Like every other place in the world, the wealthiest families in Australia are among the powerful families that have built financial empires, and that have managed them well, keeping, and even growing the wealth over time. These elusive families have put in the effort to groom the younger generations so as continue the family tradition of wise spending and profitable investing.
The purpose of this article is to beam our flashlight on these families so that we can understand a thing or 2 about the way they live, spend money, and invest. Without wasting much time, let us get straight to it. The top 10 richest families in Australia.
Top 10 Richest Families in Australia 2020
1. Gina Rinehart and Family
- Estimated Wealth: 20 billion Dollars
Georgina Rinehart and her family are worth at least 20 billion dollars. Gina is an heiress and mining magnate by her own right; having inherited a mine, and expanded it by almost its size in ten years. Furthermore, Gina Rinehart has invested heavily in the media, and also in agriculture.
She fought a long legal battle with her children over control of the family trust fund which is worth over 2 billion dollars. She lost the battle, meaning that her children are now billionaires by their own right. As the current prices of precious metals continue to rise, it is quite possible that the family wealth is much more than the stated amount.
2. Besen Family
- Estimated Wealth: $3.4 billion
The Besen family is a wealthy Australian clan with Jewish Ancestry. The family is led by Marc Besen, a billionaire businessman, and investor. His family’s net worth is pegged at $3.4 billion by the Australian Financial Review. The Besen family’s fortune comes from retail fashion, but now they are very heavily into property development. The Besen family has all kinds of real estate; office buildings, residential apartments, and shopping malls.
The Besen family is a philanthropic family as well, they have a foundation called the Besen Family Foundation, through which they make charitable donations, as well as grants and scholarships.
3. The Smogron Family
- Estimated Wealth: $2.767 billion
The Smogron family is an illustrious and famously wealthy Australian family, most noted for some of their companies like Escor, Smogron Steel, and the holding company Smogron Group. The Smogron family can be traced to Norman (Naum) Smorgon (1884-1956), who sired Eric Smorgon (1911-1999), Founder of Escor, the family property investment company. Other members of the Smogron family are Victor Smorgon, Loti Smorgon, Moses Smorgon, Sam Smorgon, Graham Smorgon, David Smorgon.
4. The Wilson Family
The Wilson family is the force behind Reece, which is Australia’s biggest bathroom- and plumbing-supplies dealer. The three brothers Bruce, John, and Alan together own 75% of the company. Bruce and John have retired from the Reece board. Alan Wilson is still the executive chairman of the company, while his son Peter Wilson is CEO.
Reece Group was established in 1920, now has over 600 bathroom products, tapware and plumbing supplies showrooms in Australia, and other locations, and most importantly, the company is publicly traded on the Australian Stock Exchange.
5. The Myer Family
- Estimated Wealth: 2.01 billion
The Myer family is a well-established dynasty in retail sales in Australia. It was founded in Australia by Sidney Myer, a young Jewish migrant from Krichev, in Russia to Australia during the late 1800s. He started the department store Myer.
Today, the Myer family are one of the richest in Australia, with their holding company The Myer Family Investment Company controls several businesses, including a mutual fund that is publicly traded on the Australian Stock Exchange.
The Myer family is currently led by Martyn Myer.
6. Buckeridge Family
- Estimated Wealth: US$1.25b
The Buckeridge Family, which was founded by late Len Buckeridge who died in September 2014 comes in next on our list. He established the Buckeridge Group of Companies, commonly known as BGC, which is a private conglomerate dealing with constructions and building-related products. The company’s main fort is Western Australia.
The Buckeridge family is not very united, however; when Len Buckeridge died, family quarrels over his estate erupted. At last count, there were 22 separate legal actions.
Some members of the Buckeridge family are Sam Buckeridge, Andrew Buckeridge, Rachel Buckeridge, Lise Buckeridge, Tootsie Ambrose, Jo Buckeridge, Margaret Halcombe, Judy Lyon, Julian Buckeridge, Stanley Buckeridge, Joshua Buckeridge.
7. The Roberts Family
- Estimated Wealth: $1 billion
The Roberts Family was established by John Roberts. He founded Multiplex Constructions Pty Limited in 1962. The company was originally operating in Perth, but expanded nationally across Australia and then internationally. Multiplex built the Telstra Stadium in Sydney Olympic Park, and that stadium was the main stadium for the 2000 Summer Olympics held in Sydney.
After his death, his children Andrew Roberts, Tim Roberts, Denby Macgregor assumed control of his estate and expanded into finance. The Roberts family remains one of the richest in Australia.
8. Barro Family
- Estimated Wealth: $1 billion
The Barrow Family was established by David Barro, who together with his brother established the Pronto concrete supply business. Today the family is headed by Raymond Barro, chairman of the Barro Group. They sell premixed concrete and other building materials
The family is worth around 1 billion dollars.
9. Salteri Family
Estimated Wealth: $975 million
When Carlo Salteri was a young boy in Italy his grandfather told him: “…to make one million, one has to start from a 5 centime coin…” He famously kept that coin until he died at 89 years of age. But Carlo Salteri did not die a poor man; he established one of the richest families in Australia.
Having sold their defense systems to a major avionics company, the Salteris now concentrate on the Property and Real estate fronts of their business.
They are now led by Paul Salteri, son of Carlo Salteri.
10. The Talbot Family
- Estimated Wealth: 965 million dollars
The Talbot family, which was established by Ken Talbot also make the list with their fortune of about 965 million dollars. Ken Talbot was CEO of the Macarthur Group Companies, through which he controlled interests in mining, and other investments. He died in 2010, in a plane crash in Cameroon.
Some members of the Talbot family are Liam, Courtney, Alexandra, and Claudia.
Closing On The Wealthiest Families in Australia
Building family businesses and making the sacrifices to ensure that they succeed seems to be the watchword. One thing we noticed as a trend is that most of the families listed here have divested their monies by going into the real estate, and property business.