The richest families in Australia, when considered as a list, draw a sharp relief between personal wealth, and family wealth. For one thing; these families are known as old money. The wealth they enjoy is largely passed down from a predecessor, and the basis for that wealth may even handed down by those before him.
Of course the wealth may be in the control of one individual, but even that individual does not pretend to own the money. He is merely an administrator working in the best interest of the family to ensure the preservation of the wealth, and the increase thereof.
It is rather common to see family members fighting over inheritance; maybe money does not make a happy family after-all.
Top 10 Richest Families In Australia 2023
1. Gina Rinehart And Family
Estimated Wealth: USD30 billion Dollars
Georgina Rinehart is the richest woman in Australia with a personal fortune estimated to be around USD28.1 Billion. Her children were largely left out of the scheme of things, until they emerged victorious after a long legal battle. Her daughter Bianca Rinehart leads the children as Bianca Rinehart and Siblings who are legally worth around USD2.8 Billion.
Even though the Rinehart Family is often listed individually, their wealth all comes from Hancock Prospecting; the mining company which was founded by Lang Hancock; Gina Rinehart’s father. It must be stated however, that at the time of her inheriting the company it was in serious financial troubles.
Gina Rinehart stabilized the company, and has now made it one of the biggest mining companies in the world.
2. The Pratt Family
The Children of the Late Richard Pratt usually have their wealth listed separately. Anthony Pratt is worth at least USD10 Billion, his sister Heloise Pratt is worth at least USD2 Billion the other sister Fiona Geminder is worth at least USD3 Billion. Together that makes at least 15 Billion dollars of overall family wealth.
The source of the Pratt wealth is Visy Industries; a packaging company established by their father late Richard Pratt, which he handed over to his son Anthony Pratt in 2009. The girls still have stakes in the company; although they have mostly diversified their investments into real estate, art, hospitality, and so on.
3. Besen Family
Estimated Wealth: $3.4 Billion
The Besen family is mostly known for its philanthropic endeavors. However, it would not afford to be so philanthropic if not for its being one of the richest families in Australia. This family is led by Marc Besen, a billionaire investor, and businessman. He lost his dear wife Eva Besen in 2021.
Marc Bessen founded the Susan Fashion chain along with John Gandel. Marc Besson also founded Melbourne’ Highpoint Shopping Center.
His daughter now controls Susan Fashion, along with Sportsgirl- a company that produces sports-wears for women. The Besen Family invests in start ups, stocks and other forms of investments. It also wields a lot of political influence.
The Besen Family is one of the biggest patrons of art in Australia; it also has a fund set aside for the study and appreciation of culture.
4. The Smogron Family
Estimated Wealth: $2.767 billion
The Smogron family is old money. This clan of Australian Jews has its ancestry quite well documented; the family Originates from a small town in Ukraine called Heidelberg.
The earliest forebear of the family recorded was Norman (Naum) Smorgon (1884-1956), but it was his son Eric Smorgon (1911-1999), who established Escor- the family property investment company, who is credited for building the foundation of the family’s wealth.
The family’s investments over time have included Escor, Smogron Steel, and Smogron Group. The family have donated heavily to good causes; particularly those affecting the welfare of the Jewish Community in Australia.
Today, the Smorgon family is led by Victor Smorgon who has invested heavily in cryptocurrencies as a way of giving the family a solid footing in the financial markets of the future.
Other members of this rich family include Loti Smorgon, Moses Smorgon, Sam Smorgon, Graham Smorgon, and David Smorgon.
5. The Wilson Family
Estimated Wealth: USD3 Billion
The Wilson family is old money; it has been a prominent family in Australia since the 1920s. The Wilson’s wealth came from Les Wilson’s investments in HJ Reece; at that time a small plumbing supplies business in Australia.
He gradually bought up more shares in the business, until 1969 when the Wilson Family gained a controlling interest in the business. Leslie Alan Wilson, along with his two brothers Bruce and John own 75% of the company.
