Last year, when it became clear that the BRW Rich List was of doubtful value and had missed dozens of Australian multi-millionaires, we created The Crikey Revised Wealth (CRW) Rich List
to cover the gaps in the business mag’s research. This year, eight CRW
members have made it onto BRW’s list, with two of them coming from
“nowhere” to debut with fortunes of around $450 million. Here are the
CRW-turned-BRW rich listers …
David Barro: Chairman of
Barro Group, the 60-year-old family company that’s considered one of
Australia’s largest quarry owners, makes his debut in BRW with a
fortune of $450 million. And BRW gives the formerly absent 84-year-old Italian-born building tsar a two-page spread.
Debuting with $443 million, it turns out the Platinum Asset Management
CEO and principal shareholder is worth even more than we thought.
According to BRW, Platinum now manages more than $18 billion. Not bad
for a year’s work!
Inge Family: With a fortune of $215
million, the family business which owns almost 2000 units spread across
15 retirement villages and which sold 49% of its Zig Inge retirement
village group to Macquarie for $100 million last August – has finally
made the $110 million+ BRW cut-off.
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Debuts with $198 million. The founder and managing director of Count
Financial Limited – the third biggest group distributing financial
products (after AMP and PIS) in Australia – “Barry Lambert seems to
have come from nowhere”, says the mag. Hmmm.
attributes Crichton’s return to the Rich List – with a wealth of $195
million – to Korean car company Kia, whose cars he started distributing
in 2000, only to see Kia become a top-10 car company in Australia in
2005. Funny, that’s a lot like what we said last year.
Debuts with $165 million. The manager of Babcock & Brown’s
Australian infrastructure and project finance team makes his debut
thanks mainly to his holdings in the company and its related specialist
funds, says BRW. Last year, we put this at 7.4 million shares
worth about $130 million, as well as being $3.5 million in front on the
400,000 options he was issued at just $5 a pop last year.
Michael Maxwell: Debuts with $149 million. Another BRW
“overnight success” debutant from Babcock & Brown, the manager of
the Australian and European real estate business also owns a few
shares. Last year, we had it at 6.94 million worth $120 million and $3
million in front on the 2004 options issue, as well as being paid $2.3
million in 2004.
Brett Pointon: Debuts with $135 million. The founder of Brisbane-based Oaks Hotels & Resorts Group cracks BRW
this year with a one-page feature which says his company is one of the
best performing floats on the ASX so far this year. Last year we said:
“has just raised $30 million in a public float but retained a
controlling stake in a business which is capitalised at $180 million
after the $1 shares quickly shot up to almost $1.40.”