Fortunes of Financial Review young rich listers drop by $11 billion
Fortunes of Financial Review young rich listers drop by $11 billion
The combined wealth of the 100 richest young Australians aged 40 and under has fallen 27 percent during the past 12 months to a four year low of $30 billion, reveals the Financial Review 2022 Young Rich List released in full tomorrow.
- Collective wealth of top 100 Young Rich Listers aged 40 or under falls by 27 percent to $30 billion, down from $41 billion from last year.
- Canva co-founders Melanie Perkins and Cliff Obrecht are #1 and #2 on the Young Rich List worth $13.7 billion, down from $16.5 billion.
- Musicians Tones & I and Vance Joy debut on the Young Rich List, with Tones & I worth $35 million and Vance Joy worth $40 million.
- Daniel Ricciardo is Australia’s richest sports star under 40, worth $156 million, while Chris Hemsworth is the nation’s wealthiest young actor worth $162 million.
- Miranda Kerr remains the richest public figure under 40, with a wealth pile of $173 million, up from $124 million.
With valuations of technology companies falling as interest rates rise, Australia’s richest young entrepreneurs have collectively lost $11 billion from the value of their companies. Some $3 billion of that has been struck from the estimated fortune held by Canva co-founders Melanie Perkins, 35, and Cliff Obrecht, 36.
But it’s not all bad news for the couple, with the pair continuing their run at the top of the Young Rich List, with a combined wealth of $13.7 billion.
The 2022 Financial Review Young Rich List reveals the diverse ways the next generation of entrepreneurs are building their fortunes. Defying the downturn is burritos and nachos, which have been a winner for Sam Prince, 38. Growth at his Mexican restaurant chain Zambrero has lifted his wealth to $1.2 billion, up from $1.1 billion last year, to #3 on the Young Rich List.
“Prince is leading something of a comeback for traditional industries in this year’s edition,” said Rich List co-editor Michael Bailey. “Software makers are getting shoved aside by sportspeople, musicians and fashionistas, who were once the mainstays of the Young Rich List.”
Rich List co-editor Julie-anne Sprague said: “The technology sector had a reality check this year, with the lofty company valuations that underpinned their wealth tumbling as rising interest rates reset expectations for growth and sharpened investor focus on profitability.”
While wealth from tech is down, the start-up sector is still the best way to end up on the Young Rich List, with 29 entrepreneurs creating their riches in the technology field. But sport and entertainment has been lucrative during the past year, with 12 sports people on the list – including newcomers, golfer Cameron Smith ($37 million and #97 ); Perth baseballer Liam Hendriks ($48 million and #83 ) who scored a lucrative contract with the Chicago White Sox; and former Bankstown local Jordan Mailata ($49 million and #82) who now plays for the NFL’s Philadelphia Eagles.
In entertainment, two Australian musicians setting the global stage alight – Tones & I, and Vance Joy – debut on the Young Rich List, thanks to their writing of hit songs for which they paid their own recording costs. Their hits have also increased in value due to their music being played more over streaming. Combined with a post-pandemic return to touring, Tones & I is worth $35 million (#98) while Vance Joy is worth $40 million (#96).
The Financial Review Young Rich List has tracked the wealth of Australia’s wealthiest people aged 40 and under since 2003. To qualify, Young Rich Listers must not have inherited their wealth. The entry point for this year’s list is $35 million, down from $36 million last year. This year’s debutants include Ed Craven, who hit headlines in August after he bought a Tookrak mansion for more than $88 million, setting a record for Melbourne real estate. He debuts at #5 with $1.1 billion thanks to his crypto online casino.
Miranda Kerr remains the richest public figure under 40, with a wealth pile of $173 million, up from $124 million to come in at #31. Hollywood star Chris Hemsworth, whose fitness app Centr was snapped up by the younger brother of Amazon billionaire Jeff Bezos, increased his wealth by $57 million to $162 million (#37).
Australia’s wealthiest Young Rich sport star is F1 driver Daniel Ricciardo who despite not having a seat on the grid next year, is worth $156 million (#38), closely followed by Brooklyn Nets basketball star Ben Simmons, worth $144 million (#41).
But while sporting stars may be scoring financial goals, it’s been a very different game for many entrepreneurs in the buy-now-pay-later sector as well as cryptocurrencies. Afterpay co-founder Nicholas Molnar has lost nearly 60 percent of his wealth from $2.8 billion to $1.2 billion and slipped to #4. Meanwhile, the Warwick brothers – Kieran, Aaron and Grant – co-owners of a play-to-earn cryptocurrency game, have collectively seen their wealth plunge by 80%. Keiran saw his wealth plummet from $463 million last year to $93 million.
The Financial Review Young Rich List 2022 Highlights
TOP 10 (worth a collective $20.8 billion)
1&2. Melanie Perkins and Cliff Obrecht,35 & 36, $13.7 billion (down from $16.5b) – Canva
3. Sam Prince, 38, $1.2 billion (up from $1.1b) – Zambrero Mexican restaurant & healthcare
4. Nicholas Molnar, 32, $1.2 billion (down from $2.78b) – Afterpay
5. Ed Craven, 27, $1.1 billion (debutant) – stake.com online casino
6. Jack Zhang, 37, $957 million (up from $543m) – Airwallex tech
7. Tim Gurner, 40, $788 million (up from $609m) – Property
8. Robert Chamberlain, 38, $741 million (up from $320m) – Huno Group travel
9. Owen Kerr, 38, $542 million (down from $728m) – Pepperstone Financial Services
10. Ryan,40, & Sam,38, Kroonenburg $541 million each (down from $542m) – education
- Miranda Kerr, 38, $173 million (up from $124m)– Manufacturing/Retail (#31 on the Young Rich List)
- Chris Hemsworth, 39, $162 million (up from $105m) – Arts (#37)
- Margot Robbie, 32, $102 million (up from $62m) – Arts (#56)
- Jennifer Hawkins, 38, $95 million (up from $72m) – Manufacturing/Retail (#60)
- Vance Joy, 34, $40 million – singer (#96)
- Daniel Ricciardo, 33, $156 million (#38) – F1 driver
- Ben Simmons, 26, $144 million (#41) – Basketballer
- Jason Day, 34, $115 million (#48) – Golfer
- Andrew Bogut, 37, $111 million (#49) – Retired basketballer
- Joe Ingles, 35, $58 million (#71) – Basketballer
TOP 5 WOMEN
- Melanie Perkins (#1) – $13.7 billion
- Tah-nee Beard (#16) – $395 million (with husband Simon Beard)
- Jessica Sepel (#20) – $381 million (with husband Dean Steingold)
- Miranda Kerr (#31) – $173 million
- Kayla Itsines (#35) – $165 million
STATE BY STATE (includes Young Rich Listers coupled up)
NSW – 39
VIC – 29
QLD – 14
SA – 3
WA – 2
OVERSEAS – 21
The Financial Review Young Rich List is available on www.afr.com from Friday, October 28. The Young Rich List also appears in a special edition of AFR Magazine, featuring profiles and analysis of the trends that are making the Young Rich even richer, which is inside this Friday’s Financial Review newspaper.
Image of cover of AFR Magazine Young Rich List HERE
For further information, please contact:
Thursday, October 27, 2022