Rich listers growing their wealth overseas

Paper recycler Anthony Pratt has pipped Gina Rinehart and two property developers to hold his place at the top the annual Financial Review Rich List.

A file image of Anthony Pratt, Visy Industries executive chairman.

Visy chair Anthony Pratt remains Australia's richest person, with wealth of $12.9 billion. (AAP)

A growing number of Australia's richest citizens are based overseas, with a member of China's political elite and an Indian car parts manufacturer ranked among Australia's wealthiest.

Paper recycling tycoon Anthony Pratt tops the Financial Review Rich List for a second straight year, with the growth of his family's Visy Industries in the United States taking his wealth to $12.9 billion.

Harry Triguboff, the founder of apartment developer Meriton, held his position at number two with a net worth of $12.8 billion, and mining magnate Gina Rinehart remains third, with an estimated wealth of $12.7 billion.

"A lot of people are making money overseas, like Anthony Pratt in America and Gina Rinehart exporting iron ore to China," Rich List editor John Stensholt said.

"But there is also an increasing amount of people on the list who are based overseas who came here to study at Australian universities, get their citizenship and then go back to their original country.

"But they still maintain some links."

Chinese property tycoon Hui Wing Mau, who studied at the University of South Australia, has risen to fourth on the list with a wealth of $9.09 billion.

Mr Hui, also known as Xu Rongmao, took up Australian citizenship while studying in the early 1990s, before setting up Hong Kong-listed developer Shimao Property.

He later joined the standing committee of China's top political advisory body.

Former Sydney resident Vivek Sehgal, the owner of one of the world's largest car parts firms, is the highest ranked entrant to the list, sitting at ninth with and estimated worth of $5.9 billion.

The Indian-born businessman operates the Samavardhan Motherson Group, which has turnover in excess of $US9.1 billion annually across 41 countries, including Australia.

More than a quarter of the top 200 richest Australians derive their wealth from property, while retail, investment, resources and financial services each accounted for about 10 per cent of the list.

There are 19 women on the 2018 list, four short of the record 23 in 2016.

Mike Cannon-Brookes and Scott Farquhar, the 38-year-old founders of software developer Atlassian, remain among the youngest of the 76 billionaires on the list.

The cutoff to make the top 200 is a net worth of $387 million - 730 times the median Australian household net wealth of $529,000.


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Source: AAP


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