Not many property tycoons in BRW Young Rich List
There are far fewer property investors in BRW’s Young Rich List than on the full Rich List, including older people, published earlier this year.
Eight of the members of BRW’s 100 Young Rich List have made the bulk of their money from property.
In the Rich List 200 published in May, some 55 of the members made their money from property.
Proportionally that’s three times as many property investors on the older list than the younger list.
The richest member of the young list who made his wealth from property is Shane Wilkinson, with an estimated worth of $72 million. Wilkinson started PACE Development Group in the mid-1990s.
The next is Paul Fridman, with an estimated worth of $65 million. Fridman says his apartment building company, Fridcorp, has “had a very good year”.
Jonathan Hallinan follows Fridman with an estimated worth of $63 million. The Melbourne-based developer has been operating in Brisbane, where it costs less to build and buy land. Hallinan says he keeps 20% of each project he builds.
Next up is Ronnie Elhaj at $55 million. The Cairo-born Elhaj has an equity stake and a marketing role in Perth house-building comapny Niche Living, which he established as Australian Property Alliance in the early 2000s.
The next property rich lister is Paul Fischmann, with an estimated worth of $39 million. Fischmann entered the hotel business 15 years ago, and his group 8Hotels now owns 14 boutique hotels, villas in Bali and Hepburn Springs in Victoria and apartments in Paris. He is due to open a new 90-room hotel in Sydney’s Pyrmont early next year.
Marcus Gilmore is next, with an estimated worth of $37 million. It’s his first time on the list. He is developing mining accommodation in the Pilbara.
Jay McAlister follows Gilmore with an estimated worth of $35 million. He owns a 50% stake in Queensland-based property developer Vantage Property Group.
Jason Di Iulio is the final property member of the Young Rich List, with an estimated worth of $25 million. He owns a network of property-related companies, including mortgage company Finance Mutual Australia and investment management business Assist Finance.
The BRW Young Rich List only includes people under the age of 40. The list excludes anyone who inherits most of their money.
A high number of athletes who made their wealth from sport but later invested in property are featured in the Young Rich List.
Basketballer Andrew Bogut, worth $40 million, has a number of investment properties.
Tennis star Lleyton Hewitt has invested much of his money into property including a home at Palm Beach, north of Sydney, and a penthouse in the Yve building on St Kilda Road, Melbourne.
And soccer player Mark Viduka, at $24 million, has property in Melbourne and Croatia.
Goalkeeper Mark Schwarzer, $20 million, has a healthy property portfolio in Sydney including an $11 million 1200 square metre harbour-front property.
Number one on the Young Rich List are technology entreupeneurs Mike Cannon-Brookes and Scott Farquhar at $480 million.
