Despite global economic uncertainty, Australia’s ultra-wealthy have held firm particularly those anchored in the nation’s core industries like mining, real estate, and technology. As the Australian economy continues to stabilize post-pandemic, rising inflation, surging energy costs, and increased consumer demand have made headlines. Yet, the country’s richest individuals remain resilient, with many expanding into new, future-facing sectors like green energy and EV-critical resources.
Economic Backdrop: Inflation, Recovery, and Rising Fortunes
Australia’s reopening from pandemic restrictions spurred a wave of economic activity, but not without side effects. Inflation spiked to 7.8%, the highest level seen in over three decades. Soaring costs of new housing, transportation, and holiday travel have squeezed average households—but the nation’s elite have largely weathered the storm.
In fact, fortunes tied to iron ore exports—a backbone of the Australian economy remain dominant at the top of the rich list. Nowhere is this more evident than in the case of Gina Rinehart, who once again claims the top spot among Australia’s richest.
Top 10 Richest People in Australia – 2024
| Rank | Name | Net Worth (USD) | Industry |
|---|---|---|---|
| 1 | Gina Rinehart | $30.2 Billion | Metals & Mining |
| 2 | Andrew Forrest & family | $21.5 Billion | Metals & Mining |
| 3 | Harry Triguboff | $16.2 Billion | Real Estate |
| 4 | Mike Cannon-Brookes | $13.7 Billion | Technology |
| 5 | Scott Farquhar | $13.5 Billion | Technology |
| 6 | Anthony Pratt | $10.3 Billion | Manufacturing |
| 7 | Cliff Obrecht & Melanie Perkins | $8.8 Billion | Technology |
| 8 | Bianca Rinehart & siblings | $8.5 Billion | Metals & Mining |
| 9 | John, Alan & Bruce Wilson | $6.6 Billion | Fashion & Retail |
| 10 | Frank Lowy | $6.5 Billion | Finance & Investments |
Highlights from the 2024 Rich List
1. Gina Rinehart: Mining Royalty Still Rules
At the top of the list is Gina Rinehart, executive chairperson of Hancock Prospecting, whose $30.2 billion fortune underscores the enduring strength of Australia’s mining sector. Rinehart’s strategic push into lithium—critical for electric vehicle batteries—marks a bold expansion beyond traditional iron ore, positioning her business for the energy transition era.
2. Andrew Forrest: Green Ambitions Meet Billionaire Clout
Second on the list, Andrew Forrest (commonly known as “Twiggy”), continues to diversify. While his fortune remains rooted in mining via Fortescue Metals, Forrest’s bold goal of generating 14 gigawatts of clean energy by 2030 signals a firm commitment to renewable energy. A high-profile divorce also reshaped the contours of his wealth, with significant philanthropic contributions made jointly with ex-wife Nicola Forrest.
3. Harry Triguboff: High-Rise Legacy Still Soars
Property tycoon Harry Triguboff, aged 91, holds firm at third with a $16.2 billion net worth. His company, Meriton, has reshaped skylines across Australia. Despite economic uncertainty, the housing market—and Triguboff’s dominance in it—remains largely unshaken.
Tech Titans: Resilience Amid Market Volatility
The global tech downturn impacted the valuations of Atlassian, founded by Mike Cannon-Brookes and Scott Farquhar, yet both remain firmly in the top 5. Their software firm may have seen declines, but their influence in both the tech and climate sectors remains noteworthy.
Meanwhile, Cliff Obrecht and Melanie Perkins, co-founders of design platform Canva, continue to ride the wave of the creator economy, placing seventh with a joint fortune of $8.8 billion.
New Entrants and Quiet Giants
Rounding out the list are heirs like Bianca Rinehart & siblings, continuing the mining dynasty, and retail giants like the Wilson brothers, who maintain a stronghold in fashion.
Surprisingly resilient is Frank Lowy, co-founder of Westfield Group, who continues to manage a vast portfolio in finance and investments even after selling off the mall empire years ago.
Australia’s Billionaires Evolve With the Times
The 2024 list of Australia’s wealthiest underscores the continued dominance of mining and property, but also points to emerging strength in tech, sustainability, and global investments. From lithium plays to software platforms and skyscrapers to supply chains, these billionaires are not just holding onto their wealth—they’re reshaping Australia’s economic future.
As inflation continues to pressure households and industries alike, these top 10 individuals demonstrate how diversification, scale, and strategic reinvestment remain the most reliable keys to wealth in the modern age.
