Property Sector Dominates Australia’s Rich List

PHOTO: Australia’s Rich List

Property continues to be the main driver for wealth in this year’s The Australian Rich List, with one quarter of Australia’s 250 richest people reaping their rewards from construction, development and property asset management.

Australia’s Richest 250

The list, which was released today as part of an insert in The Australian, features bullish pub baron and Merivale chief executive Justin Hemmes on its cover.

The celebrity publican’s balance sheet ballooned over the last 12 months following a $200 million-plus buying spree of pubs in Sydney, regional NSW and Victoria.

The total wealth on the 2022 list hit a combined $520.20 billion, a 10 per cent increase on the previous year’s haul, with the average wealth sitting at $2.08 billion.

The highest money-making sectors from the list are property with 70 rich listers split between property and construction.

Unsurprisingly, Meriton chief executive Harry Triguboff was placed sixth on The List, with wealth of $20.81 billion, to be the richest of Australia’s “property players”.

Take a look at the fifty highest ranking property moguls from this year’s list.

2022 Australia’s 250 wealthiest individuals | The Rich List

50.

Tim Gurner
Gurner
$660 million

▲ Late last year Gurner announced plans to turn a Southbank hostel at 334 City Road into $250m apartment tower.

49.

Paul Blackburne
Blackburne
$672 million

48.

Michael Buxton
MAB Corporation
$722 million

47.

Andrew Buxton
MAB Corporation
$722 million

46.

Harry Stamoulis
Harry Stamoulis and family
$752 million

45.

Jonathan Hallinan
BPM Corp
$764 million

▲ BPM, alongside construction company Maxcon, delivered the 256-key $90 million hotel, being developed on behalf of Indian-listed Interglobe, early last year.

44.

Nick DiMauro
The DiMauro Group
$835 million

43.

Larry Kestelman
LK Group
$847 million

42.

Andrew Roberts
Multiplex
$856 million

41.

Lloyd Williams
Crown Casino and Entertainment Complex
$868 million

40.

Nick Andrianakos
Nick Andrianakos and family
$896 million

39.

Junhui Lin
Aqualand
$908 million

38.

Shangjin Lin
Aqualand
$908 million

37.

Sam Arnaout
Iris Capital
$912 million

▲ Sydney developer, hotel and pub owner Sam Arnaout has tipped the red-hot Gold Coast apartment market to remain strong, unveiling two high-rise developments in the past year.

36.

Max Beck
Beck Corporate
$922 million

35.

Kevin Seymour
Kevin Seymour and family
$950 million

34.

Arnold Vitocco
Vitocco Enterprises
$1 billion

33.

Denis Wagner
Wagner
$1 billion

32.

Con Makris
Makris Group
$1.03 billion

▲ Last year, Con Makris divested two shopping centres in Adelaide for a combined value of $110 million, winding back further his retail real estate footprint in the inner-city.

31.

Nechema Werdiger
Juilliard Corporation
$1.05 billion

30.

Chris Morris
Colonial Leisure Group
$1.09 billion

29.

Theo Karedis
Arkadia
$1.14 billion

28.

Sandy Oatley
Balmoral Australia
$1.15 billion

27.

Ervin Vidor
Toga Group
$1.19 billion

▲ Toga Group announced plans last year to build a 16-storey, $150-million development in the centre of Sydney’s Green Square Urban Renewal Area.

26.

Charlotte Vidor
Toga Group
$1.19 billion

25.

Ervin Vidor
Toga Group
$1.19 billion

24.

Justin Hemmes
Merivale Group
$1.31 billion

▲ Hemmes made his move into regional pubs, such as the Quarterdeck Hotel at Narooma on the NSW South Coast during the pandemic.

23.

Raymond Barro
Barro Group
$1.41 billion

22.

Tony Perich
Greenfields
$1.48 billion

21.

Arthur Laundy
Laundy Hotels
$1.48 billion

20.

Peter Gunn
PGA Investments
$1.47 billion

19.

Gordon Fu
Yu Feng Shopping Centres
$1.51 billion

18.

Jack Lin
Yu Feng Shopping Centres
$1.51 billion

17.

Sam Kennard
Kennards Self Storage
$1.52 billion

16.

Terry Snow
Capital Airport Group
$1.74 billion

15.

Ye Lipei
Super Ocean Group
$1.75 billion

14.

Sam Tarascio
Salta Properties
$1.78 billion

▲ Billionaire Sam Tarascio’s Salta Properties is planning a $1.2-billion industrial estate after acquiring a 123ha site in Melbourne’s outer south-east.

13.

Shaun Bonett
Precision Group
$1.8 billion

12.

Bob Ell
Leda Holdings
$1.81 billion

11.

Maha Sinnathamby
Springfield City Group
$1.91 billion

10.

Michael Hodgson
PPM Group Australasia
$2.08 billion

9.

Marc Besen
Marc Besen and family
$2.44 billion

8.

Bruce Mathieson
Australian Leisure and Hospitality
$2.5 billion

7.

Maurice Alter
Pacific Group
$2.62 billion

6.

Hui Wing Mau
Shimao Property Holdings
$2.94 billion

5.

Greg Goodman
Goodman
$3.52 billion

▲ Rapidly accelerating e-commerce demand helped propel Goodman Group’s full year results, booking a 15 per cent lift in profits to $1.22 billion, last year.

4.

Chau Chak Wing
Kingold Group
$3.74 billion

3.

Lang Walker
Walker Corporation
$5.03 billion

2.

John Gandel
Gandel Group
$5.05 billion

1.

Harry Triguboff
Meriton
$20.8 billion

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▲ In December, Meriton lodged plans for a dual tower development at Surfers Paradise comprising a 70-storey tower with 382 apartments and a 50-storey tower with 255 apartments.