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Rich 40 and Under Downunder

This week BRW published their third annual Young Rich List for Australians aged 40 and under. It's a fast track in and out of this list of 107 people with 30% turnover since last year. That's because most of the lucky young things make the millions in mid to late thirties and must drop off the list when they turn 41. Youngest new entrant is 26-year-old Heath Ledger who makes the cut with wealth of $10 million; one each to remind him of making the big time with "10 things I hate about you". Biggest exit was 40-year-old Nick Noutsatos (worth $37 million last year) of Sam's Seafoods. His company listed on the stock market in 2001, grew franchises too quickly and crashed into receivership this year. Biggest improver on last year is Eddie Groves of ABC Leaning, up $102 million on last year to $272 million, just behind top placed Crazy John's mobiles John Ilhan at $300 million.

Biggest industry category of the Young Rich was Technology with 18 representatives and average wealth of $47 million. Other major industries were Retail(12) and Property(11). Women make up 20% of the list (average age 35) compared to all ages Rich List which has only 5% women (average age 61). It looks like the tide is turning from the higher tertiary education rate for women in business areas over the past 20 years. Fashion and Entertainment are the main young female success categories.

Posted Saturday, 1 October 2005

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