2018 Rich List: Top 10 Property Players
WHAT are the real numbers … how much has floated offshore?
The 2018 Financial Review Rich List has been released, featuring 200 of Australia’s wealthiest people.
It is an unprecedented era of wealth in Australia, with 16 billionaires added to this year’s Rich List.
And property is king: with twice as many billionaires making their fortunes through real estate than any other industry. Property developers dominated the list, making up more than a quarter of the richest 200.
Manufacturing and recycling magnate Anthony Pratt continues to hold on to the top spot, with an estimated wealth of $12.9 billion.
Despite lamenting a drop in foreign property buyers earlier this year, developer Harry Triguboff has retained second place on the list, with an estimated wealth of $12.77 billion.
Gina Rinehart is again in third position, with an estimated wealth of $12.68 billion.
Australia is among countries with the highest growth in income inequality in the world over the past 30 years, and with wages stagnating, profits for the mega-wealthy are at historically high levels – it is certainly a good time to be a billionaire in Australia.
Take a look at the ten highest ranking property moguls from this year’s list.
Meriton had built more than 65,000 residential townhouses and apartments since its creation in 1963, making it Australia’s biggest residential property developer.
Hui Wing Mau
The company will retain a small stake in the combined group and continues to have a large stake in Scentre Group.
The centre’s valuation hit the $6 billion mark earlier this year.
Perron has also held the Australian distributorship rights for Toyota in Western Australia since the 1960s.
Walker Corp is currently constructing residential and commercial projects in Sydney and Brisbane, and last year opened a resort in Fiji.
The Besen family fortune was boosted last year when they offloaded a quarter stake in one of Australia’s largest malls, the Highpoint Shopping Centre in Melbourne’s west, for $680 million.
His most notably projects is the Zhongsheng Commercial Centre, one of Shanghai’s largest shopping malls.
John Van Lieshout
Related reading: 2017 BRW Young Rich List: Top 5 Property Players