How Property Developers Are Richer Than The Average Rich Lister


Property developers have emerged as the wealthiest members of the 2015 BRW Young Rich List, with an average wealth of $191 million compared to $106 million for the list as a whole.

Ten property developers made the list, led by the highest debutant, Perth-based Paul Blackburne, who was the third richest member with a wealth of $536 million.

They are heavily skewed towards apartment developers and geographically, towards Melbourne and Perth.

The BRW Rich List and others like it attract our attention every year and are endlessly fascinating but it is worth keeping in mind that that the wealth estimates are little more than guesses.

Many of the figures are supplied by the subjects themselves and their public relations firms, and are impossible to verify. This is especially the case with businesspeople whose assets are privately held and whose debts are not publicly available.

Meanwhile, there are many wealthy people who should make the list but go out of their way to avoid inclusion.

These two factors explain how someone can suddenly "debut" with more than $500 million in wealth, even though the minimum for inclusion the previous year was just $19 million.

Below, we have ranked the property developers in descending order of estimated wealth for your convenience.

1. Paul Blackburne, 39, Perth

$536 million, debut,

2. Jonathan Hallinan, 40, Melbourne

$441 million, last year $113 million

3. Tim Gurner, 33, Melbourne

$431 million, last year $77 million

4. Luke Hartman, 39, Melbourne

$168 million, last year $92 million

5. Paul Fridman, 39, Melbourne

$90 million, last year $78 million

6. Ronnie Elhaj, 38, Perth

$73 million, last year $68 million

7. Nick Georgalis, 39, Canberra

$72 million, last year $27 million

8. Paul Fischmann, 40, Sydney

$43 million, last year $42 million

9. Marcus Gilmore, 40, Perth

$35 million, last year $35 million

10. Allister Lewison, 38, Melbourne

$24 million, debut

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