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Australia's richest families have found most success with investments and property; Australia’s richest families are getting richer, according to the annual BRW Rich Families list
Topic Started: 25 Aug 2014, 03:35 PM (386 Views)
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Property and investments the major source of Australia's richest families' wealth

Eloise Keating | 21 August 2014

Australia’s richest families are getting richer, according to the annual BRW Rich Families list released today.

The combined wealth of the 50 families on this list grew by $5 billion in the past 12 months, from $35.6 billion to $40.1 billion.

The average wealth of the families on the list also increased, from $712 million in 2013 to $803 million, a rise of 12%.

Melbourne’s Smorgon family, whose fortune lies in property, cosmetics, horticulture and equities, topped the list with wealth of $2.767 billion.

The Smorgons, whose patriarch Victor Smorgon died in 2009 at the age of 96, are followed by the Liberman family, whose investments in tech success story Freelancer and investment fund Square Peg Capital are clearing paying off with the family now sitting on a nest egg of $2.448 billion

Third in line is the Wilson family, whose wealth is now estimated to be worth $2.337 billion.

When it comes to generating wealth, the nation’s richest families have found the most success with investments and property, with the two industries accounting for 28% and 24% of the families’ combined wealth respectively.

However, it appears traditional sources of wealth in Australia —manufacturing and rural holdings—continue to generate returns for the country’s rich, with both sectors each accounting for 10% of the wealth on the list.

While Sydney is the home to 20 Rich Lister families, beating Melbourne’s 15, those who do live in the Victorian capital have a bigger share of the list’s wealth, at 42% compared to Sydney’s 29%.

The 10 richest families in Australia

Smorgan: $2.767 billion
Liberman: $2.448 billion
Wilson: $2.337 billion
Besen: $2.287 billion
Buckeridge: $2.1 billion
Myer: $2.047 billion
Roberts: $1.861 billion
Wright: $1.579 billion
Salteri: $1.255 billion
Talbot: $1.18 billion

Read more: http://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/34745-property-and-investing-the-major-source-of-australia-s-richest-families-wealth.html
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Land has been the basis of all wealth since they privatized it.
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