Property players dominate 2018 Financial Review Rich List

Property players dominate 2018 Financial Review Rich List

25 May 2018

Australia’s property moguls have once dominated the Financial Review Rich List for 2018, with billionaire Anthony Pratt topping the list, with a record personal wealth of $12.9 billion. Pratt’s wealth is up $300k on last year’s list.

It is the second consecutive year atop the list for Pratt, who heads his family’s dominant Visy cardboard box manufacturing and recycling business in Australia and is also benefiting from the huge growth of Pratt Industries in the United States.

Second on the list is apartment king and Meriton founder, Harry Triguboff, whose wealth sits just short of Pratt, at $12.77 billion, a $1.34 billion increase from last year.

Third on the Rich List is mining magnate Gina Rinehart, whose wealth from her giant Roy Hill mine in Western Australia and other resources assets reaches $12.68 billion. She also launched the 2GR Premium Wagyu Beef brand last year, which is shipped to China. Rinehart also recently celebrated the ramping up of the export of iron ore from Roy Hill to 55 million tonnes per annum. Rinehart’s wealth is up a staggering  $2.28b since 2017.

Fourth is Hui Wing Mau, a Hong Kong-based property magnate whose wealth of $9.09 billion is mostly found in the Hong Kong-listed Shimao Property.

He also owns more than 45,000 heads of cattle and a majority stake in NSW meat processor and exporter Bindaree Beef Group.

Westfield co-founder Frank Lowy is fifth on the list with a $8.42 billion fortune.

Sixth on the list is Ivan Glasenberg, the Swiss-based chief executive of global resources giant Glencore.

Melbourne shopping centre magnate John Gandel is seventh with wealth of $6.45 billion. Gandel owns 50 per cent of the giant Chadstone shopping centre, which is set to top the $2 billion sales mark – a record for Australia.

Fortescue Metals Group chairman and founder Andrew Forrest is ninth with a $6.10 billion fortune.

Ninth is another overseas-based business tycoon with Australian citizenship, Vivek Sehgal. He is the founder and majority owner of Indian car parts manufacturer Samavardhan Motherson Group, and is on the Rich List for the first time with wealth of $5.88 billion. His company has close to 40,000 employees and annual revenue of more than $US6.3 billion.

Rounding out the Top 10 is James Packer, majority shareholder of casino and entertainment group Crown Resorts. Packer shocked the market when he stepped down as director of Crown in March due to mental health issues and said he would take a step back from public life. He is worth $5.25 billion.

There are a record 76 billionaires on the 2018 list, up from 60 a year ago, with property magnates accounting for 51 of the 200 names.

Sydney hotelier Justin Hemmes and his family, joins other property players who have ridden the property boom over the past 12 months. The 45-year-old Hemmes will be among 12 new names on the Financial Review Rich List when the 2018 edition is published on Friday, and will debut in 78th position.

Hemmes and his family have amassed a $951 million fortune via the ownership of 70 pubs, hotels, restaurants and venues in and around Sydney, including The Ivy on George Street in the heart of the CBD.

Hemmes joins Melbourne apartment developer Tim Gurner, and Andrew Roberts, the Multiplex heir whose RF Capital has direct property holdings in Europe and Britain.