Record wealth for Australia‘s top 10 in 2016 Young Rich List

Source: The Australian

Mike Cannon-Brookes and Scott Farquhar, the co-founders of Australian tech group Atlassian, have topped the BRW Young Rich List for an unprecedented fifth straight year.

The successful float of their enterprise software company on the US-based NASDAQ exchange last year helped double their combined wealth to $4.68 billion, more than doubling last year’s $2.30bn and solidifing the joint number one spot on the list.

Campaign Monitor founders Dave Greiner and Ben Richardson, another tech duo, claimed the two spots after Mr Farquhar and Mr Cannon-Brookes, with their email marketing business performing well.

However, their combined wealth of $543 million fell well short of the leaders.

Rounding out the top five was Perth-based property developer Paul Blackburne, with total recorded wealth of $483m.

Mr Blackburne dropped back from third spot as the WA property sector lagged against the booming east coast market.

The total wealth of the 100 members included this year jumped $1.7bn a record high of $12.3bn, aided by the surging property and technology sectors.

The list analyses the wealth of Australians under the age of 40, with inheritance excluded from calculations.

Others included in the top 10 were technology investor Simon Clausen, property developer Tim Gurner, Swisse Wellness boss Radek Sali, real estate technology creator Ori Allon and Sydney entrepreneur Sam Prince, the owner of a Mexican fast food chain and a biotech firm.

In all, 22 debutants were included among the list of 100, headlined by the co-founders of digital marketplace operator Envato, Collis and Cyan Ta’eed, at the 12 and 13 spots.

The youngest debutants were fitness company owners Tobi Pearce and Kayla Itsines, who joined in spots 51 and 52 at the ages of 24 and 25, respectively.

Among the 100 spots, 27 were filled by people primarily in the tech space, with financial services and retail next best with 11 representatives.

On a state-by-state basis, New South Wales and Victoria dominated, with the latter just edging NSW in representation by 28 to 27.