The 100 members of the 2017 Financial Review Young Rich List have enjoyed a stunning rise in wealth this year, with a booming property sector, technology market and beauty industry boosting overall wealth to a record $13.2 billion.
The technology sector tops the list with Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar’s combined wealth of $6.08 billion.
The technology duo’s rise in wealth follows a surge in the share price of their software company Atlassian on the US NASDAQ exchange market. Cannon-Brookes and Farquhar have topped the Young Rich List a record six times, jointly taking out the #1 spot in 2012, 2013, 2014, 2015, 2016 – and again this year.
Cannon-Brookes and Farquhar’s wealth total as of 2017 equals more than 10 times the wealth of the next two placegetters on this year’s Young Rich List.
The third and fourth spots on the 2017 Young Rich List are occupied by another technology duo – Dave Greiner and Ben Richardson – with a combined wealth of $607 million. Greiner and Richardson are co-founders of Sydney web marketing services company Campaign Monitor.
Number five on the List in Melbourne property developer Tim Gurner, who runs development company Gurner.
Gurner, whose wealth sits at $465 million, hit the headlines in May this year after saying that young Australians would struggle to buy a home when they were “spending $40 a day on smashed avocados and coffees and not working.”
Coming in at #6 is co-founder of online foreign exchange trader Pepperstone, Owen Kerr, with wealth of $368 million. He sits one place above New York-based technology and property identity Ori Allon, who ranks at #7 with wealth of $364 million.
Number eight is Sydney retailer and biotechnology company founder Sam Prince with wealth of $318 million. Prince owns both Mexican fast food chain Zambrero and emerging genetics testing company Life Letters.
Rounding out the top 10 is husband-wife duo Collis and Cyan Ta’eed, who sit at #9 and #10 respectively with combined wealth of $216 million. The Ta’eed’s are co-founders of online graphic marketplace Envato.
The 100 members of the 2017 Financial Review Young Rich List have enjoyed a stunning rise in wealth this year, with a booming property sector, technology market and beauty industry boosting overall wealth to a record $13.2 billion.
Property Rich Listers
The combined wealth of Australia’s top 5 Young Rich property moguls is $770 million
The top property sector Young Rich Lister is property developer Tim Gurner at #5, who runs development company Gurner.Gurner, whose wealth sits at $465 million, hit the headlines in May this year after saying that young Australians would struggle to buy a home when they were “spending $40 a day on smashed avocados and coffees and not working.”
The highest property sector debut on the Young Rich List comes from Marwan Rahme at #35 with wealth of $70 million. Rahme is a Lebanese immigrant who used savings from his gap year spent stacking supermarket shelves to start a home renovation business. He started Kanebridge in 1999 with three friends and together they made a $15,000 profi t on their first job. The trio later built apartments before Rahme bought his partners out in 2002. Kanebridge has since expanded to provide services in fi nance, wealth advisory, property and sourcing capital. The company’s primary concern is building apartments in Sydney’s outer north-western suburb of Kellyville.
Property meets technology
Ori Allon at Number #7 with a wealth of $364 million is co-founder and executive chairman of New York-headquartered real estate technology group Compass; a technology-driven real estate sales group that claims to be cutting out many of the difficulties of renting and buying property in the US by mixing cutting-edge data and analytics with old-fashion residential property buying and selling skills.
