Australia’s Young Rich List compiled annually by the Australian Financial Review showcases the most successful entrepreneurs and innovators under 40. In 2024, the list celebrated its 21st year, breaking records with a combined wealth of A$41.7¯billion. These impressive figures highlight the enormous impact of a new generation of movers and shakers across sectors such as technology, retail, healthcare, and fintech, bringing to light inspiring stories of ambition, risk-taking, and rapid growth.
2024 Records and Highlights
The 2024 Young Rich List is notable not just for its age focus but also for its unprecedented scale. For the first time, cumulative wealth surpassed A$40¯billion, reaching A$41.7¯billion a testament to Australia’s burgeoning ecosystem of ambitious young entrepreneurs
Top Contenders Leading the Charge
At the forefront of the list are the Canva co-founders, Melanie Perkins and Cliff Obrecht, who claimed the top rank for the fifth consecutive year. Their combined wealth climbed by A$1¯billion in 2024, solidifying their position as the wealthiest Australians under 40
New Faces and Emerging Sectors
The Young Rich List added 17 newcomers in 2024, reflecting a fresh wave of talent. These include founders in social media, AI, property, and healthtech, signaling a shift toward diversified entrepreneurial domains
Key Factors Behind the Surge in Wealth
Several factors have contributed to this boom. After a slowdown, valuations of unlisted tech firms have stabilized, revitalizing investor confidence and fueling the wealth of founders
Trends Driving Young Wealth
- Tech transformation: Founders in software, fintech, AI, and digital tools are leading the pack.
- Retail reinvention: Online fashion, fast-moving consumer goods, and direct-to-consumer brands are capturing consumer trends and investor attention.
- Funding momentum: Australian startups saw a surge in capital, designed to scale quickly and capture market share.
Reflections from Past Winners
The list has highlighted remarkable stories of early success and occasional failures. Early editions in the 2000s included mobile retail pioneers like Crazy John Ilhan (Crazy John’s) at A$200¯million and tech leaders like the Seek founders
Later winners such as Kayla Itsines, a fitness influencer-turned-founder whose business was worth hundreds of millions, demonstrate that non-tech entrepreneurs can also claim success
Voices from the Young Rich Community
Almost all members share common traits: bold imagination, willingness to take risks, and anticipation of where markets are headed. As Robert Skeffington, who built the first list, observes, this cohort is forging world-class businesses often starting in their twenties with a boldness that challenges conventional career timelines
One consistent theme is the importance of risk tolerance. Many founders overcome deep-rooted fears because they knew failure would not derail them completely
Future Outlook and Longevity
With total wealth at record levels, the Young Rich List underscores Australia’s growing role as a cradle for global entrepreneurs. While valuations and investor sentiment may fluctuate, the country’s robust talent pipeline remains intact. The rise of niche domains crypto, AI, proptech, healthtech positions the next generation for sustained impact.
Still, the list reminds us that fame and valuation are not permanent. Some ventures fall hard, and public visibility can bring pressure. The enduring challenge for Young Rich members is to convert early success into long-lasting, sustainable ventures.
Lessons for Aspiring Entrepreneurs
- Scale fast, but manage risks: Valuations can skyrocket, but founders need wise resource planning and resilience.
- Stay ahead of trends: Spot emerging markets and adopt a five-year horizon for strategy.
- Raise smart capital: While $3.6¯billion in funding is available, aligning with the right partners is critical.
- Build culture: Leadership and core values matter as companies grow quickly.
The Australian Financial Review’s Young Rich List is more than a showcase it is a barometer of today’s entrepreneurial energy, creativity, and ambition. For 21 years, it has traced the journey of those redefining Australia’s economic landscape before age 40. With A$41.7¯billion now represented, the 2024 edition reflects a new era in which young visionaries are building globally competitive ventures across tech, retail, healthcare, and beyond.
From the Canva success of Perkins and Obrecht to newcomers in AI and crypto, the Young Rich generation is characterized by bold ideas, capital efficiency, and global ambition. As this cohort matures, the Australian business community and indeed the world economy will benefit from the next wave of their impact.
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