Rich List wealth growing overseas

A GROWING number of Australia’s richest citizens are based overseas, with a member of China’s political elite and an Indian car parts manufacturer ranked among Australia’s wealthiest.

Paper recycling tycoon Anthony Pratt tops the Financial Review Rich List for a second straight year, with the growth of his family’s Visy Industries in the United States taking his wealth to $12.9 billion.

Harry Triguboff, the founder of apartment developer Meriton, held his position at No.2 with a net worth of $12.8 billion, and mining magnate Gina Rinehart remains third, with an estimated wealth $12.7 billion.

Chinese property tycoon Hui Wing Mau, who studied at the University of South Australia, has risen to fourth on the list with $9.09 billion. He took up Australian citizenship in the early 1990s, before setting up Hong Kong-listed developer Shimao Property.

He later joined the standing committee of China’s top political advisory body. of

Former Sydney resident Vivek Sehgal, the owner of one of the world’s largest car parts firms, is the highest ranked entrant to the list, sitting at ninth with an estimated worth of $5.9 billion.

The Indian-born businessman operates the Samavardhan Motherson Group, which has turnover in excess of $US9.1 billion annually across 41 countries, including Australia. AAP