More technology, more women, fewer Atlassians – and twice a billionaire – make up the 100 richest people under 40 in the country.
This is the year technology consumed the Young Rich List. An inordinate number of the ecommerce websites, online payment apps, or collaboration software programs that we relied on in the COVID-19 pandemic were created by Australians under 40, the very same people whose wealth the Young Rich List from Financial Review has been following since 2003.
The dramatic impact on their wealth is summed up by Nicholas Molnar, the inventor of « Buy Now, Pay Later », « Afterpay ». In March, fears that Afterpay’s millennial customers would be wiped out by the looming recession pounded Afterpay’s share price. Then the government’s incentive kicked in, extended bans added to the need for retail therapy, and now, at 30, Molnar is not only Australia’s youngest billionaire, but twice a billionaire.
2020 Young Rich Listers include Zoe Foster Blake, Scott Farquhar, Ash Barty, Cyan Ta’eed, Nicholas Molnar and Emma Gibson. Sam Bennett
In 2020, it was a staggering 81 percent of $ 39. The 6 billion fortunes represented by the 100 people on the list owe their existence to binary code. There are 35 Young Rich Listers whose fortunes came from a software program (at least on paper), 13 from an online retail website, and eight from a financial technology application. Overall, tech entrepreneurs are making up more than half of the list for the first time.
The list’s total assets are down slightly from $ 41 in 2019. 2 trillion; This mostly reflects Mike Cannon-Brookes’ birthday. The co-founder of Atlassian, whose products are increasingly banned for remote collaboration like Jira, was announced on Jan.. November 41 years old – just 10 days before the Australian Financial Review Magazine’s publication deadline.
Nicholas Molnar on the cover of the Young Rich List 2020, published 27. November. Adrian Hallauer
That leaves his offsider Scott Farquhar, born exactly a month later, his $ 17.00 left to dominate the Young Rich List for one final year. 8 billion heaps that make up almost half of his total wealth.
In Farquhar’s sizeable entourage are Melanie Perkins and Cliff Obrecht, who came up with the do-it-yourself graphic design platform Canva in 2012 as an offshoot of the then main business of printing bespoke school yearbooks.
The number of Canva users rose to over 30 million this year as companies tried to unify their branding with most employees who work from home. The recently engaged couple was worth $ 3 together. 4 billion after June when she turned 12. Raised round of venture capital at a cost of $ 8. 6 billion valuation.
Perkins is one of 12 women on the list, up from nine last year. While this is an improvement, the general shortage of women filling the ranks seems to reflect the fact that tech, the driver of wealth on the Young Rich List, is a male-dominated sector. Women who have exceeded the startup cap include Cyan Ta’eed from Envato, Kayla Itsines, co-owner of the Sweat Fitness app, and Jane Lu, online fashion retailer.
Some of the other women on the list have benefited from the pandemic trend towards too little luxuries like skin care. Zoe Foster Blake makes her debut thanks to the success of her go-to skincare label, valued at an estimated $ 36 million.
Meanwhile, Emma Gibson heads Aquamamma, which makes hydration supplements for pregnant women and which is now sold in 800 supermarkets and 1,500 pharmacies in Australia and New Zealand. Aquamamma forms a key role in an impressive $ 145 million valuation for a growing company that she runs with partner and fellow debutant Robert Bates.
Other notable debutants in 2020 include Sleeping Duck founders Selvam Sinnappan and Winston Wijeyeratne. They’ll be worth even more than our estimated $ 150 million each year when the $ 500 million pre-IPO ratings are pinned on their mattress e-tailer.
Laurence Escalante has taken 53 places after his online gaming empire Virtual Gaming Worlds boomed as a boredom buster in lockdown. Real-life games are also making more young rich listers than ever before. There are 17 sports professionals on the 2020 list, up from 16 last year, again dominated by Australia’s contingent in the American National Basketball Association.
The leading light among them is Ben Simmons, 24, whose rating has doubled as he begins to enjoy the fruits of a five-year deal with the Philadelphia 76ers that was signed last year and could be worth as much as 230 Million dollars.
Closer to home, Ash Barty makes the Young Rich list for the first time. Despite low income on the pitch in 2020 after playing multiple tournaments for her safety, the 2019 French Open champion is still in high demand with corporate sponsors.
Contracts with streaming service Kayo, sports equipment makers Head and Fila, Vegemite, Jaguar and Springfield, the community she grew up in by old Rich Lister Maha Sinnathamby, should keep the 24-year-old on these pages for the years to come.
The December issue of AFR Magazine, including the Young Rich List, will be out on Friday the 27th. November as part of the Australian Financial Review. Follow AFR Mag on Twitter and Instagram.
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Rich Review of Financial Reports, Scott Farquhar, Zoë Foster Blake, Mike Cannon-Brookes,
World News – AU – Australia’s Richest Young People: Full List Released
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