Andrew Forrest


BRW Rich List revealed: tech entrepreneurs fresh faces among the usual crowd

6:04PM | Sunday, 29 June

Miners and property developers are among Australia’s wealthiest people, but young technology entrepreneurs are snapping at their heels, according to the 31st BRW Rich 200 released Friday.   Gina Rinehart once again topped the BRW Rich List with an estimated worth of $20.01 billion, down from $22.02 billion the previous year.   Anthony Pratt, chairman and chief executive of paper and packaging company Visy Industries, came in at number two and is Australia’s richest man, with a net worth of $7.64 billion. James Packer came in at third place with $7.19 billion.   Despite the usual pack of miners, property investors and those born into wealthy families dominating the list, people who have made their fortunes from striking it out alone in the IT industry are quick on their heels.   Former Smart50 winners and Atlassian founders Mike Cannon-Brookes and Scott Farquhar have surged ahead in this year’s rankings, coming in at number 35 and 36 respectively. Between them, the pair is worth $2.14 billion. Last year the entrepreneurs were worth $250 million each.   Atlassian, a software development company founded in 2002, has averaged 40% on year growth for the last five years.   Cannon-Brooks and Farquhar have been hailed as examples of how Australian tech companies can thrive on the international stage. However, the pair also has their priorities set on other things besides profit.   In April, they pledged $35 million to community-building after setting aside 1% of the company’s equity to charity when starting the business. Farquhar told SmartCompany Atlassian has a passion for investing in charity for the long-term, especially when it comes to giving people the skills to help others.   “It’s really about education,” he said. “Ideally in 50 years’ time we want to say we have really achieved fixing something rather than just patching over something.”   Another entrepreneur, Ruslan Kogan, also fared well and came in at number 162 – his first time making it onto the list with a net worth of $320 million. Kogan’s business is going from strength to strength, and launched in New Zealand in March.   “Our goal is to deliver the latest technology at market leading prices,” he toldSmartCompany. “Whether it is manufacturing our own Kogan products, or sourcing the world’s biggest brands, we can cut out all the middlemen to guarantee the best prices.”   Mining magnate turned politician Clive Palmer didn’t fare too well in comparison to previous years, falling a massive $980 million in comparison to last year. However, fellow miner Andrew Forrest had the opposite fate – his wealth jumping from $3.66 billion to $5.86 billion this year.   The average age of those on the BRW Rich 200 is 64, and of the 200 people on the list 39 of them are billionaires. Only 7% of the rich-listers are women.   The richest people in Australia: 1. Gina Rinehart - $20.01 billion 2. Anthony Pratt & family - $7.64 billion 3. James Packer - $7.19 billion 4. Frank Lowy - $7.16 billion 5. Ivan Glasenberg - $6.63 billion 6. Hui Wing Mau - $6.35 billion 7. Andrew Forrest - $5.86 billion 8. Harry Triguboff - $5.5 billion 9. John Gandel - $4.08 billion 10. Kerr Neilson - $3.35 billion   This article originally appeared on SmartCompany.

THE NEWS WRAP: Australia in danger of jumping off a “growth cliff”: NAB chairman

3:45AM | Monday, 11 March

The US has its ‘fiscal cliff’– but Australia has its own version, according to the chairman of NAB, who has claimed the country is set for a “growth cliff” following the end of the resources boom.

THE NEWS WRAP: Andrew Forrest to lead court challenge against mining tax

3:07AM | Monday, 11 March

A High Court challenge led by billionaire Andrew Forrest to the Federal Government’s mining tax is to take place as early as March.

THE NEWS WRAP: Mining boom worries lead Forrest to pump $40 million into Fortescue

8:19PM | Thursday, 30 August

Mining entrepreneur Andrew Forrest has forked out nearly $40 million to bolster the company he founded, amid concerns that the mining boom is beginning to slow.

THE NEWS WRAP: NAB boss says doom mongers are no good for the economy

7:27PM | Tuesday, 31 July

Business leaders should stop talking down the Australian economy or risk damaging confidence, the boss of NAB has warned.

Catch of the Day debut on BRW Rich List with $240 million fortune

5:36AM | Thursday, 24 May

The founders of Smart50 entrant Catch of the Day, Gabby and Hezi Leibovich, have been revealed as being among the country's richest people, with a fortune of $240 million, according to the latest figures from BRW.

THE NEWS WRAP: Australian businesses cut spending

3:36PM | Thursday, 1 March

Australian businesses cut their spending in the fourth quarter, with the economy still propped up by the mining industry, new figures have revealed.

THE NEWS WRAP: Shareholders handed greater powers over executive pay

6:28AM | Tuesday, 21 June

Company directors could be removed if they ignore shareholder concerns over their pay, under laws passed by the Senate last night.

THE NEWS WRAP: Fortescue Metals’ Andrew Forrest steps down as chief executive

6:51PM | Wednesday, 1 June

Andrew Forrest, the billionaire founder of Fortescue Metals Group, is to step down as chief executive of the company and will become chairman.

THE NEWS WRAP: Gina Rinehart becomes first woman to top the BRW Rich 200

5:13AM | Thursday, 26 May

Mining magnate Gina Rinehart has become the first woman to top the BRW Rich 200 in its 28-year history, after she increased her wealth from $4.75 billion to $10.3 billion last year.

BRW executive rich list dominated by mining

3:46PM | Thursday, 24 March

Mining magnate Andrew Forrest has bumped media mogul Rupert Murdoch off the top spot in this year’s BRW Executive Rich List, with mining companies dominating the list of Australia’s 200 wealthiest executives.

THE NEWS WRAP: Federal Government to revamp its apprenticeship scheme

2:45PM | Monday, 21 February

The Federal Government is to revamp its apprenticeship scheme after a report found that it was failing to solve skills shortages for businesses.

THE NEWS WRAP: Bank war spreads to business banking

2:59PM | Sunday, 20 February

The marketing battle between the major banks is set to intensify, with Commonwealth Bank making a major push for NAB's business customers.

THE NEWS WRAP: Gina Rinehart first woman to be named Australia’s richest person

2:39PM | Thursday, 3 February

Gina Rinehart has become the first woman to be named Australia’s richest person, beating fellow mining magnate Andrew Forrest to the top spot.