The year 2025 marked a significant shift in the fortunes of Australia’s wealthiest individuals, as the country’s rich list saw a double-digit jump in collective wealth, reaching $243 billion—a nearly 10% increase from the previous year. This surge was largely driven by the booming tech sector, which more than compensated for the decline in mining fortunes, long the dominant force in Australia’s economic landscape. However, the mining industry, though weakened by slowing demand from China and falling iron ore prices, still holds a significant place in the rankings, with familiar faces like Gina Rinehart and Andrew Forrest continuing to feature prominently. At the same time, the rise of tech-related businesses has ushered in a new wave of entrepreneurs, signaling a diversification of wealth sources in Australia.
At the helm of Australia’s richest list once again is Gina Rinehart, the mining baroness and head of Hancock Prospecting, despite her wealth declining by 4% to $29 billion. Rinehart’s strategic investments in natural gas through Hancock Energy have been a key focus in recent years, including the acquisition of energy assets from Mineral Resources, a move that underscores her adaptability in a changing economic climate. Her continued dominance, even amid Challenges, highlights her enduring influence in Australia’s resources sector. Meanwhile, another mining heavyweight, Andrew Forrest, slipped to fifth place after his net worth fell by $5.4 billion to $16.1 billion. Forrest’s fortunes, shared with his estranged wife Nicola, were impacted by a significant drop in the shares of Fortescue Metals Group, a company he founded and has successfully grown over the years.
The second spot on the list was reclaimed by property magnate Harry Triguboff, whose net worth stands at $18.8 billion. Triguboff’s Meriton Group has been capitalizing on the strong rental market to expand its build-to-rent residential portfolio, a strategic move that reflects his deep understanding of the property sector. His return to the No. 2 position after a five-year hiatus is a testament to his ability to navigate the evolving real estate landscape. Triguboff’s success, alongside the rise of tech entrepreneurs, illustrates the growing diversity of Australia’s wealth drivers.
The tech sector’s growing influence is perhaps most evident in the rise of Atlassian cofounders Mike Cannon-Brookes and Scott Farquhar, who moved up to third and fourth places respectively. Both billionaires saw their net worths increase by over $4 billion each, making them the biggest gainers in dollar terms this year. This surge was fueled by a strong performance from their software company, which reported a 20% increase in revenue to $1.3 billion in the most recent quarter. With more than 300,000 customers worldwide, Atlassian’s growth highlights the global reach and scalability of Australian tech innovation. Their success story is a powerful reminder of the potential for homegrown tech companies to achieve international acclaim and drive significant wealth creation.
Another standout performer this year is Sam Hupert and Anthony Hall, cofounders of Pro Medicus, a Melbourne-based medical imaging company. Their wealth more than doubled, making them the biggest percentage gainers on the list. This growth was fueled by the surge in Pro Medicus shares, which derive 90% of their revenue from North America. Hupert and Hall’s success underscores the potential for niche technology firms to achieve remarkable growth, particularly when they tap into global markets. Their story is a testament to the ingenuity and entrepreneurial spirit that is driving Australia’s economic transformation.
The list also saw the entry of four new billionaires, including Ed Craven and Bijan Tehrani, who founded Stake.com, an offshore crypto casino. At just 29 and 31 years old, respectively, they are the youngest entrants on this year’s list, highlighting the growing influence of cryptocurrency and digital platforms in shaping the fortunes of the next generation. Other newcomers include Charles Gibbon, a long-time investor in billionaire Richard White’s software firm WiseTech Global, and the Snow family, heirs of the late Terence Snow, who played a key role in Canberra’s airport operations. The minimum cutoff for inclusion in the list was $975 million, slightly lower than last year’s $1 billion, reflecting the broader economic dynamics at play.
In compiling this year’s list, Forbes relied on a combination of shareholding and financial data, stock exchange information, annual reports, and insights from analysts. Private companies were valued based on comparisons with publicly traded firms, while public fortunes were calculated using stock prices and exchange rates as of January 31, 2025. The list also includes foreign citizens with strong ties to Australia, reflecting the global nature of business and wealth creation in the modern era. This year’s rankings not only highlight the resilience and adaptability of Australia’s wealthiest individuals but also reveal the shifting tides of the country’s economy, as traditional industries give way to new opportunities in tech, healthcare, and beyond.
In summary, the 2025 Forbes list of Australia’s richest individuals paints a vivid picture of a nation in economic transition. While mining titans like Gina Rinehart and Andrew Forrest continue to wield significant influence, the rise of tech moguls such as Mike Cannon-Brookes, Scott Farquhar, and Sam Hupert demonstrates the growing importance of innovation and technology in shaping the country’s economic future. As Australia’s wealth landscape evolves, it is clear that both established industries and emerging sectors will play crucial roles in determining who leads the charge in the years to come.
