Forbes' real-time data shows that as of April 2023, there are 50 Australian billionaires on the list of the world's richest people.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
Gina Rinehart
Gina Rinehart has kept the top spot on the rich list once again. The mining magnate has an estimated $37.1 billion. Her wealth derives from the privately owned mining company Hancock Prospecting, founded by her father Lang Hancock.
In 2020 Australia had 117 billionaires. In 2021 it was 122 billionaires. In 2022 it increased to 131 billionaires, and in 2023 139 billionaires were included in the list. West Australian mining magnate Gina Rinehart was the wealthiest individual on the list for the third consecutive year with a net worth of $37.1b.
1. Gina Rinehart: $44.33 billion. "Amid fluctuating iron ore prices, Gina Rinehart maintains her position as the country's richest person," Forbes said.
The United States of America is home to 735 billionaires
The country with the highest number of billionaires is, unsurprisingly, the US. The United States of America has 735 billionaires – same as last year, according to Forbes.
Craven is one of 38 billionaires from Victoria this year on The List.
In fact, a whopping 23 of the 250 richest people in Australia live in extravagant and exclusive properties in just one affluent inner-city suburb in Melbourne – Toorak.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
A trillion is such a huge number, followed by twelve zeros. That is one thousand times a billion (nine zeros followed by 1). Do you know that only 6 trillionaires ever lived on the face of earth? As of today, there are no trillionaires who live on earth.
But old age is not a requirement for amassing great wealth. In fact, there are 15 people around the globe who boast a three-comma fortune despite being 30 years old or younger. The youngest of this mostly lucky bunch are Clemente Del Vecchio and Kim Jung-youn, neither of whom have hit their 20s yet.
Which country has the highest GDP per capita? The richest country in the world is Luxembourg. According to the IMF, the duchy's GDP per capita is $135,046. The total gross domestic product exceeded $86 billion.
Mining magnate Gina Rinehart is Australia's richest woman with an estimated $36.7 billion fortune, followed by fellow West Australian Nicola Forrest, who debuts on the list with a $16.5 billion fortune thanks to her increased activity within investment group Tattarang, including its recent investment in fashion label ...
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]
New research from Roy Morgan shows that the CBA is the clear leader when it comes to banks used by the wealthiest 10% (top decile) of the population, with more than a third (36.7%) being customers.
If this rate of growth is restored after the pandemic, Australia will exceed 40 million by 2050 and 100 million before 2100.
The wealthiest 1 per cent of Australians held 21.8 per cent of the country's wealth in 2021, up from 19.6 per cent in 2007.
Vaucluse, New South Wales was the most expensive capital city housing suburb in Australia in 2022, with a median property value of over 7.9 billion Australian dollars. In comparison, the median property value of a house in the capital city suburb Toorak, Victoria came to around 4.96 billion Australian dollars.
The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
Forbes' real-time data shows that as of April 2023, there are 50 Australian billionaires on the list of the world's richest people.
Mungallala Methodist Church was built in 1964. It has now closed. In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.