Property developers and investors make AFR Rich List

Three moguls who have made their fortune in the property game appear in the top 10 of the annual AFR Rich List, which was published in full today.

Just under 20 per cent of the full list of 200 made their money through property, with numerous others making their fortunes through property-related businesses, such as construction.

Hong Kong-based Shimao Property Holdings chairman Hui Wing Mau is fourth on the overall list, after lucrative dealings in China raised his fortune to $18.06 billion.

Harry Triguboff, founder of apartment developers Meriton is seventh, with $14.42 billion.

Meriton had a tough year, with the serviced apartment sector disappearing along with the international students that make up a large slice of Meriton occupants, but Mr Triguboff has pivoted to focus on underserved markets that aren’t kept out by border closures.

Westfield shopping centre tycoon Frank Lowy was ninth, at $8.3 billion, also coming off the back of a tough year, as retail centres were shut down across the country. Mr Lowy’s fortune has fallen by 0.3 per cent in the wake of these closures.

Elsewhere on the list:

#19: Lang Walker ($4.27b)
The Executive Chairman of the Walker Corporation leaned on biotech stocks this year, as he shored up future developments, such as a $3.2 billion Parramatta Square, 14,000 apartments, and 30,000 house-and-land packages.

#27: Terry Snow ($3.19b)
The founder of Capital Property Finance has a vast property portfolio, which cushioned him from a lack of 2020 business at Canberra Airport, his main asset.

#29: Betty Klimenko, Monica Weinberg-Saunders and family ($2.73b)
The daughters of the late John Saunders, co-founder of Westfield, manage his legacy through the Terrace Tower Group. 

#33: Michael Hodgson ($2.33b)
Hodgson made and lost a fortune through livestock and wool in the late ’80s and early ’90s, Hodgson is now a leading industrial landholder in Perth.

#46: Greg Goodman and family ($2.02b)
Goodman’s wealth has leapt from $1.43b due to his Goodman Group being the benefactors of this year’s e-commerce boom, as his warehouses and distribution centres became big business. Owning the Sydney fulfilment centre for Amazon is like printing money.

Bob Ell, Ye Lipei, Sam Tarascio, Maha Sinnathamby, Con Makris, Nechama Werdiger, and Shaun Bonett all made the Top 100 list, with a further 22 property developers and investors in the lower hundred.

Read the complete list.

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Nathan Jolly

Nathan Jolly was an in-house journalist with Elite Agent. He worked with the company from July 2020 to December 2020.