While five of the top 10 Australian fortunes, including Gina Rinehart’s, are built on extraction, the era of tech kings and property moguls has arrived.While five of the top 10 Australian fortunes, including Gina Rinehart’s, are built on extraction, the era of tech kings and property moguls has arrived.Australia’s rich have continued to grow their fortunes, with the tech and property sectors creating more of our top earners, according to this year’s Australian Financial Review’s rich list.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup “Not all of these people are new this year but I think if you look at Anthony Eisen and Nick Molnar, the Afterpay founders, are in there 117 and 118, having gone up 10-11% in the last year. “There’s no other way you’re going to make a billion dollars,” Holden said. “The way economists like me would talk about it is we’d say, you’re not going to generate these very large levels of wealth from labour income, if you like selling your time, selling your labour. You’re going to need to inherit the wealth or found a company.”
Grudnoff said in a functioning economy billionaires would not exist, as there would be more competition.