By Lucinda Schmidt (with Heather Jacobs, Wendy Pugh and Tim Treadgold. Rich list package edited by John Koppisch.)
For telecommunications tycoon David Teoh 2013 was bittersweet. Shares of his fast-growing Internet service provider, TPG Telecom, soared to a record high, boosted by a December deal to buy rival AAPT for $410 million. Teoh, who moved to Australia from Malaysia in 1986, jumps 12 places to billionaire status after his fortune soared 65%, the biggest percentage gain of anyone on the list. And the bitter? Also in December, TPG lost a three-year battle with Australia’s competition regulator over misleading advertising and was forced to pay a $1.8 million fine. (See our list of Australia’s 50 Richest.)
Teoh, at No. 17 with a net worth of $1.5 billion, is one of five new billionaires for 2014. They include entertainment supremo Alan Rydge, who owns a chain of cinemas and hotels, plus a ski resort. He joins two other billionaires raking in cash from the booming global entertainment market: James Packer(casinos, up $600 million) and Len Ainsworth (slot machines, up $300 million). Overall, 26 Australians are now billionaires, in U.S. dollar terms, up from 23 a year ago.
It’s an impressive effort in a year when the Australian dollar dropped 16.5% against the U.S. dollar. Half of the people on the list saw their fortunes fall over the past year, and the depreciating currency was often the main reason. But it wasn’t the only culprit. After a tough year for the coal sector, coal magnates Travers Duncan and Chris Wallin dropped off the list. Others hurt by the faltering resources boom include Kerry Stokes, down by $400 million on falling demand for his Caterpillar mining equipment, and John Grill, who failed to make the list after a 26% stock-price fall for WorleyParsons, the engineering firm he ran for 40 years. Grill was a billionaire as recently as 2008. It’s not all bad news in mining: Billionaires Gina Rinehart, Andrew Forrest and Angela Bennett all posted small gains from iron ore royalties.
Three new entrants join the list: Graham Turner and Geoff Harris, cofounders of Australia’s biggest travel group, Flight Centre Travel; and Maha Sinnathamby, the developer of a huge new suburb near Brisbane called Greater Springfield. Ian Norman, cofounder of the Harvey Norman electrical goods and furniture chain with billionaire Gerry Harvey, returns to the list after a two-year absence. Construction mogul Bruno Grollo departs the list after he dispersed his fortune among family members.
Methodology
This list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts, private data bases and other sources. Net worth figures are based on stock prices and exchange rates as of the close of markets on Jan. 20. Private companies are valued by using financial ratios and other comparisons with similar companies that are publicly traded. Several of the fortunes here are shared among members of extended families and can’t be attributed entirely to the person listed.
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