AFR Rich List 2020 – the COVID edition

October 30, 2020 3:34

The annual Australian Financial Review Rich List has been released in what can only be described as a year of two halves. While iron ore owners continue to dominate the top echelons of the list, the COVID-19 pandemic has hit many rich listers, while also contributing to some new billionaires.

The 2020 Rich List has seen Australia’s 200 richest increase their collective wealth by 24%, to $424bn. Australia now has a record 104 billionaires, and the cut-off to make the Rich List sits at an all-time high of $540m.

As Chinese demand for iron ore surges 12 Rich Listers with direct exposure to Western Australia’s mines more than doubled their wealth to nearly $80bn collectively. The iron ore frenzy saw mining magnate Gina Rinehart top the Rich List with a record $28.89bn – up 109% since last year’s list. Andrew Forrest – Australia’s next Rich Lister – was at one stage adding $500m per week to his fortune, seeing his wealth go from $7.99bn last year to $23bn this year.

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Olivia Kruimel

Olivia Kruimel was the managing editor at Mumbrella. She has more than 15 years of experience in journalism, communications and marketing. Her journalism career began at Fairfax Media (now part of Nine) and includes various B2B publications such as B&T, Travel Today and ALB. As a marketer Olivia has worked for Standard Chartered and various global law firms.