A record number of women are among Australia’s richest young entrepreneurs, with social media influencers riding a boom in health and wellness spending.
Cryptocurrency investors and technology innovators also feature prominently in the Financial Review Young Rich List as 100 Australians aged 40 and under amass a total wealth of $41.3billion.
Other young business leaders have profited handsomely out of everything from a Mexican restaurant chain to virtual gaming and online retail sales.
Influencers turned successful business women Kayla Itsines, Natasha Oakley, Jessica Sepel and Tammy Hembrow all qualified with fortunes ranging from $38million to $426million.
Heading the list for the first time are Canva graphic design software founders Melanie Perkins, 34, and her husband Cliff Obrecht, 35, who are worth $16.5billion.
The couple’s wealth has skyrocketed from $3.43billion last year, with their company now valued at $55billion and more than 60 million customers using their products.
A record number of women are among the richest young Australians, with social media influencers riding a boom in health and wellness spending. Natasha Oakley, 31, whose A Bikini A Day blog morphed into her own swimwear range, is worth $63million
Kayla Itsines, 30, began her Sweat fitness app business on Instagram in 2009 and comes in at number 39 after amassing $164million as well as 13 million followers
Heading the Financial Review’s Young Rich List for the first time are Canva graphic design software founders Melanie Perkins, 34, and her husband Cliff Obrecht, 35, who are worth $16.5billion. Perkins is pictured
An online retail binge driven by the Covid-19 lockdowns has put Afterpay co-founder Nicholas Molnar, 31, third on the list as the country’s youngest billionaire with $2.78billion.
He is followed by 40-year-old Virtual Gaming Worlds boss Laurence Escalante, whose wealth has more than doubled to $2.78billion.
Escalante’s business, like many on the list, has benefited from Covid-19 – in his case by online players of casino-style games being locked up at home.
Tech entrepreneurs make up almost half the Young Rich List, with the creation of software behind 47 of the personal fortunes, including seven involved in cryptocurrency.
The average age of the Young Rich List is 35. The online retail sector provided 11 of those on the list and ten came from sport.
The list’s publishers say social media influencers – especially those focusing on health and wellness – are breaking into the Top 100 in record numbers.
Jessica Sepel’s vitamin range JSHealth – developed with husband Dean Steingold – has seen the couple debut on the list with a combined $426million, putting them at number 24 and 25
Laurence Escalante is fourth on the list. The 40-year-old founder of Virtual Gaming Worlds has more than doubled his wealth to $2.78billion
Rich List co-editor Julie-anne Sprague said 15 women made the list, up from 12 last year.
‘There is a record number of women on this year’s Young Rich List, with many of them carving our fortunes from a boom in health and wellness spending and our growing desire to look and feel good,’ Sprague said.
Australia’s Top 10 Young Rich List
The Top Ten young rich listers are worth a combined $26.98billion.
1 & 2: Melanie Perkins, 34, and Cliff Obrecht, 35 at $16.5billion – up from $3.43b. (Canva)
3: Nicholas Molnar, 31, at $2.78billion – up from $2.22b. (Afterpay)
4: Laurence Escalante, 40, at $2.68billion – up from $919million. (Virtual Gaming Worlds)
5: Sam Prince, 38, at $1.1billion – up from $381million (Zambrero Mexican restaurant & healthcare)
6: Fung Lam, 40, at $1.02billion – up from $273million. (Online retail)
7: Kain Warwick, 40, at $879million – debutant. (Synthetix & cryptocurrency)
8: Owen Kerr, 37, at $728million – up from $617million. (Pepperstone Financial Services)
9: Cyan Ta’eed, 40, at $664million – up from $566million. (Envato & technology)
10 & 11: Tah-nee Beard, 33, and Simon Beard, 37 at $626 million – debutants. (Culture Kings)
‘We are seeing an increasing number of businesses being developed by women who are harnessing their strong social media following to create enviable launchpads for their business interests.’
The top 100’s collective wealth is up $100m from last year, despite the absence of Atlassian creators Mike Cannon-Brookes and Scott Farquhar – each worth $29.9billion but too old at 41 to make the list.
Last on the list with a $36million fortune is Stephanie Miller, better known as Steph Claire Smith, whose money comes from co-founding health and fitness app Keep It Cleaner
The boom in health and wellness spending has underwritten the rise of well-known social media influencers including Jessica Sepel.
