The CRW (Crikey Revised Wealth) List is now up to 60 names, and we’ll keep adding names for as long as credible submissions continue to arrive in the inbox at [email protected] Over to you folks. Heaven forbid if we could get to 100 names that BRW missed.
Vernon Spencer: The Chairman of Interstar Securities, one of the largest non-bank finance originators in the country. He sold out to Challenger two years ago for a rumoured $85 million. Before that, he was easily making $10million a year. He has one of the biggest boats moored in Melbourne and when he sold Interstar and started spending time up north, he had a similar huge gin palace built in Queensland. His boats alone would be worth close to $40 million.
Hugh White: A veterinarian who is the only son of the late Eric White, the doyen of public relations in Australia and former press secretary to Sir Robert Menzies and national secretary of the United Australia Party, which became the Liberal Party. Apart from owning radio stations in Darwin, Eric became a major shareholder in US advertising agency J Walter Thompson (now part of WPP) via his equity in Eric White Associates/Hill & Knowlton. In retirement, Eric became the largest oyster farmer in Australia and maintained extensive property holdings in Newcastle, Forster and Sydney. When his mother died, it can be assumed Hugh inherited the family fortune, which would easily surpass BRW’s $110 million mark.
Mark Johnson: Co-founded Macquarie Bank with chairman David Clarke, and 34 years later still pulls in more than $2 million a year as an executive director. Owns $25 million worth of Macquarie Bank shares and would be even richer if he hadn’t sold about 800,000 shares for an estimated $30 million over the past five years. Also has more than $5 million locked away in restricted profit share and has large investments totalling more than $10 million in 16 other Macquarie bank vehicles. Chairs tollroad giant Macquarie Infrastructure Group and energy giant AGL.
Roy Travers: The former tax lawyer for the likes of Alan Bond, Abe Saffron and Abe Goldberg, NSW chess champion and bigwig at Accor Asia-Pacific, who our reliable snout estimates is worth more than $150 million. Former partner with fellow CRW member David Baffsky (see below).
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David Baffsky: Westpac dropped plenty on his various hotel interests 15 years ago, but he has bounced back and is a big player in property and still chairs Accor Asia Pacific, the largest hotel manager in the Asia-Pacific. Was a profitable private property player with Wizard founder Mark Bouris in the early 1990s and a wizard tax lawyer with all sorts of interesting clients.