Media and mining magnate Kerry Stokes has risen to number 10 on the AFR Rich List, increasing his wealth by $570m to $6.26b in 2020.
Stokes’ owns 60 per cent of Seven Group Holdings, although it’s fair to say most of his wealth would derive from investments outside media, considering Seven West Media’s poor market capital.
Stokes enjoyed the year’s gold rush with a Saracen Minerals holding worth more than all of Seven West Media, of which Seven group owns 35 per cent.
Which other media moguls have made it onto this year’s list?
News Corp owner Ruper Murdoch’s son Lachlan Murdoch came in at number 22, with $3.76bn up from $3.62bn son of Rupert
ACM key shareholder Alex Waislitz came in at number 65 with $1.49bn, down from $1.56bn last year.
Funder of key journalism insitite Judith Neilsen came in at 69 with $1.44bn, up from $1.35bn the year prior.
Meanwhile, Nine’s largest shareholder and owner of WIN Bruce Gordon came in at 111 with $892m, up from $728m.
Former shareholder of Macquarie Media and ad executive John Singleton came in at 142 with $728m, up from $670m last year.
Meanwhile, Gina Rinehart topped the list, becoming Australia’s richest person worth a record $28.89 billion – up 109 per cent since last year’s list.
Iron ore miner Andrew “Twiggy” Forrest was second with $23 billion, while packaging tycoons, the Pratt family, fell to third with $19.7 billion. The other miner in the top 10, Clive Palmer, posted a personal wealth of $9.1 billion and 8th spot.
Tech grurus Mike Cannon-Brookes ($16.9 billion) and Scott Farquhar ($16.6 billion) were fifth and sixth respectively.
Australia now has a record 104 billionaires, and the cut-off to make the Rich List sits at an all-time high of $540 million.
The 2020 Rich List includes a record seven billionaires in the elite ‘ten-digit club’ – those with wealth exceeding $10 billion.
“It’s been one of the most turbulent years the Rich List team have ever encountered. At the start of the pandemic many of the fortunes of the nation’s wealthiest were crumbling, but they have proven to be exceptional business builders. They have taken advantage of shifting demands within the economy, driving overall wealth to new highs,” Rich List co-editor Julie-anne Sprague said.
