Meet The Young Guns Who Cracked The 2018 Top 10 Rich List
Fitness social media star Kayla Itsines is one of two women who made the top 10 of the Financial Review Young Rich List this year.
Ranked fifth and sixth, Itsines shares the podium with her fiance Tobi Pearce. They’re the brains behind the Sweat fitness app and hugely popular Bikini Body Workout program that has swelled their combined wealth to $486 million.
After sitting in 40th spot in 2015, the power couple are now the wealthiest self-made 20-somethings in Australia, according to the publication that has been ranking the country’s richest young entrepreneurs for the last 15 years.
Scrolling through the top 10 list, we also stop at Cyan Ta-eed, who comes in at eighth alongside her husband Collis. As co-founders of multimillion dollar online design startup Envato, the Ta’eed's entered the list in 2016 and broke the top 10 last year.
Since then, their combined wealth has doubled to $428 million. Cyad has also set up social enterprise chocolate business Hey Tiger.
Collectively, surging share prices and big capital raisings have meant the young are getting richer. The 100 Aussies named are now worth a whopping $23.5 billion -- up from last year’s record $13.2 billion.
For the seventh year in a row, Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, both aged 38, unsurprisingly took out first place.
They’re worth $14.2 billion, up from $6.07 billion in 2017, thanks to a surge in share price for their US-listed software company. Remove them from the equation and the average wealth held by the remaining 98 sits at $95 million.
Remember the guy who told millennials to solve their housing woes by stepping away from the avocado toast? Well, real estate mogul Tim Gurner is sitting in third place (up from fifth spot last year), with an estimated wealth of $631 billion.
While Itsines and Ta’eed both broke the top ten list, overall female numbers remain low.
Ten women feature on the list in 2018, including Miranda Kerr, fitness star Emily Skye and co-founder of graphic design tool Canva Melanie Perkins alongside debutantes Kate Morrison and Alarna Longes.
In another first, 2018 marks the inaugural year the Rich List list was edited by a female, Julie-anne Sprague.
“I’ve enjoyed learning about some clever ideas that have made young entrepreneurs wealthy. It’s been fascinating to see what happens behind the scenes, especially the attempts made by some Young Rich Listers to get off the list," she said.
AFR editor Matthew Drummond added: “Julie-anne Sprague set out to uncover why so few women were on the first list she has edited.”
“As part of this she took a closer look at the women who are turning the tables, discovering that Sweat, the fitness app that Kayla Itsines created with her fiance Tobi Pearce, is spinning off a lot more money than anyone outside the business realised.”
The 2018 Financial review Young Rich List Top 10
- 1 + 2: Mike Cannon-Brookes and Scott Farquhar*, $14.2 B
- 3: Tim Gurner, $631 M
- 4: Ori Allon, $539 M
- 5 + 6: Kayla Itsines and Tobi Pearce*, $486 M
- 7: Owen Kerr, $460 M
- 8 + 9: Collis and Cyan Ta’eed* $428 M
- 10: Peter Greensill, $412M