World News – AU – Australia’s ultra-rich got rich this year – with the exception of a few unhappy souls


If there is one universal economic truth, it’s that the rich tend to get rich only Well, most of the time

While it’s true that many of the world’s most powerful people made an absolute motza during the coronavirus pandemic, a few unlucky ones found themselves on the wrong side of fortune

Those in travel, entertainment, education and hospitality, for example, have had a year to forget, and that goes for those at the top as well

According to Thursday’s AFR Rich List, this was the first year since the 1990s that the holy trinity of Flight Center – Graham Turner, Bill James and Geoff Harris – pulled out of the country’s top 200

As countries around the world pull down shutters and international travel continues indefinitely, the travel and aviation industries are going through an incredibly turbulent period

These factors took a look at many, with Nepal-born, Melbourne-based couple Shesh Ghale and Jamuna Gurung losing their billionaire status The couple, who founded the Melbourne Institute of Technology, had no choice but to watch their empire of higher education and commercial property hit on all fronts

Or take Alan Rydge, whose business interests extend far into the entertainment and hospitality industry Rydge, which operates his eponymous hotel chain alongside QT and Altura, has lost around $ 1.3 billion His other businesses, including Event Cinemas and Thredbo Alpine Resort, have done little better

Of course, there have been many other falls from grace for quite a different reason

« Some of the blue sky has started to emerge from the tech scale-up scene, which could be a harbinger for other industries as the cheap money dries up, » Michael said. Bailey, co-editor of Rich List

As venture capital has flocked to promising companies, it has since backed down with this year’s brilliance Patrick Grove, who founded Netflix competitor iflix, has fallen off the list, as has Tim Kentley- Klay, when his driverless car company Zoox sold to Amazon for $ 1.5 billion, a far cry from its earlier valuation of $ 4 billion

Of course, Australians could be excused for not feeling much sympathy for fallen billionaires All retain enviable, albeit small, fortunes at a time when most are just happy to have a job

But as individuals, they stand out by falling from an elite club that’s only getting richer this year.There is after all a record 104 billionaires on this year’s roster, with a minimum fortune of $ 540 million required to even peek into the top 200

Some, like iron ore tycoons Andrew Forrest and Gina Rinehart, more than doubled their already sizable fortunes in just 12 months to top the list Although exceptional, the trend was widespread with all members increasing their average wealth of 24%

As Australia enters its first recession in three decades, there is little we can do but watch with envy

Australia, Gina Rinehart, Australian Financial Review, Financial Review Rich List, Andrew Forrest

News from around the world – UA – Australia’s ultra-rich got rich this year – with the exception of these few unhappy souls



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