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This is the industry creating the most millionaires

Lucy Dean
From fitness moguls to software giants, the young rich list is full of tech players. Images: Getty
From fitness moguls to software giants, the young rich list is full of tech players. Images: Getty

From fitness apps to luxury real estate brokerages, Australia’s richest have spent the last year making millions – and even billions – in technology.

For a record-breaking seventh year in a row, the co-founders of development software giant, Atlassian, have topped the Australian Financial Review’s Young Rich List. The pair, Mike Cannon-Brookes and Scott Farquhar have an eye-watering $14.2 billion in combined wealth.

Also read: How a crazy idea turned into a successful business

And, they’re just two of 32 young rich-listers from the technology industry.

The young rich list also features fitness gurus Kayla Itsines and Tobi Pearce ($486 million), who built their wealth through the enormously successful Sweat with Kayla app, and Ori Allon ($539 million), the founder of tech-driven luxury real estate brokerage, Compass.

All up, the 100 richest self-made Australians under 40 have a collective $23.5 billion, up a staggering $10 billion on the 2017 figure.

Also read: Why I left private equity to focus on impact investing

However, women make up only 10 of the 100 young rich-listers, with supermodel Miranda Kerr ($52 million) joining Itsines, fellow fitness mogul Emily Skye ($36 million) Canva co-founder Melanie Perkins ($177 million) and tech giant Cyan Ta’eed ($428 million).

Aussie actor, Chris Hemsworth also made the list with $58 million.

Steve Smith makes surprising appearance

The embattled former captain of the Australian cricket team, Steve Smith, made his debut on the list at 95 with an estimated wealth of $27 million.

That figure is dwarfed by basketball player, Andrew Bogut’s $81 billion and golfer, Adam Scott’s $77 million.

Rich List editor, Julie-anne Sprague explained Steve Smith’s wealth would have been much greater, had the ball-tampering scandal not triggered a sponsor exodus. She said it cost Smith between $5 million and $10 million.

Also read: Here’s how YOU can save up to $832 a year on your power bill

Richest men

Mike Cannon-Brookes & Scott Farquhar – $14.2 billion

Tim Gurner – $631 million

Ori Allon – $539 million

Tobi Pearce – $486 million

Richest women

Kayla Itsines – $486 million

Cyan Ta’eed – $428 million

Melanie Perkins – $177 million

Miranda Kerr – $52 million

Emily Skye – $36 million

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