The company has been proactive; it has bought up competitors and solidified its control of the Australian plumbing supplies market.
Leslie Alan Wilson still occupies the position of Executive Chairman of the company, while his son Peter Wilson is now the CEO.
6. The Myer Family
Estimated Wealth: 2.01 billion
The Myer family is another example of a close-knit family with lots of money and power. They Myer Family is an Australian family with Jewish Ancestry which was established by Sidney Myer, a young Jewish migrant from Krichev, in Russia. He arrived in Australia during the late 1800s, and soon started the first Myer department store.
Sidney Myer soon established several other stores, and the Meyer brand was already quite popular in the 1930s. When Sidney Myer died in 1934, his nephew Sir Norman Myer continued his work, and expanded the retail empire. The company now has 58 locations, and employs about 14,000 people.
Some of the prominent members of the Myer Family include; Ken Myer, Baillieu Myer, Lady Marigold Southey, Neilma Gantner, Carrillo Gantner, Sid Myer, Rupert Myer.
7. Buckeridge Family
Estimated Wealth: US$1.25b
The Buckeridge Family is not a very united one, but it is one of Australia’s foremost families in terms of wealth. The family was established by the late Len Buckeridge; a man of extraordinary mental abilities.
Len Buckeridge founded the Buckeridge Group of Companies; a home building company that produces several items for building construction.
The Buckeridge Group of Companies was owned entirely by Len Buckeridge who died in 2014. His death resulted in family quarrels over his estate; at last count, there were 22 separate legal actions.
Some members of House Buckeridge are Sam Buckeridge, Andrew Buckeridge, Rachel Buckeridge, Tootsie Ambrose, Jo Buckeridge, Margaret Halcombe, Judy Lyon, Julian Buckeridge, Stanley Buckeridge, Joshua Buckeridge, and Lise Buckeridge.
8. The Roberts Family
Estimated Wealth: $1 billion
The Roberts Family is one of the aristocratic Australian families with money and influence. The family was established by John Roberts; founder of Multiplex Constructions Pty Limited. The company is engaged in Infrastructure, Construction, and Engineering.
The company was established in Perth, but expanded across Australia. Now it is headquartered in London, and has operations in Australia, India, Canada, Europe and the Middle East.
The Roberts family has expanded its areas of interest; since John Roberts’s death. His children Andrew Roberts, Tim Roberts, and Denby Macgregor assumed control of his Company, and quickly expanded into finance.
9. Barro Family
Estimated Wealth: $1 billion
The Barrow Family’s wealth is linked to the supply of building materials. This family has quite some interesting history. Luigi Barro, came to Australia in 1926 from Arcade (Treviso), a small village not far from Venice in Italy. As soon as he gained a good footing, he sent over his family to join him.
That was in 1936, when his wife, along with her 3 children made the voyage to Australia. Among the children was David Barro; a person of exceptional curiosity and imagination.
David Barro, together with his brother established Pronto concrete supply business. The family business metamorphosed into Barro Group, which operates quarries in strategic locations in the country, and which is now one of the largest suppliers of building materials in Australia.
10. Salteri Family
Estimated Wealth: $975 million
The Salteri Family traces its roots to Italy. It was established by Carlo Salteri. He was a man of remarkable technical abilities. He did defense contracts for the Australian Military. He also did several big engineering contracts for the government.
He famously kept a 5 centime coin given to him by his grandfather who told him when he was a young boy in Italy: “…to make one million, one has to start from a 5 centime coin…”
Since his death the family now concentrates on Property and Real estate. Paul Salteri is the new patriarch of the Salteri Family; he is the son of Carlo.
The richest families in Australia are mostly different from the richest men in that country- those two are completely different lists. Of course; even as an heir one must work hard to maintain the wealth that has been handed down to him; otherwise he would soon fritter away the money and be reduced to poverty.