Nathan Tinkler plummets as he drops on BRW Young Rich List

Source: News

Tinklers Troubles 2

ONCE lauded as Australia’s richest self-made man under 40, Nathan Tinkler now holds the dubious record for the biggest ever wealth slump on BRW’s latest Young Rich list.

The mining magnate and sports franchise tsar’s personal wealth has plummeted from $1.13 billion to $400 million – the equivalent of losing $2 million a day or more than most people earn in a lifetime.

With creditors circling and mounting speculation over his financial future, Mr Tinkler’s diminishing fortunes sees him toppled from the number one spot on BRW’s Young Rich list of the nation’s 100 wealthiest people under 41 for the first time since 2009.

BRW’s Rich list editor Andrew Heathcote said the annual wealth snapshot showed youth was not an impediment to success with young entrepreneurs building fast fortunes on the back of calculated risks.

But not all of those risks pay off.

“Tinkler’s slide from the top is suggestive of a broad trend,” the business magazine said in a statement.

“Mining is out as a key wealth generator and technology is in.”

Scott Farquhar, Mike Cannon-Brookes

Scott Farquhar and Mike Cannon-Brookes.

Software entrepreneurs Mike Cannon-Brookes and Scott Farquhar from Atlassian replace Mr Tinkler on top of the Young Rich list, with a combined wealth of $480 million.

The combined value of the list this year has dropped by $2.2 billion last year, to $5.1 billion, for only the second time in its 10-year history.

 

Mark Ackroyd

Mark Ackroyd, Managing director of National Plant and Equipment, landed in third spot in this year’s young rich list. Picture: Jamie Hanson

The other was in 2009 following the global financial crisis.

Fewer women also made the list with six – down from eight last year – including Carolyn Creswell (muesli bar maker), Prue Eales (equipment hire), Kylie Radford (fashion label Morrison), Karrie Webb (golfer) and Sarah-Jane Clarke and Heidi Middleton (Sass & Bide).

 

Simon Clausen

Computer security program founder Simon Clausen has made it to fourth place. Picture: Supplied

While 48 per cent of the young rich managed to maintain or increase their wealth in a backwards market, the softening economy dragged the entry-level criteria from $20 million in net assets to make the list last year to $18 million.

The youngest debutant this year was 28-year-old Nick Armstrong, who shares a $22 million fortune with Geoff Alexander as co-owners of emissions trading company COZero.

 

 

Top 5

Mike Cannon-Brookes and Scott Farquhar – $480 million – software

Nathan Tinkler – $400 million – mining

Mark Ackroyd – $290 million – equipment hire

Simon Clausen $230 million – software/property

Ashley Fraser $195 million – equipment hire

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