Australia’s top billionaires lose combined $40billion since start of 2022
Some of Australia’s richest have collectively lost $40 BILLION since the start of the year – with two of the youngest wealthy leaders among the biggest losers
- Australia’s top billionaires collectively lost $40 billion after ASX collapsed
- Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar have lost the most
- Mining magnates and shop owners have also been drastically hit by loss
Australia’s top billionaires have collectively lost $40 billion since the start of the year as the stock market plummets.
The ASX is down 13 percent since Jan. 1, with some of the country’s wealthy lists losing more than three times their shares.
Tech giants, mining tycoons and retail bosses have been hardest hit, wiping out tens of billions of dollars in a matter of months.
Atlassian co-founders, Mike Cannon-Brookes and Scott Farquhar, have lost the most with their shares plummeting by 45 percent — or $13.7 billion, the Australian reported.
Atlassian co-founders Mike Cannon-Brookes (left) and Scott Farquhar (right) lost the most as their shares fell 45 percent – or $13.7 billion
Mining giant Andrew ‘Twiggy’ Forrest (pictured) follows next with a loss of $2.95 billion, while WiseTech Global founder Richard White has lost $2.82 billion
Mining giant Andrew ‘Twiggy’ Forrest follows suit with a loss of $2.95 billion, while WiseTech Global founder Richard White lost $2.82 billion.
Reece boss Alan Wilson lost $2.02 billion after the plumbing and bathroom giant hit its highest share value in its 101-year history in 2021.
The value of the stock has halved since the beginning of the year, which is a huge blow to the family business.
Jack Cowin, president of Domino’s Pizza Enterprises, has suffered $1.34 billion in blood loss following exponential growth during the Covid pandemic.
Kerry Stokes of Seven Group Holdings has suffered a $1.3 billion plunge, while Block co-founder Nick Molnar has suffered a loss of $1.02 billion.
The downturn comes after the Australian stock market made its worst plunge since March 2020 on June 14.
The benchmark S&P/ASX200 fell 5.3 percent in early trading with more than $110 billion of shares destroyed.
By lunchtime, losses had moderated to a 4.75 percent drop, with the index at 6,602.7 points.
It ended the session 3.84 percent weaker at 6,665.6 points.
Kerry Stokes of Seven Group Holdings (pictured, with wife Christine Simpson) suffered a $1.3 billion plunge
The plunge followed a bad session on Wall Street amid fears that a US inflation rate of 8.6 percent in May, the highest since 1981, would cause the US Federal Reserve to raise interest rates and potentially trigger a recession in the world’s largest economy would cause.
CommSec chief economist Craig James said investors feared a recession in the world’s largest economy.
“The concern is that the Fed will have to be more aggressive by raising interest rates at future meetings, increasing the risk of a recession in the coming months,” he said.
Mr McCarthy said the plunge on the Australian Securities Exchange was the worst since March 2020, when the World Health Organization declared a Covid pandemic and imposed a national lockdown in Australia.
“They have a very similar feel to that big sell-off we saw in March 2020 and yes, this is the worst trading day we’ve seen since,” he said.
Top Billionaires and Their Losses
Australia’s top billionaires have collectively lost $40 billion since the beginning of the year.
Below is a list of the richest entrepreneurs and how much they have lost since January 1, 2022.
- Mike Cannon-Brookes (Atlassian): -$13.7 Billion
- Scott Farquhar (Atlassian): – $13.7 Billion
- Andrew Forrest (Fortescue Metals): – $2.95 Billion
- Richard White (WiseTech Global): – $2.82 Billion
- Alan Wilson & Family (Reece): – $2.02 Billion
- Jack Cowin (Domino’s Pizza Enterprises): -$1.34 Billion
- Kerry Stokes (Seven Group Interests): -$1.3 billion
- Nick Molnar (Block): -1.02 billion dollars
- Anthony Eisen (Block): -1.02 billion dollars
- Michael Heine & family (Netwealth): – $861 million
- Solomon Lew (Premier Investments): – $620 million
- Greg Goodman (Goodman Group): – $517 Million