As Australians grapple with rising interest rates and escalating cost of living pressures, the nation's wealthiest individuals have continued to amass fortunes, according to the Australian Financial Review's 2026 Rich List published on Wednesday.
Top 10 Wealthiest Australians
The list ranks 200 individuals, including mining magnates, hotel tycoons, tech entrepreneurs, and manufacturing bosses, with a combined fortune of $707 billion. Nearly one-third (31 per cent) of this wealth is controlled by Australia's 10 richest families.
Gina Rinehart, who built her fortune in mining, topped the list for the seventh consecutive year with an estimated wealth of $39 billion, an increase of $900 million from the previous year.
In second place is Meriton founder Harry Triguboff, aged 93, worth an estimated $32.29 billion, up from $29.65 billion last year. Visy executive chairman Anthony Pratt, who co-owns the US-based manufacturing company with his sisters, ranked third with an estimated fortune of $25.19 billion.
Mining magnates Ivan Glasenberg and Clive Palmer occupy fourth and fifth positions, with estimated wealth of $22.4 billion and $19.6 billion respectively. They are followed by the youngest top 10 listers this year, Canva co-founders Melanie Perkins and Cliff Obrecht, aged 39 and 40, who rank sixth with an estimated $17.56 billion.
Former spouses Nicole and Andrew Forrest, who made their money in mining, are next with $17.3 billion and $15.9 billion respectively. Stonepeak founder Michael Dorrell is ninth with a $13.82 billion fortune amassed through data centres. Chemist Warehouse founders Mario, Marcello, and Adrian Verrocchi, worth an estimated $12.76 billion, pushed media baron Kerry Stokes out of the top 10.
Geographic Distribution of Wealth
Across the full list of Australia's 200 richest people, 78 reside in New South Wales, 52 in Victoria, 21 in Queensland, and 19 in Western Australia. Five live in South Australia, two in Tasmania, and one in the Northern Territory. Others are based overseas, with eight in the United States, three each in the United Kingdom and China, two in New Zealand, and one each in Switzerland, Argentina, the Bahamas, and Cyprus.
Cost of Living Measures and Criticism
The release of the rich list coincides with the Albanese government's Federal Budget, which included measures to address rising cost of living pressures. More than 13 million Australians are set to receive a $250 Working Australians Tax Offset (WATO) payment annually from mid-2028. Treasurer Jim Chalmers described the WATO as the "biggest cost-of-living measure in this Budget," costing $6.4 billion in the first two years, equating to $4.81 per week. However, Australians will not see any payment until 2028.
Billionaires including Clive Palmer and Lindsay Fox have criticised the policy, claiming it ignores wealth and age and does little to address intergenerational inequality. Palmer stated, "They say this Budget helps intergenerational equity, yeah, it helps my generation. Anyone in my position who gets the WATO should give it straight to Foodbank. I'll give it straight to Foodbank to feed hungry Australians."
Lindsay Fox, aged 89 with an estimated net worth of nearly $6 billion through logistics giant Linfox, said he would likely qualify for the payment despite his wealth. "I pay tax and if I am eligible that year I would rather give the $250 to a cause that helps the community rather than let the government keep it," he told The Australian. "I don't think the government handles money as well as the community. I don't think a lot of politicians understand that."
