, the wealth growth trend in median and average wealth was not evident in the number of Australian millionaires. In fact, that number decreased slightly, from 1.93 million last year. The UBS report simply highlights what many of us already know to be true, which is that if you want to get ahead in Australia, you need to own property. In isolation, that might not seem much of a dip. The UBS report estimates the number of Australians with a personal wealth of $1.55 million or more will grow by more than 20 per cent over the next three years, so there could be roughly 400,000 more millionaires by 2028. Combine the growth in median and average wealth with the dip in the number of millionaires, and the UBS report paints an eerily similar picture to the concerns that were raised when this year's Australian Financial Review Rich List was published.
The Age
29-05-2025
- Business
- The Age
Twiggy drops off as three West Australians make AFR's Rich List top 10
West Australian mining billionaire Andrew Forrest has fallen out of the Australian Financial Review Rich List top 10 for the first time in more than 15 years. The iron ore tycoon was ranked the richest man in Australia from 2020 to 2023, before beginning to slide down the rankings following his split from wife, Nicola, and the dividing of their shared fortune in 2023. Nicola Forrest remains in the top 10, ranked ninth with an estimated fortune worth $12.8 billion, due to holding slightly more of the family's Fortescue shares than her estranged husband. Fellow WA mining magnate Gina Rinehart has held her position as the richest Australian for the sixth year in a row despite her fortune shrinking slightly from $40.6 billion in 2024 to $38.1 billion this year due to falling iron ore prices. Rinehart's Hancock Prospecting is the country's largest private mining company, with its Roy Hill mine in the Pilbara its most valuable asset. Rounding out the West Australian contingent in the top 10 was media mogul and Seven Group Holdings boss Kerry Stokes with an estimated value of $12.7 billion – a figure which has nearly doubled since 2020, when his worth was forecast to be around $6.3 billion. This year marks Stokes' return to the top 10 after last appearing on the list five years ago. Meanwhile, one West Australian was also among the 10 debutants to feature on the list for the first time this year.
Sydney Morning Herald
29-05-2025
- Business
- Sydney Morning Herald
Twiggy drops off as three West Australians make AFR's Rich List top 10
West Australian mining billionaire Andrew Forrest has fallen out of the Australian Financial Review Rich List top 10 for the first time in more than 15 years. The iron ore tycoon was ranked the richest man in Australia from 2020 to 2023, before beginning to slide down the rankings following his split from wife, Nicola, and the dividing of their shared fortune in 2023. Nicola Forrest remains in the top 10, ranked ninth with an estimated fortune worth $12.8 billion, due to holding slightly more of the family's Fortescue shares than her estranged husband. Fellow WA mining magnate Gina Rinehart has held her position as the richest Australian for the sixth year in a row despite her fortune shrinking slightly from $40.6 billion in 2024 to $38.1 billion this year due to falling iron ore prices. Rinehart's Hancock Prospecting is the country's largest private mining company, with its Roy Hill mine in the Pilbara its most valuable asset. Rounding out the West Australian contingent in the top 10 was media mogul and Seven Group Holdings boss Kerry Stokes with an estimated value of $12.7 billion – a figure which has nearly doubled since 2020, when his worth was forecast to be around $6.3 billion. This year marks Stokes' return to the top 10 after last appearing on the list five years ago. Meanwhile, one West Australian was also among the 10 debutants to feature on the list for the first time this year.
West Australian
29-05-2025
- Business
- West Australian
REVEALED: Australia's 10 richest people and how much they're worth
Iron ore magnate Gina Rinehart may still be Australia's richest person but that massive pile of dosh is now just a little shorter than it was last year. The name behind the Hancock Prospecting and Hancock Agriculture empires — with assets stretching from Roy Hill and Atlas Iron through to Bannister Downs Dairy, Drizabone and Rossi boots — is worth $38.1 billion, according to this year's Australian Financial Review Rich List . Compared to your bank balance that's still pretty decent, no? Mrs Rinehart has now held the title for six-straight years, but this year's figure is 6 per cent down on where it stood last year thanks to a softer market for her No.1 earner, iron ore. Weaker prices for the steel-making ingredient have also dented the fortunes of fellow miners Andrew Forrest and estranged wife Nicola , who's net worth now stands at $12.8b — down from last year's $16.92b and dropping her to ninth on the list of the top 10 wealthiest people in Australia. Fortescue founder Mr Forrest disappeared from the list altogether. Across the top 10, the AFR says their collective fortune now stands at $202b — down 9.2 per cent from a year ago. Property developer Harry Triguboff held on to his spot at No.2 with $29.7b while packaging king Anthony Pratt and Family come in third with $25.9b. Atlassian co-founder Scott Farquahar was fourth with $21.4b. But noticeably absent from the top 10 was his co-founder wingman Mike Cannon-Brookes. Everyone's favourite litigant Clive Palmer has $20.1b, which put him at fifth, and Perth-born founders of online graphic design unicorn Canva, Melanie Perkins and Cliff Obrecht , held at sixth place with a small rise in their fortune to $14.1b. Co-founder of infrastructure and asset management firm Stonepeak, Michael Dorrell , stormed into the charts to seventh, with an estimated net worth of $13.9b. Former Glencore boss Ivan Glasenberg has $13.3b, earning him eighth spot. Kerry Stokes , chairman of Seven West Media and majority shareholder of the diversified SGH empire — which includes Boral, Coates Hire, WesTrac and investments in a host of resource and energy companies — was 10th with $12.7b.
