GEELONG’S BILLIONAIRE
Mining mogul worth $20.6b
THE founder of Geelong-born retail giant Cotton On has been named among Australia’s top 30 richest people.
Nigel Austin was ranked 27 on the latest Forbes Australia Rich List, up five spots on last year.
According to Forbes, Mr Austin has a net worth of $1.5 billion.
After quitting university, Mr Austin founded Cotton On in 1991, initially selling denim jackets from the boot of his car at Geelong’s Beckley Market.
The 48-year-old remains the majority owner of the Cotton On Group. Its brands include Supre, Factorie and Typo.
The company has enjoyed significant growth in recent years, with more than 1400 stores spread across 18 countries, including the USA, Singapore and South Africa.
It is estimated that it recorded $1.5 billion in sales in 2017.
Mr Austin has said that he always dreamt of working in retail.
During a rare interview in November 2017, he told Forbes he was inspired by his late father, Grant, who ran a clothing wholesale and import business called the Austin Group.
“My father was a figure that I really looked up to and respected,” he said.
“That’s probably where I got my vision and purpose, through him.”
Mr Austin dropped out of university at 19 to focus on his business full-time.
MINING mogul Gina Rinehart has held on to her spot at the top of Forbes’ Aussie rich list despite falling iron ore prices knocking her wealth down $2.5 billion, to $20.6 billion.
The 2019 edition of Forbes’ Australia top 50 Rich List sees property tycoon Harry Triguboff retain the No.2 placing with a net worth of $12.6 billion, while cardboard-box kingpin Anthony Pratt stays third with $9.5 billion, and retail tycoon Frank Lowy remains fourth with $9.1 billion.
Forbes said the wealth of 22 Australian tycoons fell since the last list in November 2017, partly because of the Aussie dollar’s 8.7 per cent drop against the US dollar.
Ms Rinehart’s four children, led by eldest daughter Bianca, lost $2.65 billion, or 38 per cent, of their combined estimated wealth to drop from fifth on the list to just outside the top 10.
Only Gina Rinehart would make the international top 100 list. Based on last year’s list she would come in at 96th spot, after being 69th in 2018. Forbes’ international list will be released in a few months.
One of the big movers in the Aussie rich list is Clive Palmer, who is back among the nation’s 50 richest people just three years after his Queensland Nickel company folded with debts of $300 million, causing the loss of hundreds of jobs at its Townsville refinery.
Forbes said Mr Palmer, 64, has an estimated fortune of $2.51 billion, placing him at No.20 thanks to court-ordered royalty payments from CITIC Pacific Mining’s Sino Iron project in Western Australia.