The property sector is Australia’s wealthiest industry, according to the 2013 BRW Rich 200 list.
The annual rankings released yesterday found that 52 of the richest Australians acquired their wealth from real estate investments.
The total wealth of Australia’s richest people this year fell $4.4 billion to $176.80 billion.
Leading the list for the third year in a row was Gina Rinehart with a fortune of $22.02 billion, a drop in $7.15 billion owing to a resources downturn.
Taking second and third places were Frank Lowry of Westfield Group with $6.87 billion and James Packer with $6 billion.
Chinese-based property developer Hui Wing Mau joined the list in seventh position, which BRW reported as being one of the strongest debuts of all time. He is one of 16 overseas-based entrepreneurs with an Australia citizenship.
Australia’s biggest private developer of residential apartments, Harry Triguboff, rose to sixth place with his wealth increasing to $4.95 billion from $4.85 last year.
Australia's richest people
1. Gina Rinehart, $22.02 billion
2. Frank Lowry, $6.87 billion
3. James Packer, $6.00 billion
4. Anthony Pratt and family, $5.95 billion
5. Ivan Glasenberg, $5.61 billion
6. Harry Triguboff,$4.95 billion
7. Wing Mau Hui, $4.82 billion
8. John Gandel, $3.7 billion
9.Andrew Forrest,$3.66 billion
10. Christopher Wallin, $2.8 billion, resources