The Australian Financial Review (AFR) recently released its 20th annual Young Rich List, which showcases Australia's wealthiest individuals under the age of 40. A significant development this year is the increased representation of Greek Australians on the list, with at least six individuals making the cut. This number has doubled compared to the previous year.
One prominent figure featured on the list is Kayla Itsines, a renowned personal trainer hailing from Adelaide. Itsines gained recognition as the co-founder of the fitness app Sweat, which she launched in 2014 alongside her former fiancé, Tobi Pearce. Ranked at number 42, Itsines continues to be the face of the app, which has amassed over one million users. Despite selling Sweat to US-based iFit in 2021 for a staggering $400 million, Itsines remains the app's head trainer and has seen her wealth grow from $165 million to $171 million, marking a 3.6% increase over the past year.
Another notable entrant on the list are Daniel and Georgia Contos, a married couple who founded the online fashion store White Fox Boutique. Originally starting their business on eBay in 2013, the Contos' brand has experienced remarkable growth over the past decade. With their fashion ads featuring models on buses throughout Sydney, White Fox Boutique has become a recognizable name. The couple, aged 33 and 32 respectively, have made headlines for their $60 million worth of property acquisitions. Their combined wealth stands at $100 million, although many speculate that this may be an underestimate.
Joining the ranks of successful siblings on the Young Rich List are Argylica and William Conditsis, the founders of Babyboo, a Sydney-based women's event wear designer. Argylica, driven by her desire to find a pair of heels for a night out when she was just 17, ended up creating her own bedazzled footwear. This ultimately led to the establishment of Babyboo, which initially sold products on Facebook but quickly gained international traction. The origin of the name comes from Argylica's then-boyfriend, now husband. Despite the challenges posed by the pandemic and a decline in event wear sales, the siblings successfully pivoted to loungewear, allowing them to survive and thrive. Their estimated combined wealth currently sits at $60 million.
Returning to the Young Rich List are Aaron Pasias and Gerry Sakkas, co-founders of PlaySide Studios, Australia's largest video game developer and publisher.
The company, based in Port Melbourne, specializes in mobile game development. Their notable acquisition of the popular Dumb Ways To Die franchise served as a launching pad for PlaySide Studios' expansion into new areas. Pasias, ranked at number 95, has also made significant strides as a property investor, contributing to his overall wealth. Last year, both Pasias and Sakkas had a combined wealth of $56 million. However, Sakkas now possesses a personal fortune amounting to $43 million, while Pasias has increased his wealth to $49 million.
AFR
https://www.afr.com/young-rich/the-10-richest-young-australians-revealed-20231025-p5eeup
