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The Financial Review Announces 2018 Young Rich List Record-Breaking Wealth Revealed Among the Next Gen of Game Changers

October 27, 2018 Lifestyle No Comments Email Email

An overview of the 2018 Financial Review Young Rich List will be published online at afr.com at 12.00pm AEDT today, Thursday, October 25, and then in full at 6.00am on Friday, as well as in The Australian Financial Review Magazine.http://www.tourismthailand.org/landing/landing_en.html

A special lift-out edition of the Financial Review Young Rich List – including a short story on each of the top 100 featured this year – will be available inside the November issue of AFR Magazine, released in The Australian Financial Review tomorrow Friday, October 26.

 A special news stand version of the magazine will also be available in select news agencies from Monday 29 October.

STRICT EMBARGO – 12.00pm AEDT today, THURSDAY October 25, 2018

  •  For a record seventh year, Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar (joint #1 & #2) top the 2018 Financial Review Young Rich List with a record $14.2 billion  – smashing the previous Young Rich List wealth-record, which they held, of $6.08 billion
  • Cannon-Brookes and Farquhar’s combined wealth is more than 14 times the combined wealth of the next two names on the 2018 Young Rich List
  • Melbourne-based property developer Tim Gurner occupies #3 on this year’s List with wealth of $631 million
  • Gurner made headlines in 2017 when he said young Australians would struggle to buy a home when they were “spending $40 a day on smashed avocados and coffees and not working.”
  • Ori Allon is #4 on this year’s List with a $539 million wealth founded in technology and property
  • Fitness entrepreneur Kayla Itsines and her fiancé Tobi Pearce are equal #5 and #6 on this year’s List with combined wealth of $486 million. They are the wealthiest self-made 20-somethings in Australia after enjoying enormous success with their fitness app Sweat.
  • Kayla Itsines appears on the special Young Rich November issue cover of the AFR Magazine
  • Total wealth of the 2018 Financial Review Young Rich List reaches a record $23.5 billion for the 100 List occupants, up from $13.2 billion in 2017
  • The average wealth per person on the 2018 List is $95 million, excluding the wealth of Atlassian’s CEOs
  • The average age of the Young Rich-Lister is 35, with eleven 40 year-olds and twelve twenty-somethings
  • There are 21 debutants on the 2018 List, including former Australian cricket captain Steve Smith, F1 driver Daniel Ricciardo, Bundaberg farmer Peter Greensill and fund managers Mike Messara, Doug Tynan, Adam Harvey and Rishi Khilnani 
  • The youngest debutant on the List is 22 year-old Nick D’Aloisio, who enters at #91 with wealth of $29 million
  • There are 10 women on this year’s Young Rich List, up from nine last year. Female debutants include, Kate Morris and Alarna Longes
  • The longest tenure on the List sits with soccer star Harry Kewell (since 2003)
  • The biggest sectors represented in this year’s List are technology, finance and sport
  • The Young Rich List tracks the wealth of the richest Australians aged 40 and under, who are self-made and have not inherited their wealth

The Financial Review Young Rich List celebrates its 15-year anniversary in 2018 with another countdown of the most wealthy Australians aged 40 and under, whose collective wealth in 2018 sits at a staggering record $23.5 billion.

 The total wealth of this year’s 100 Young Rich-Listers rises more than $10 billion from $13.2 billion in 2017 – a 78% year-on-year increase.

 Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, both aged 38, once again top the Young Rich List with combined wealth of $7.1 billion, thanks to the eye-popping share price rally of their US-listed software group.

 The duo’s combined wealth accounts for more than half of the $23.5 billion total, and jumps from $6.08 billion in 2017.

 Cannon-Brookes and Farquhar have topped the Young Rich List a record seven times, jointly taking out the #1 spot in 2012, 2013, 2014, 2015, 2016, 2017 and 2018.

 Even if Cannon-Brookes and Farquhar’s were stripped from this year’s List, the remaining List occupants would be shown to be doing unprecedentedly well in 2018 due to big fundraising rounds that have boosted company valuations and strong revenue growth.

 Before hitting their 40s, six of this year’s List occupants have already amassed enough wealth to theoretically be able to debut on the Financial Review Rich List – Australia’s richest 200 people regardless of age – if it were to also be published today. The cut-off point for the 2018 Rich List was $372 million.

 The third spot on the 2018 Young Rich List is occupied by Melbourne property developer Tim Gurner, aged 36, whose wealth in 2018 sits at $631 million – up from $465 million in 2017.

 Gurner, who was #5 on last year’s List, made headlines in 2017 when he said young Australians would struggle to buy a home when they were“spending $40 a day on smashed avocados and coffees and not working.”

 New York-based technology and property identity Ori Allon, aged 38, rises to #4 on the 2018 Young Rich List with $539 million wealth to his name.  Allon jumps three List places from #7 in 2017 after his real estate tech firm Compass made a big splash disrupting the US property market.

