Aussie Rich List – where are the Kiwis?

Among the impressive riches amassed in the Australian Financial Review’s Rich List 2017, a few New Zealanders or New Zealand interests stand out.

The 2017 list has 200 entries, with a spectrum of earnings ranging from $A12.59 billion for investor Anthony Pratt to $A342 million for exchange broker Owen Kerr. The total net worth of Australia’s wealthiest is just over $A230 billion.

To put the figure into perspective, this is 3.8 times the total worth of the NBR 2016 Rich List ($59.6 billion).

NBR spotted New Zealand-born Chris Ellison, 59, at No 123 on the list, released today. Mr Ellison is a co-founder of mining company Mineral Resources and is reportedly worth $A574 million in 2017, up from $A412 million in last year’s list.

Mineral Resources explores and mines iron ore and lithium and is Australia’s largest mineral crushing and processing business. Despite the downturn in key export markets in East Asia over the last 18 months, the company’s iron ore export volume increased last year, boosting Mr Ellison’s value.

He also owns a $A57.5 million mansion in Perth’s Mosman Park, according to the AFR, and arrived in Australia 40 years ago.

“I turned up here and, within a few weeks of arriving, I was broke and got a job. I was very fortunate there was work around in those days and I forged a career out of it,” he told Perth’s The West newspaper.

Xero director and MYOB co-founder Craig Winkler also made the list, measured at $A374 million net worth. He worked at MYOB until 2009 when it was taken over by a US firm for $450 million.

Deciding to keep his expertise in the online financial tools sector, Mr Winkler invested $15 million in rival New Zealand-owned Xero. Earlier this month, Mr Winkler sold 3 million of his Xero shares on and off market at an average $22.63 apiece for a total of $67.9 million through First NZ Capital. He now owns 14.5 million shares, or 10.5% of the company.

A handful of other AFR Rich Listers has New Zealand investments, including Naomi Milgrom (worth $A585 million). Her family-owned Sussan fashion chain boasts more than 550 stores across Australia and New Zealand.

However, its Suzanne Grae retail subsidiary has struggled in New Zealand.

In February, Australian property tycoon Nick DiMauro noticed an opportunity in the Westfield WestCity Henderson shopping centre. His company, Angaet Holdings, bought the outlet from Scentre Group for $A147 million. It was the Australian millionaire’s first international purchase.

Another investor is Shaun Bonett, worth $A718 million. His Precision Group property company made a deal in 2016 with global insurer Aviva for Shore City Shopping Centre in Takapuna for $90 million.

It adds to the company’s portfolio of six other shopping centres and three commercial properties, one each in Brisbane, Adelaide and Sydney, along with a pub in Sydney and Brisbane.

Another with New Zealand interests is Alan Rydge (worth $A2.09 billion), chairman of Event Hospitality and Entertainment, one of Australia’s largest cinema companies. Its Event Cinema movie houses spread across 17 locations in New Zealand.

Australian-born, New Zealand-domiciled Briscoe Group owner Rod Duke also continues to gather riches due to the company’s surge in share price. He bought out 78% of the firm in 2016. The group’s online sales increased by 40% in 2016, boosting Mr Duke’s net worth to $A751 million. Mr Duke owns a $12 million home in Herne Bay.

Australian-American investor Terry Peabody, worth $A587 million, has vineyard holdings in New Zealand. The well-known Craggy Range is owned by him with his family, an industry far removed from that which made him his fortune. Mr Peabody founded Transpacific Industries Group, a waste-management operation, after moving to Australia.