Australia's new Young Rich List
Despite the economic downturn, there is a new number one for BRW's new Young Rich list.
Adelaide developer Ross Makris has unseated Queensland coal baron Nathan Tinkler as the richest Australian under 40, while the financial crisis lowered the wealth required for inclusion in the list.
Mr Makris, son of Greek immigrant property magnate Con Makris, made $420 million through shopping centres, commercial properties and residential projects, ranking No. 1 in the 2009 BRW Young Rich list, up from fifth spot last year.
Cotton On retailer chain owner Tania Austin from Geelong is Australia’s richest woman, with a $156 million fortune shared with husband and co-owner Nigel.
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BRW Young Rich list 2009
Number one ... Ross Makris (South Australia), wealth: $420 million, industry: property. Photo: DAVID MARIUZ
Richest five men and women under the age of 40
“Essentially property and retail have held up better than most of the market,” said Sean Aylmer, editor-in-chief of BRW, which publishes the annual list. BRW is owned by Fairfax Media, the publisher of this site. “We’re seeing quite a few property people getting back into the market. Obviously the more savvy ones buy and sell at the right time.”
Mr Makris said the past 12 months had been challenging for the retail and property industries, but he was very bullish for the prospects of his projects.
"I have several projects that I am moving forward with in the retail property sector in South Australia and am looking forward to focusing on these in the next 12 months,” Mr Makris said.
Overall, the total wealth of the 100 members on the list dropped by 4.5 per cent through the financial year to $5.8 billion, with the cut-off level falling to $15 million from $20 million last year.
Top-ranked Mr Makris is followed by the London-based hedge fund manager Greg Coffey, whose wealth is calculated at $390 million. Mr Tinkler comes in at No. 3 with $366 million.
Stimulus keeps retailers rich
Sass & Bide fashion label founders Sarah-Jane Clarke and Heidi Middleton together are in the No. 5 richest women’s spot, with a combined $36 million.
“Retailers have done reasonably well because the government stimulus package has kept up consumer spending,” Mr Aylmer said.
Although individual retailers on the list were doing better this year, the overall number people drawn from the sector fell to 11 in 2009 from 17 in 2008, he said.
‘‘Elizabeth: The Golden Age’’ star Cate Blanchett is the top-ranked female entertainer, worth $53 million - which makes her the second-wealthiest woman on the list, and places her at No. 34 overall.
Victoria tops NSW
Victoria ranked as the No. 1 state for young rich Australians for the first time in the list’s seven-year history. It pipped NSW as the fallout from the global financial crisis continues to squeeze wealth out of the financial sector.
In 2009, Victoria boasted 28 names on the list, compared to 25 names from NSW. Last year, NSW claimed 30 rich people, while Victoria had had only 25.
Expats accounted for 20 of the people on the list, more than Queensland which made up only 14. Western Australia contributed 9 young and rich members, while South Australia added 3.
By industry, more young Australians made their fortunes in technology – 21 of them- than any other sector.
"Technology has held up well,” said Mr Aylmer. “There’s still a lot of money out there for good technology firms.
“Young IT entrepreneurs are making a bit of a comeback.”
Property accounted for the second biggest slice, with 15 entrants. Sport created 13 of the tycoons, while financial services made up only 12.
The list ranks the top 100 wealthiest Australians under 40 years of age, excluding those who have inherited their wealth.
czappone@fairfax.com.au
BusinessDay
