Australia's Rich List and the Rise of Greek-Australian Billionaires

The affluent in Australia are witnessing a surge in wealth, with the top earners growing richer at an accelerated pace, as per a report by the Australian Financial Review (AFR).

Over the past 12 months, the assets of the wealthiest individuals in the country have soared by 11 per cent, collectively amassing a staggering $625 billion among the top 200.

For the fifth consecutive year, Gina Rinehart has led the pack, with wealth eclipsed $40 billion. This underlines the robustness of the resources sector, which has five of the top ten fortunes.

Despite a slight dip in Hancock Prospecting’s net profit, Rinehart's wealth surged owing to increased mining valuations. Tech, mining, and property now dominate the Rich List, with the tech sector's share of wealth rising from 13 per cent in 2020 to 17 per cent in 2024.

Notable tech billionaires include Mike Cannon-Brookes, Scott Farquhar, and Canva’s Melanie Perkins and Cliff Obrecht.

The list also welcomes 17 new entrants, showcases increased female representation, and mirrors significant shifts due to marriage breakdowns and industry changes. While the traditional resources sector remains dominant, contributing $148.2 billion, the property and tech sectors continue to expand rapidly.

The Richest Greeks in Australia

Several of Australia's top 200 wealthiest individuals are of Greek descent, some of whom have reached billionaire status.

Leading the Greek-Australian contingent is Nick Politis, ranked 60th overall. Politis boasts a personal fortune of $2.36 billion and serves as the principal shareholder of Eagers Automotive, overseeing 200 dealerships nationwide.

Following him are:

• Dennis Bastas (Rank 84) with $1.8 billion. Bastas’s Arrotex Pharmaceuticals manufactures approximately one-third of Australia’s annually distributed medications.
• Nick Andrianakos and family (Rank 90) with $1.73 billion. Andrianakos, who started with a single gas station in 1973, developed the Milemaker brand into a chain of 54 outlets before selling the business to Caltex in 2016.
• Terry and Arthur Tzaneros (Rank 92) with $1.7 billion. The father-and-son duo owns ACFS Port Logistics, Australia’s largest private container logistics company.
• Nicholas Paspaley and family (Rank 112) with $1.47 billion. Paspaley's business interests span cattle farming, aviation, viticulture, and commercial real estate.
• Spiros Alysandratos (Rank 140) with $1.1 billion. Alysandratos founded Consolidated Travel in 1967, evolving it into a wholesale ticketing service provider for travel agents and airlines across Australia.
• Haris Stamoulis and family (Rank 143) have a fortune of $1.1 billion. Stamoulis's late father built his fortune through various business activities, including radio and newspaper ownership.
• Theo Karedis (Rank 149) with $1.03 billion. Karedis's wealth, amassed through real estate investments, stems from the Theo’s Liquor chain and Arkadia Property Services.
• Con Makris and family (Rank 152) with $998 million. Makris, who migrated from Greece, built his wealth through chicken shops, shopping centres, and real estate ventures.
• Kerry Harmanis (Rank 188) with $75 million. Harmanis's riches come from his successful mining ventures after transitioning from a legal career in 1979.