The wealthy in Australia continue to grow richer, and at a faster pace, according to a report by the Australian Financial Review (AFR).

The report states that the assets of the country’s richest individuals have increased by 11 per cent in the past 12 months. The top 200 wealthiest Australians now collectively hold $625 billion.

Gina Rinehart tops the AFR for the fifth consecutive year, with her wealth surpassing $40 billion, highlighting the strength of the resources sector, which includes five of the top 10 fortunes.

Despite a dip in Hancock Prospecting’s net profit, Rinehart’s fortune grew due to higher mining valuations. Tech, mining, and property now dominate the Rich List, with tech’s share of wealth rising from 13 per cent in 2020 to 17 per cent in 2024.

Notable tech billionaires include Mike Cannon-Brookes, Scott Farquhar, and Canva’s Melanie Perkins and Cliff Obrecht.

The list also features 17 new entrants, increased female representation, and reflects significant shifts due to marriage breakdowns and industry changes. The traditional resources sector remains dominant, contributing $148.2 billion, while property and tech sectors continue to grow rapidly.

The richest Greeks in Australia

Among the top 200 wealthiest Australians are several individuals of Greek descent, some of whom are now billionaires.

The wealthiest Greek-Australian is Nick Politis, ranked 60th overall, with a personal fortune of $2.36 billion.

Politis is the principal shareholder of Eagers Automotive, which manages 200 dealerships across Australia.

Following him are:

Dennis Bastas (Rank 84) with $1.8 billion. Dennis Bastas’s Arrotex Pharmaceuticals produces about one-third of the medications distributed annually under Australia’s pharmaceutical benefits program.

Nick Andrianakos and family (Rank 90) with $1.73 billion. Starting modestly with a single gas station in 1973, Andrianakos built the Milemaker brand into a chain of 54 outlets before selling the business to Caltex in 2016, retaining the freehold land on a 30-year lease. Andrianakos now chairs his family’s business board, supported by his children. His son, Theodore Andrianakos, is the CEO leading daily operations, overseeing a diversified portfolio of retail, commercial, and industrial properties.

Terry and Arthur Tzaneros (Rank 92) with $1.7 billion. New to the rich list in 2024, the father-and-son duo own ACFS Port Logistics, Australia’s largest private container logistics company, and AGS World Transport. Terry and Arthur started ACFS Port Logistics in 2005, and it now employs over 1,100 people across Australia.

Nicholas Paspaley and family (Rank 112) with $1.47 billion. Paspaley is best known for his pearls, but his businesses span cattle farming, an aircraft fleet, wineries, and commercial real estate.

Spiros Alysandratos (Rank 140) with $1.1 billion. Spiros Alysandratos founded Consolidated Travel in 1967. Originating from the island of Kefalonia, he developed Consolidated into a wholesale ticketing service provider for most travel agents and airlines serving Australia.

Haris Stamoulis and family (Rank 143) with $1.1 billion. The fortune of Haris Stamoulis was built by the late Spyros Stamoulis, who migrated from Greece to Melbourne at the age of 12 in 1950. Apart from various business activities, the company also owns radio station 3XY and the newspaper Ta Nea.

Theo Karedis (Rank 149) with $1.03 billion. Theo Karedis migrated from the island of Kythera and opened a delicatessen in Neutral Bay, Sydney, in 1955. He made his fortune by creating the Theo’s Liquor chain with 51 bottle shops before selling it to Coles in 2002. Karedis invested the proceeds in real estate. His Arkadia Property Services owns 12 shopping centres and three hotels along the eastern coastline, as well as the luxury yacht Infinity Pacific.

Con Makris and family (Rank 152) with $998 million. From humble beginnings in an outer suburb of Athens, Con Makris migrated to Adelaide in 1963 and built a chain of seven chicken shops. He sold them in the early 1980s and purchased his first shopping centre, eventually owning a series of malls. Makris moved to the Gold Coast in 2017. In February 2023, he announced plans for the redevelopment of Marina Mirage.

Kerry Harmanis (Rank 188) with $75 million. The former lawyer left his legal career to search for gold in 1979. Today, his substantial wealth comes from mining mineral resources.