Two musicians debut on the list this year, the first time someone making their wealth from their vocal cords has joined the ranks since Sia Furler debuted in 2014. Toni Watson, better known as Tones and I, and James Keogh, who performs as Vance Joy, have both written hit songs for which they paid their own recording costs.
Sam Bankman-Fried on the cover of the Young Rich List 2022 issue. Mary Beth Koeth
That has allowed them to cut publishing deals in which the revenue from Dance Monkey and Riptide is mostly theirs. Meanwhile, all their hits have increased in value thanks to the multiples on catalogues rocketing while we all listen to more music in the streaming era. Their fortunes have also improved due to the return of tours, a theme of the pandemic unwinding that has played out across this year’s list.
Robert Chamberlain, an under-the-radar Sydney-based entrepreneur, surges up the list as travellers rush to pack a suitcase and get out of town. Net profit for his travel company, Huno Group, soared to $50 million as it referred more than $1 billion in sales to its travel partners, which include hotel booking sites.
Jordan Mailata; Robert Chamberlain; Liam Hendriks. Janie Barrett; Getty
His estimated wealth balloons to $741 million, which, if sustained, could put him on next year’s Rich List, which tracks the nation’s 200 richest people regardless of age. Also headed for the Rich List is Ed Craven, who is behind one of the world’s largest online casinos and debuts as a billionaire.
As Australians returned to holidaying, they also went back to bricks-and-mortar stores. And that wasn’t enjoyable for many e-commerce entrepreneurs whose profits boomed during the pandemic.
Operators such as Ruslan Kogan believed a structural shift to digital shopping sped up by the pandemic would be sustained. He got it wrong, leaving Kogan.com saddled with too much inventory.
The company has suspended its dividend, and its shares are languishing. Kogan’s wealth slips to $292 million, from $434 million.
Meanwhile, the wealth of Dean Mintz, the tech entrepreneur behind luxury online retailer Cettire, drops to $252 million, a fall of 59 per cent.
The wealth needed to make the Young Rich List this year falls to $35 million, from $36 million last year. Fifteen women are on the list, the same as last year.
The November issue of AFR Magazine, including the Young Rich List, is out on Friday, October 28 inside The Australian Financial Review. Follow AFR Mag on Twitter and Instagram.
