Australia markets open in 9 hours 2 minutes
  • ALL ORDS

    7,051.00
    +36.00 (+0.51%)
     
  • AUD/USD

    0.7732
    +0.0037 (+0.48%)
     
  • ASX 200

    6,770.40
    +27.80 (+0.41%)
     
  • OIL

    53.54
    +0.56 (+1.06%)
     
  • GOLD

    1,844.60
    +4.40 (+0.24%)
     
  • BTC-AUD

    45,163.16
    +300.75 (+0.67%)
     
  • CMC Crypto 200

    688.81
    -26.38 (-3.69%)
     

He’s worth $18.4 billion - but he won’t qualify for this rich list anymore

Anastasia Santoreneos
·2-min read
SYDNEY, AUSTRALIA - JUNE 25: Atlassian co-founder Mike Cannon-Brookes is pictured during the announcement of a new Tech Hub near Central Station on June 25, 2020 in Sydney, Australia. The NSW government has announced plans to make Sydney an Australian technology hub with the creation of a new precinct to be known as Tech Central. Australian technology company Atlassian will build its new headquarters as part of the precinct by Central Station. (Photo by Brook Mitchell/Getty Images)
He’s worth $18.4 billion - but he won’t qualify for this rich list anymore. Source: Getty

For just one day every year, Australia’s youngest and richest all appear in the same place: the AFR’s Young Rich List.

There are the usual suspects: Sweat founder Kayla Itsines ($209 million), Canva co-founders Melanie Perkins and Cliff Obrecht ($3.43 billion), and of course tech billionaires and co-founders of Atlassian, Mike Cannon-Brookes and Scott Farquhar ($17.77 billion).

But this year, there was one major change: Cannon-Brookes is no longer on the list.

Now, I know what you’re thinking: ‘Did he lose all his money?’ ‘Is he no longer a billionaire?!’

No, he did not lose all his money. And yes, he is still very much a billionaire - with a net worth of $18.4 billion, as a matter of fact.

The reason Cannon-Brookes didn’t make the cut this year is actually much more straightforward - he simply grew up.

The co-founder turned 41 on 17 November, just 10 days before the cut-off date of the AFR’s list. That makes him no longer eligible to be a young rich-lister. According to the publication, Cannon-Brookes’ omission brought the overall wealth of the list down to $39.6 billion from $41.2 billion in 2019.

His co-founder Farquhar won’t turn 41 until December, but this will be his last year on the rich list too.

Who else made it to the list?

Airwallex co-founder Jack Zhang made an appearance on the list, with a net worth of $410 million, while Finder.com.au co-founders Fred Schebesta, Frank Restuccia and Jeremy Cabral also hit the list for the first time with net worths of $214 million, $58 million and million $30 million respectively.

Buy now pay later moguls Nicholas Molnar and Larry Diamond from Afterpay and Zip unsurprisingly made the list with a net worth of $2.22 billion and $441 million respectively.

Go-to Skin Care founder Zoe Foster Blake also hit the list, with a net worth of $36 million, as did tennis champion Ash Barty ($28 million).

Want to hear Australian influencers reveal their best finance tips? Join the Broke Millennials Club on Facebook, and receive one hot tip per day in December.

And if you want 2021 to be your best (financial) year yet, follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter. Subscribe to the free Fully Briefed daily newsletter here.