Meriton chief Harry Triguboff tops BRW rich list for the first time
Harry Triguboff, the owner and head of property developer Meriton Group, tops the 2016 BRW Rich 200 list for the first time after having appeared in all 33 editions in its history.
Triguboff displaced mining tycoon Gina Rinehart, who had occupied the number one slot from 2010, as a strong real estate market and the end of the resources boom change the face of wealth in Australia, the Australian Financial Review reported.
The property developer topped the BRW Rich List with $10.62 billion wealth.
Despite market talk that the property market is slowing and there could be an oversupply of apartments, Triguboff said Meriton is on course to sell $1.2 billion worth of apartments in 2016.
He is also keeping more units to rent out.
"So if we slow down a little, I don't mind. The buyers are still coming, even from China, and younger people are wanting to rent these days rather than buy as well. So we are okay," he was quoted by AFR.
The second spot belongs to Anthony Pratt, executive chairman of the cardboard box and recycling giant Visy in Australia and Pratt Industries in the US. He and his family's wealth is $10.35 billion.
Retail giant Westfield chairman Frank Lowy is third with $8.26 billion.
Rinehart's wealth fell to $6.06 billion from $14.02 billion last year, due to a combination of falling commodity prices and a legal battle that saw her daughter Bianca get control of a 23 per cent stake in Hancock Prospecting, the report said.
Bianca Rinehart debuts on the list with $905 million wealth.
Other notable names include shopping centre magnate John Gandel, half-owner of the Chadstone mall in Melbourne -- the largest in the southern hemisphere. Gandel's wealth is $5.40 billion.
Chinese property billionaire Hui Wing Mau, who holds Australian citizenship after studying in South Australia in the early 1990s, is sixth with $5.39 billion.
James Packer is at seventh spot with $5 billion while Fortescue Metals Group chairman Andrew Forrest is eight at $3.33 billion, ahead of another mining magnate in Glencore boss Ivan Glasenberg who also has $3.33 billion wealth.
David and Vicky Teoh of TPG Telecom round off the top 10 with $3.08 billion wealth.