The 32-year-old blogger’s vitamin range JSHealth – developed with husband Dean Steingold – has seen the couple debut on the list with a combined $426million, putting them at number 24 and 25.
Kayla Itsines, 30, began her Sweat fitness app business on Instagram in 2009 and comes in at number 39 after amassing $164million as well as 13 million followers.
Model Natasha Oakley, whose A Bikini A Day blog morphed into her own swimwear range, debuted on the list at number 71.
The 31-year-old has 2.5 million Instagram followers and an estimated $63million.
Tammy Hembrow, 27, has parlayed her 13 million Instagram followers into the Tammy Fit app and is estimated to be worth $38million (number 96).
Last on the list with a $36million fortune is Stephanie Miller, better known as Steph Claire Smith, whose money comes from co-founding health and fitness app Keep It Cleaner.
Sam Prince, 38, is worth $1.1billion. He set up a Mexican restaurant to sell healthier burritos and his Zambrero chain has now grown into 220 stores globally
Sam Prince, 38, comes in at number 5 on the Young Rich List with $1.1billion and an inspiring story of wealth creation that feeds philanthropy.
As a medical student in 2005 he set up a Mexican restaurant to sell healthier burritos and his Zambrero chain has now grown into 220 stores globally.
Prince uses his fortune to fund a medical charity with helps Indigenous communities in the Northern Territory.
This year’s list has 26 debutants, led by cryptocurrency entrepreneur Kain Warwick who is worth $879million and appears at number 7.
Warwick’s company Synthetix allows crypto investors to trade derivatives based on the price of real world assets such as gold.
Three of Warwick’s brothers have cashed in on cryptocurrency and make this list: Kieran (number 22), Aaron (number 26) and Grant (number 34).
An online retail binge driven by the Covid-19 lockdowns has put Afterpay co-founder Nicholas Molnar, 31, third on the list as the country’s youngest billionaire with $2.78billion. Molnar is pictured with wife Gabrielle
Another pair of brothers involved in cryptocurrency, Daniel and William Roberts, appear at number 19 and 20, along with blockchain expert Sergei Sergienko at number 60.
Together, those seven crypto figures are worth more than $2.5billion.
Top Five Women Young Rich Listers
1: Melanie Perkins at $16.5billion. #1 on YRL
2: Cyan Ta’eed at $664million. #9 on YRL
3: Tah-nee Beard at $626million. #10 on YRL (with husband Simon Beard)
4: Jessica Sepel at $426million. #24 on YRL (with husband Dean Steingold)
5: Emma Gibson at $190million. #36 on YRL (with partner Robert Bates)
The youngest members of the list are troubled basketballer Ben Simmons worth $105million (number 57) and tennis player Ash Barty, worth $37 million – up from $28million. Both are 25.
Australia’s richest Young Rich List sport star is 36-year-old retired basketballer Andrew Bogut, who is worth worth $116million (number 54), just ahead of 32-year-old F1 driver Daniel Ricciardo with $110million (number 55).
Golfer Jason Day, 34, has a wealth of $88million, with cricketer Steve Smith, 32, having accrued $53million.
Model Miranda Kerr, 38 leads the world of entertainment, with $124million – up from $120million.
She is followed by actor Chris Hemsworth, also 38, with $105million, model Jennifer Hawkins, 37, with $72million and actor Margot Robbie, 21, with $62million.
The Financial Review Young Rich List has tracked the fortunes of rich Australians aged 40 and under since 2003.
To qualify, those on the list must not have inherited their wealth.
Rich List co-editor Michael Bailey said this year’s Top 100 revealed the diverse ways the next generation of entrepreneurs was building their fortunes.
‘This year’s list is the first since 2007 that doesn’t include the significant wealth held by Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar who are both too old to qualify,’ Bailey said.
‘Given their absence, it was surprising the overall wealth came in at a record $41.3 billion.
‘It shows the depth of Australia’s technology sector and the significant wealth being created by a growing number of young entrepreneurs.’
The full Young Rich List will be published in the Financial Review on Friday.
This year’s list has 26 debutants, led by cryptocurrency entrepreneur Kain Warwick who is worth $879million and appears at number 7