8 Richest Families in Australia (2022)

Some of the biggest business empires in Australia are currently in the hands of the third generation of the founder’s families. The richest families in Australia are therefore some of the oldest and most iconic families who have built wealth and have continued to protect and grow it into the second or third generations. These are different from ‘New Money;’ people who have recently come into money as a result of personal effort. To qualify for a place on this list one must either have two or more members of the family certified as billionaires or at least contribute towards managing the family wealth.

It is also preferred that some members of the family be residents in Australia; so that they can have a claim to the list via citizenship. This rule essentially rules out the few Chinese billionaires who have invested heavily in the Australian real estate sector, but who continue to live offshore with their families. Perhaps this list will encourage you to make sound investment decisions with your children in mind.

Top 10 Richest Families In Australia

1. Gina Rinehart And Family

Net worth: A$40 Billion

Business Interests: Mining

Gina Rinehart and Family are worth around A$40 billion together. Mrs. Rinehart herself inherited control of Hancock Prospecting from her father, and is now Australia’s richest person with a personal fortune of around 35 to 37 billion Aussie Dollars. Her children on the other hand had to fight her in court in order to get their inheritance from grand daddy The Hope Hancock Trust Fund making them worth about 2 billion Aussie Dollars each. No doubt about it; the Rinehart Family is the richest family in Australia.

2. Anthony Pratt And Family

Net-worth:  A$20.09 Billion

Business Interests: Manufacturing

Anthony Joseph Pratt was born in Melbourne, Victoria, on the 11th day of April 1960. He has control of a packaging business which he inherited from his father the late Richard Pratt, who was a manufacturing magnate and sports executive. Anthony Pratt as well as his sisters Heloise Pratt and Fiona Germinder have a combined fortune estimated to be just over A$20 Billion making them one of the biggest people in the land, with control of one of the biggest packaging businesses in the world, with a foothold in Australia and America. His sister Heloise is part owner of an investment company with a diverse portfolio worth about 2 billion dollars.

3. Alan Wilson And Family 

Net-worth: A$7.86 Billion

Business Interests: Plumbing Supplies

Leslie Alan Wilson was born 1941/42. He is known as the Chairman of Reece Group which is Australia’s biggest supplier of bathroom and plumbing supplies. Alan Wilson was the CEO of the company from 1970 to 2007 when stepped down; handing over control of the company to his son. Reece Group is a publicly traded company on the Australian Stock Exchange, but 70 percent of the company is owned by the Wilson Family. Alan Wilson remains the chairman of the company.

4. Frank Lowy And Family

Net Worth:   8.51 Billion

Business Interests: Retail Commerce/ Real Estate

Sir Frank P. Lowy AC was born in Fiľakovo, Czechoslovakia (now Slovakia) on the 22nd of October 1930. He is best known as the former chairman of Westfield Corporation; one of the biggest shopping centre companies in Australia, with operations in the United States, United Kingdom and Europe. His son Steven Lowy is also a former CEO of the Westfield Corporation. Steven Lowy is also the Chairman of the World Board of Trustees of Keren Heysod-United Israel Appeal, and also sits on the board of the Westfield Corporation, Scentre Group, and so many other important positions.

5. Smorgon Family

Net Worth: $2.64 billion

Business Interests: Diversified

The Smogron Family is one of Australia’s most powerful families. They are of Jewish Descent; their grandfathers Moses and Naum Smogron emigrated from the Russian Empire and started a chain of businesses including Butcher Shops, Meat Exporting, Canning of Meat, and Production of paper. The family later diversified into Steel production for some time, and then went into property, and glass. The family has diversified its businesses today; it is led by Graham Smogron who is today the Director at Incitec Pivot Limited.

6. Besen Family

Net Worth: $2.10 billion

Business Interests: Art Collection, Fashion, Diversified Businesses

The family of Marc and Eva Besen are some of the richest families in Australia. They are also known as some of the biggest philanthropists in the country; The Besen Foundation being a core supporter of education, medical research, and other things. Their daughter Naomi Besen Milgrom controls the fashion brands Sportsgirl, Sussan, and Suzanne Grae. The family still has interests in retail, and they still have an extensive art collection.

7. Liberman Family

Net Worth: $2.10 billion

Business Interests: Diversified

The grandchildren of late Jack Liberman who immigrated to Australia and built up an impressive portfolio of retail and property investments, now continue to represent their ancestor on the list of Australia’s most prominent families. Berry Liberman is in the forefront of the family with a portfolio of over 25 investments run by herself and her husband. The family is estimated to be worth about 2 billion dollars.

8. Myer Family

Net Worth: $2.01 billion

The Myer family is an Australian retailing dynasty with Jewish origin. The family was founded in Australia by Sidney Myer; he established a department store. When he died his nephew, Sir Norman Myer, continued to build his business empire. The Myer family holdings are mostly controlled through the Myer Family Company; their interests include property, an extensive art collection, and other diversified investments including healthcare.

Related:

• Richest Women In Australia
• 8 Richest Families in Australia

Conclusion:

The purpose of work and productivity should be to keep the value generated for as long as possible. We can therefore learn a thing or two from the richest families in Australia who have maintained their wealth for generations. These elite families can serve as examples to the rest of us on how to accumulate value, create wealth, and keep it for the next generation. Interesting, they have mostly been active in philanthropy. If we all can all copy their example; maybe poverty can be eliminated soon.