The Lowy’s who built Westfield ($8.26B) ,
Glencore Mining’s, Ivan Glasenberg ($6.85B) and
Gina Rinehart’s Resources ($10.41B) made the top 10.
Scott Farquhar and Mike Cannon-Brookes of Atlassian are up there as well with $5B each.
There are 12 technology Richlisters and Ruslan Kogan aged 35, who grew up in a Housing Commission Home in Melbourne, is back on the list after a 3 year break.
There have been interesting characters that have coloured the pages of the Rich List
Kerry Packer was a regular contender with the West’s 80’s entrepreneurs such as Alan Bond (of America’s Cup fame) and Robert Holmes a Court who built and lost their fortunes.
The Rich List includes immigrants. men and women, young and old, self-made millionaires, , and those born with a silver spoon in their mouths; both the educated and uneducated.
Becoming rich can be a reality for anyone in Australia.
So, looking at the lists these are 8 gems that we can learn from them
1. PROPERTY IS STILL THE NUMBER ONE SOURCE OF WEALTH
2. TIME AND LEVERAGE COMPOUNDS WEALTHThey understand the power of compounding
Time and regular investing grows their asset base.
The rich concentrate on building their balance sheets even more than they do on their profit and loss accounts, usually leveraging with other people’s money (which is why property is such a good thing)
The average age of this year’s Rich List is Stan Perron aged 95, is the oldest member of the list coming in at #15 and is showing no signs of slowing down.
ANYONE CAN DO IT
3. FOCUS ON YOUR KNITTINGOne core trait that successful entrepreneurs share is the ability to take a good idea and repeat it over and over again.
You become an expert by doing one thing one hundred times, rather than doing one hundred things once.
4. TEAMSurround yourself with a good team because if you are the smartest person in the room you are in trouble.
5. VISION - PLAN - ACTIONHave a vision , formulate a plan - write it down and take action .
IN SUMMARYInvest your money and time into wealth-producing assets and a Vision you believe in. Have strong Values, a long-term Plan, and never lose sight of where you want to end up.
One of my mentors from Durban , John Moshal, said he likens himself to a farmer with a plough - With rough and arid land in front, with the farmer ploughing the land , so that those following have the opportunity to farm on fertile ground!