Rich list shifts around
IT’S BEEN a fascinating year it has been for the shifting fortunes of the Queensland’s wealthiest individuals, couples and families.
The twin-speed performance is again very apparent in the changing wealth of those on this year’s list. But the pattern has been turned on its head. With prices for resources diving, it is the big miners and others who rely on the industry whose fortunes have gone rapidly into reverse while some in other sectors have seen their wealth levels soar.
The scale of the turnaround is evident in the fact that just three mining magnates - Clive Palmer, Chris Wallin and Sam Chong - have shed nearly $3.5 billion from their combined estimated net worth over the past year.
Overall, the total wealth of the Top 150 is virtually unchanged - up by just $7 million to $ 39.65 billion. But remove those three miners from the equation and a very different picture emerges. The combined wealth of the other 147 entrants has surged by $ 3.49 billion. That is an increase of 10.9 per cent - nearly five times the CPI rate.
Some of the biggest rises have been recorded by people whose wealth is derived largely from stakes in publicly listed companies, led by Super Retail Group founders Reg and Hazel Rowe, whose net worth climbed a massive 74 per cent, making the couple one of two new billionaires on this year’s list.
Flight Centre co-founder Graham Turner and his wife Jude jump 12 spots to No.11 as their fortune climbed by $330 million (83 per cent) thanks to the performance of the travel company’s shares.
But even that was bettered by fellow travel industry entrepreneur Jamie Pherous, who more than doubled his money in a year as the value of stock in Corporate Travel Management continued its stellar rise since floating in 2010.
It might seem counterintuitive that, amid gloomy talk on the economy, 82 on our list increased their wealth. As Mr Pherous says: ‘‘ Good businesses tend to thrive in good and bad times.’’
That said, plenty of people who made money over the past year told us they were preparing for more challenging conditions over the coming 12 months.
Some 36 entrants saw their wealth shrink and six recorded no change. There are 22 new inclusions and one making a return to the list.