Property holdings continue to play a dominant role in the portfolios of Australia’s wealthiest people, the latest report indicates.
The Australian Financial Review has released its Financial Review Rich List, containing what it says is Australia’s 200 wealthiest individuals including 91 billionaires.
In top spot is manufacturing and recycling magnate Anthony Pratt, with net wealth amounting to $15.57 billion – up 20.7 percent on last year.
In second place with $13.8 billion is iron ore miner Gina Rinehart.
Behind that, however, two property magnate’s sit in third and fourth position.
In third place, apartment developer Harry Triguboff has thus far defied the property slowdown to bolster his wealth by six percent to come in with wealth of $13.54 billion.
As reported by The Urban Developer, Triguboff has built over 75,000 residential townhouses and apartments in Sydney and south-east Queensland since his company Meriton was formed in 1963. Last month, Meriton marked its first foray into the Melbourne market with the purchase of a 792 square meter development site in Melbourne’s CBD.
Far from being pessimistic about the current market downturn, Triguboff sees this as an opportunity to grow his asset base by acquiring development sites cheaply and renting out more units rather than on-selling them as he waits for a recovery.
In fourth place with wealth of $10.39 billion, meanwhile, sits Hong Kong listed Shimao Property Chairman Hui Wing Mau, who is known for commercial, residential and hotel projects and whose Australian holdings include office towers in Sydney’s CBD as well as a majority stake in NSW mean processor Bandaree Beef Group and large cattle holdings.
Rounding out the top five was Frank Lowy, who is now retired and last year finalise a $33 billion takeover of Westfield by French Giant Unibail Rodamco.
All up, the property sector contributed 63 members from the rich list.