 The fifth and sixth spots on the 2018 Young Rich List are jointly occupied by fitness power couple Kayla Itsines, 27, and Tobi Pearce, 26, whose$486 million combined wealth has seen them make one of the biggest jumps up the List over the past year.

The duo, who generated most of their earnings from their fitness app Sweat, are the wealthiest self-made 20-somethings in Australia.

 Sitting in seventh spot is Owen Kerr, whose stake in foreign exchange Brokerage Company Pepperstone gives him $460 million in wealth.

 Coming in jointly at #8 and #9 on the 2018 Young Rich List are husband-and-wife co-founders of online graphic marketplace Envato, Collis and Cyan Ta’eed, with combined wealth of $428 million.

 The Ta’eeds sit one place above farming and finance capital investor Peter Greensill who places at #10 with $412 million wealth. It is the highest amount of wealth ever achieved on debut since the list was first published in 2003.

 Falling off the Young Rich List in 2018 is Joel Macdonald from GetSwift and Matt Berriman from Unlockd, who both went into voluntary administration this year. Other former List occupants such as Stylerunner’s Julie Stevanja have dropped off because of equity deals that have lowered their individual stakes in their businesses.

 Rich List editor, Julie-anne Sprague said it’s been an illuminating experience editing her first Rich List. “I’ve enjoyed learning about some clever ideas that have made young entrepreneurs wealthy. It’s been fascinating to see what happens behind the scenes, especially the attempts made by some Young Rich Listers to get off the list.’

 Australian Financial Review Magazine editor, Matthew Drummond, added:

 “As our first female Rich List editor, Julie-anne Sprague set out to uncover why so few women were on the first list she has edited – the Young Rich List. As part of this, she took a closer look at those women who are turning the tables, discovering that Sweat, the fitness app that Kayla Itsines created with her fiancé Tobi Pearce, is spinning off a lot more money than anyone outside the business realised.

 “Sprague’s scoop led us to feature Kayla Itsines on the cover of our November Australian Financial Review Magazine and was a superb way for Julie-anne to kick off her new gig as the editor of the Financial Review’s various Rich Lists,” Drummond concluded.

 Technology remained the dominant sector on the 2018 Young Rich List, with 29 tech players making the List, followed by financial services with 13 entrants and sport replacing retail as the next biggest sector with 8 occupants.

 The roll call of Australian sporting names on the List includes Andrew Bogut (#30), Adam Scott (#33), Harry Kewell (#48), Tim Cahill (#63),Daniel Ricciardo (#71), Jason Day (#53), Chad Reed (#69), James Spithill (#80) and Steve Smith (#95).

 Smith made his debut in 2018 with $27 million wealth, a figure that would have been even higher had he not been involved in the ball tampering incident.

 The Financial Review Young Rich list, recording the wealth of our richest Australians aged 40 and under, has been published annually for 15 years. 

 This 2018 issue includes a retrospective “Where are they now” look at the tales and the follies of the young rich who featured on the inaugural 2003 Young Rich List.

 2018 TOP 10 

RANK

NAME

WEALTH

INDUSTRY

#1 & 2

Mike Cannon-Brookes & Scott Farquhar *

$14.2 B

Technology

#3

Tim Gurner

$631 M

Property

#4

Ori Allon

$539 M

Technology

#5 & 6

Kayla Itsines & Tobi Pearce *

$486 M

Fitness, technology

#7

Owen Kerr

$460 M

Financial services

#8 & 9

Collis & Cyan Ta’eed *

$428 M

Technology

#10

Peter Greensill

$412 M

Agribusiness, financial services

 *shared wealth 

INDUSTRIES

INDUSTRY

NUMBER

Technology

32

Financial Services

14

Online Retail

10

Sport

9

Property

6

Education

5

Investment

4

Fitness

4

Healthcare

3

Beauty services

3

Retail

3

Fintech

3

Construction

3

Manufacturing

2

Telecommunications

2

Insurance

2

Business Services

2

Franchising

2

Media

2

Arts

1

Modelling

1

Resources

1

Leisure

1

Agribusiness

1

Waste Management

1

Gaming

1

Leasing

1

 TOP 5 WOMEN

Kayla Itsines – $486 million (5, 6) *

Cyan Ta’eed – $428 million (8, 9) *

Melanie Perkins – $177 million (17, 18) *

Miranda Kerr – $52 million (52)

Emily Skye – $36 million (67, 68) *

 *shared wealth

 TOP 5 MEN

 Mike Cannon-Brookes & Scott Farquhar – $14.2 billion (1, 2) *

Tim Gurner – $631 million (3)

Ori Allon – $539 million (4)

Tobi Pearce – $486 million (5, 6) *

 *shared wealth

 ARTS/CELEBRITY

Chris Hemsworth – $58 million (49)

Miranda Kerr – $52 million (52)

 TOP 5 SPORT

Andrew Bogut – $81 million (30)

Adam Scott – $77 million (33)

Harry Kewell – $58 million (48)

Jason Day – $49 million (53)

Tim Cahill – $40 million (63)

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