2018 AFR Young Rich List: Top 5 Property Players
The 2018 young rich list has been released, featuring 100 of Australia's wealthiest young entrepreneurs.
Australia’s top 100 wealthiest citizens aged 40 and under are worth a record $23.5 billion, with top earners, Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, contributing $7.1 billion, smashing the previous young rich list wealth record of $6.08 billion, which they held.
The list, compiled and published annually by the Australian Financial Review, has again been dominated by the technology industry, with the average age of rich listers sitting at 35.
Just ten women made the cut on the 2018 list, one up from the nine that made the 2017 list and eight in 2016, indicating a continuing trend and a noticeable gap in the number of mega-wealthy Australians.
Property players continue to feature in the rankings with Melbourne property developer Tim Gurner climbing into third spot on this year's young rich list.
Take a look at the five highest ranking property moguls from this year's list.
3rd
Tim
Gurner
$631m
36 years old
Melbourne-based property developer Tim Gurner has seen his wealth increase by 36 per cent in the last year, thanks to several high-profile acquisitions.
Gurner pushed his combined project value to more than $5 billion with close to 7,000 dwellings across 19 buildings in Victoria, New South Wales and Queensland.
Earlier this year Gurner inked a deal with Greg Shand’s Barana Group to redevelop the Novotel hotel in St Kilda into a $550 million luxury residential precinct.
Gurner also received approval for a $350 million mixed-use Wellington Street project, after a lengthy mediation and redesign process.
23rd
Andrew
Welsh
$121m
35 years old
Former Essendon vice-captain Andrew Welsh has amassed a post-footy war chest through a number of greenfield developments on the fringes of Melbourne.
When Welsh Developments completes its current projects, it will have sold 6500 residential lots and contributed significantly to some newly established suburbs in and around Melton.
His company has branched out to home building and this year launches Welsh Urban Living, which focuses on medium-density housing in land estates.
34th
Marwan
Rahme
$70m
38 years old
Marwan Rahme has completed close to half a billion dollars worth of deals since turning a small-time renovation job into a property empire.
The Lebanese immigrant used savings from his gap year spent stacking shelves to kickstart Kanebridge, a home renovation business.
The company has expanded into other associated advisory services including finance, wealth advisory, property and capital sourcing.
Kanebridge's latest project at Marsden Central, in Sydney's west, is leveraging technology to sell apartments in a new masterplanned community.
37th
Dean
Willemsen
$65m
33 years old
A true entrepreneur, Dean sought out odd jobs in his community to buy his first motorbike when he was 10, established a thriving garden nursery business at 15, and bought his first house at 21.
The trained carpenter co-founded construction group Prime Build, which has gone on to win contracts with Kmart, Aldi and Myer.
Willemsen founded end-to-end property developer Clearstate in 2011, undertaking projects from 20- to 200-lot subdivisions.
Dean was invited to join the CEO Institute when he was 28 and was nominated for the EY Entrepreneur of the Year Award at 29 years old.
44th
Robert
Rowe
$60m
37 years old
Robert Rowe began his property journey working for his father’s general contracting business at the age of 16, specialising in shop-fitting.
In 2004, aged 24 and armed with $64 in savings and an old laptop, Rowe started his own business, Unita.
Unita today has 10 companies under its umbrella, ranging from steel and joinery manufacturing, design and construction arms to a full-scale digital marketing business and a software firm.
The company has fit out more than 5,000 retail stores, including British brand Mulberry’s first Australian store, and also works with hotels, gyms and corporates.
