A group of young technology entrepreneurs that includes the founders of software-as-a-service pioneers Atlassaian and Aconex, a leading iPhone app developer and two telco company founders, have emerged as the new face of BRW’s Young Rich.
While coal baron Nathan Tinkler regained top spot on the list with a fortune of $610 million, the most spectacular increase on the list came from Mike Cannon-Brookes and Scott Farquhar, founders of collaboration software firm Atlassian.
The pair’s wealth soared from $64 million to $314 million thanks to the July announcement that the pair had sold 16% of the company to US venture capital firm Accel Partners for $US60 million. The deal dramatically changes the value of the business, and allows it to establish a presence in the tech Mecca of Silicon Valley.
Other top technology entrepreneurs high on the list include Simon Clausen, who sold his company PC Tools to US security software giant Symantec for $300 million in 2008 (he is valued at $200 million) and Eugeni Tsvetnenko, a Perth-base entrepreneur, who focuses on premium mobile services (he is valued at $113 million).
A number of rising tech stars join the list for the first time, including Stuart Marbug and Richard Preen, who sold their internet service provider Netspace to iiNet for $40 million (they are jointly listed at $39 million).
Andrew Lacy, who sold his iPhone app development company Tapulous (maker of the hit game Tap Tap Revenge) to Disney earlier this year, joins the list with a fortune of $20 million.
In total, there are 19 entrepreneurs from the technology sector, making it the most popular industry on the list.
But despite the rise of the tech sector, the industries that have traditionally dominated wealth in Australia – property, mining and financial services – still rule the Young Rich list.
Behind Tinkler are two London-based hedge fund managers, Greg Coffey ($406 million) and Hilton Nathanson ($395 million).
Next is Sydney-based property developer Shaun Bonnet (with $360 million), with Mike Cannon-Brookes and Scott Farquhar rounding out the top five.
The biggest debut comes from Brisbane-based entrepreneur Bill McDonald, who is owner of mining construction and services company, MCG Group. McDonald and his $132 million fortune shot to prominence after selling a mining tenement for $360 million, just two months after buying it for $275 million.
The Young Rich list also includes a number of graduates from SmartCompany’s list of fast-growing SMEs, the Smart50.
Members include Leigh Jasper and Rob Phillpot from Aconex; Mike Cannon-Brookes and Scott Farquhar from Atlassian; Dorry Kordahi of DKM; Vaughn Bowen of M2 Telecommunications; Bob Cheng of Permission Corp; Wayne Ormond of Refund Home Loans; and Costa Anastasiadis of Crust Gourmet Pizza.
The minimum amount for inclusion on the list was $19 million, with total wealth hitting $6.3 billion, up from $5.8 billion last year.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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