Seven West Media chairman Kerry Stokes is the highest placed media player on this year’s annual Australian Financial Review Rich List.
The list of 200 of Australia’s richest people was again topped by the packaging king Anthony Pratt with a personal fortune of $12.9 billion.
Stokes was the best placed of the media players, coming in at 13th spot on the list with his $3.93 billion fortune. Although it should be noted, Stokes has considerable interests in mining that are probably making more dough than his TV and newspaper businesses.
Other media identities on the list included Patrick Grove, owner of the Catcha Group that has a number of publicly listed and private media, new media, online classifieds and e-commerce businesses. Grove came in at 89th spot with his $850 million fortune.
WIN TV supremo Bruce Gordon was 112th on the list with $702 million, while ad man John Singleton was 161st with $534 million.
However, Harold Mitchell fell off the 2018 list, as the media players were overtaken by those in the property, resources and retail sectors.
There were 76 billionaires on the 2018 list, which was up from 16 the previous year. The cut-off to make this year’s list was $387 million, up from $341 million last year.
Property remains the dominant sector on this year’s list. Of the 200 people on the list, 51 make most of their money in the property sector. Many on the list that have made money in other industries have poured their proceeds into property development or management businesses.
Property is followed by retail (22) and investment (21), with financial services, agriculture, manufacturing, technology, media, healthcare, entertainment, travel, transport, telecommunications and education also featuring in the list.
Sydney and Melbourne – both with 59 – tied for boasting the richest people on the list. Perth had 20, Brisbane 15 and the Gold Coast had five.