The Australian Financial Review today released its eagerly anticipated 2020 Rich List, revealing the wealthiest individuals in the country.
Some familiar names appear on the list, with mining tycoon Gina Rinehart once again topping the charts with a net worth of $28.9 billion, but how many of the top 200 richest Australians made their money in real estate?
Of course, there’s no way you make it onto the Australian Rich List without dabbling in property here and there, but we took a look at the top five richest individuals who made a name for themselves solely through property investment.
5. Chau Chak Wing
In at number five is property developer Chau Chak Wing. With a net worth of $4.6 billion, the Chinese born billionaire built his Sydney property empire back in the 1980s with much of his wealth acquired from the Guangzhou-based diversified investment company, Kingold Group.
4. Kerry Stokes
At number four with a net worth of $6.26 billion is Kerry Stokes. The Seven West Media Chairman made his fortune during the Perth property boom of the 1960’s and 70’s and more recently made headlines for dodging Western Australia’s mandatory quarantine rules.
3. Frank Lowry
Shopping mall extraordinaire Frank Lowry comes in at number three. With a net worth of $8.3 billion, the co-founder of the Westfield Group has made some well-timed sales in recent years, most notably parting ways with his shopping mall company for $32 billion at the end of 2017. It is now thought that due to the rise of online shopping in the wake of COVID-19, Westfield’s international malls are now worth half that figure.
2. Harry Triguboff
Meriton Group founder Harry Triguboff is in at second place. Having built over 80,000 apartments since 1963, it’s fair to say that Mr Triguboff has nailed the property sector. Although the knock-on effects of COVID-19 have had a major impact on Meriton’s serviced apartments business, the China-born businessman still boasts an impressive net worth of $14.42 billion.
1. Hui Wing Mau
Sitting at the top of the pile, in at number one is Hui Wing Mau. The Chinese businessman is the chairman of Hong Kong developer Shimao Property Holdings and gained Australian citizenship after studying an MBA at the University of South Australia in the ’90s. He is now worth an impressive $18.06 billion and is in fourth place on the 2020 Rich List.