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Property billionaires dominate ...

Property billionaires dominate Australia's Rich List

The latest version of Australia's Rich List has been released, with property tycoons dominating the top ten richest people in the country, demonstrating just how much money can be earned by investors in this sector.
 
Compiled by the Financial Review, the list shows that there are currently more billionaires living in Australia than ever before, with 60 in total owning a combined wealth of $233.1 billion.
 
The richest property investor on the list is Harry Triguboff, who is the second wealthiest person in the country with $11.45 billion in the bank. Mr Triguboff held the top spot last year, but even though his wealth has increased again over the past 12 months, it has been surpassed by Anthony Pratt, a paper, packaging and recycling magnate with more than $12.6 billion to his name.
 
In third place is Gina Rineheart, a mining magnate, who is Australia's richest woman thanks to her fortune of $10.41 billion.
 
However, the number of women on the list has fallen from the record high of 23 that was reached last year, with the list's editor John Stensholt stating: "It's disappointing quite frankly and it just shows you how difficult it is for female entrepreneurs in this country to make the big money."
 
The top five richest people in Australia is completed by Westfield chairman Frank Lowy with his fortune of $8.26 billion in fourth place, followed by Ivan Glasenberg, boss of Greencore, in fifth. Combined, the top five have wealth amassing more than $49.57 billion.
 
Overall, 58 of the 200 people on the updated Rich List have made their money in the property market, making this the nation's highest-earning sector. Property investors, managers and developers all feature in the rankings.
 
Meanwhile, the wealthiest new entry to the 2017 list is 46-year-old Tim Roberts, who has a fortune worth $986 million. Mr Roberts is the son of the late John Roberts, founder of the Perth-based Multiplex empire.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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