May 29, 2015

Secrets of the BRW Rich List revealed

Just how do you determine who the richest people in Australia are?

Myriam Robin — Media Reporter

Myriam Robin

Media Reporter

The BRW Rich List, out today, is a journalistic institution without peer in the Australian media. A three-month effort involving six researchers and numerous journalists, it charts the fortunes of around 250 of Australia’s wealthiest, to come up with a list of the 200 richest. At its height, it sold 10 times as many editions as the average issue of BRW, despite frequently selling at a higher price on news stands. At 220 pages, around 30% of which were ads, the revenues it would bring in would more than justify the investment.

When Fairfax axed BRW in print form two years ago, offering redundancies to most of its staff or moving them onto The Australian Financial Review, the Rich List was kept. The name BRW is so wedded to the idea that, despite the fact that it is now printed in the Australian Financial Review Magazine, it’s still branded as the BRW Rich 200 — an insert of which is inserted into the magazine that is itself inserted into the Financial Review.

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10 thoughts on “Secrets of the BRW Rich List revealed

  1. Flat tyre

    I used to work in a wealth management dept for a major bank. There are lots of very wealthy people who stay under the radar and don’t make the list. Not top 10 but certainly top 100.

  2. Dogs breakfast

    “Whatever you think of the massive amounts of money they have, they create hundreds and thousands of jobs.”

    It’s important that they continue to justify their exorbitant wealth and the disparity of incomes in Australia through whatever straws of rationalisation they can grasp.

    Sure, some of them are genuine wealth creators, but the vast bulk were handed their wealth through inheritance, and without exception none of them suggests that luck and good timing were as instrumental in their wealth creation as any great skill or hard work.

    It’s for people who believe that wealth is a measure of something of the worth of an individual. I’m not one of those people.

  3. Noble Warung

    What is this? Journalism? A pathetic puff on the “institution” of Australian media? Essentially a copy of an American idea that basically is money porn?
    Jesus wept.

  4. Norman Hanscombe

    Ho Hum.

  5. Bill Hilliger

    How would the names on the rich list compare in order of rank if there was a parallel list of names for those paying the most tax? Would any rich listers make it onto the tax list?

  6. Myriam Robin

    Hi Bill. That’s an interesting question. I didn’t put this in my piece, but it’s a widely-told story that people hate being put on the Rich List because it leads to them being audited by the ATO, who keep a close eye on the list to give them a suggestion of who isn’t paying the appropriate tax.

  7. Bill Hilliger

    Hi Miriam. A list of top tax paying individuals might be worth considering as a project.

    I’m sure that those on that list would be happy to be shown as good citizens; and on the other hand, wonder why their names do not appear on the rich list.

  8. TwoEyeHead

    Let us worship those that take it all and hide it from the ATO.
    Let us hope that trickle down will become more than just their urine.

  9. Venise Alstergren

    I have it, on good authority, that there’s another short list of three categories.

    1: The members of ‘Struggle Street.’ Whom the government (ie us) support.

    2: The poor bloody people who actually pay their taxes; for this they are the most heavily taxed people in the nation.

    3: The people, or should I say ‘The Mega rich’ who send the bulk of their immense fortunes overseas where they pay as little as 5c in the dollar.

    NOTE: Australians are represented by the least informed pollies on this planet. Why? Because they tend to come from a legendary, if invisible, so-called class of ‘Battlers.’ Who drag everyone down to their own level.

  10. Liamj

    “Whatever you think of the massive amounts of money they have, they create hundreds and thousands of jobs.”

    I’d like to see some proof of this oft-repeated claim. They may employ alot of people, but how many people have they made unemployed in competing enterprises, made sick with lax OHS, or made destitute by privatising commons?

    It is one of the funnier fantasies of the merely economically literate that wealth is created out of thin air by people, rather than out of natural resources at distinct and measurable cost to those that previously relied on those natural resources (e.g. everyone supporting themselves outside the commodified economy, all other species, future generations).

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