Atlassian co-founder Scott Farquhar tops the Financial Review 2020 Young Rich List with a record-breaking wealth of $17.77 billion that accounts for nearly half of the entire wealth of the Top 100.
The 100 wealthiest self-made young Australians in 2020 have a collective wealth of $39.6 billion – slightly down from $41.2 billion in 2019. The fall in aggregate wealth is driven by Mike Cannon Brookes retiring from the list, having turned 41 years of age.
In a year that has seen the acceleration of technology due to the COVID-19 pandemic, a staggering 81 per cent of the wealth represented by the Young Rich is linked to tech. 56 of the 100 people on the list have built fortunes from tech. It marks the first time since the Young Rich List was created in 2003 when a majority of people on the list are tech entrepreneurs.
With more than 30 million people now using Canva’s beginner-friendly graphic design software, founders Melanie Perkins and her fiancé Cliff Obrecht have taken #2 and #3 spots and are worth $3.43 billion.
Their business partner Cameron Adams is #5 worth $1.12 billion. And thanks to a lockdown-induced online retail binge, Afterpay founder Nick Molnar is Australia’s youngest billionaire at 30-years-old, worth $2.22b and #4 on the list.
The Financial Review Young Rich List has tracked the wealth of Australia’s wealthiest people aged 40 and under since 2003. Young Rich Listers must not have inherited their wealth.
There are 18 debutants on the list, including Zoe Foster Blake worth an estimated $36 million thanks to the success of her Go-To skincare label, and the founders of Sleeping Duck, Selvam Sinnappan and Winston Wijeyeratne, are worth $150 million each.
“There’s a consistent theme among those debuting on our Young Rich List and that is to back yourself 100 per cent. Many of them started with nothing more than an idea and a garage to work out of but have gone on to forge incredible fortunes,” said Rich List co-editor Julie-anne Sprague.
“From online gaming innovator Laurence Escalante near the top, to cloud computing enablers Ben Bromhead and Adam Zegelin who sneak in at #99 and #100, the Young Rich List includes technology entrepreneurs of a number and breadth of applications never before seen,” said Rich List co-editor Michael Bailey
The Financial Review Young Rich List 2020 Highlights
TOP 10 (worth a collective $24.54 billion)
1. Scott Farquhar, 40, $17.77 billion (up from $13.22b) – Atlassian
2. & 3. Melanie Perkins and Cliff Obrecht,34 & 32, $3.43 billion (up from $1.35b) – Canva
4. Nicholas Molnar, 30, $2.22 billion (up from $564 million) – Afterpay
5. Cameron Adams, 40, $1.12 billion (up from $452 million) – Canva
6. Laurence Escalante, 39, $919 million (up from $57 million) – Virtual Gaming Worlds
7. Peter Greensill, 39, $788 million (up from 745 million) – Agribusiness, Fin Services
8. Ori Allon, 40, $695 million (down from $747 million) – Compass
9. Mitchell Harper, 38, $694 million (up from $86 million) – Technology
10 Ruslan Kogan, 37, $685 million (up from $332 million) – Kogan
TOP 5 WOMEN RICH LISTERS
WHERE THEY LIVE: