Image credits: courtesy of Melanie Perkins and Getty Images
The Australian Financial Review’s annual Young Rich List is out for 2020 and, unsurprisingly, tech entrepreneurs have dominated the list once again this year.
The list has been ranking the wealthiest self-made Australians aged 40 and under since 2003, and while this year’s list was dominated by the usual tech suspects like Atlassian’s Scott Farquhar (with an eye-watering $17.77 billion to his name, his co-founder at 41 didn’t make the list this year), Canva’s Melanie Perkins and Cliff Obrecht, and Afterpay’s Nick Molnar, there were a few new surprise entrants from other sectors including beauty founder and author, Zoë Foster Blake.
Foster Blake is the founder of beauty brand Go-To and made her debut on the AFR’s 2020 Young Rich List with an estimated wealth of $36 million according to the Financial Review. As reported by AFR , Foster Blake noted that the pandemic was the catalyst for her rapid escalation and growth of her brand with many people turning to self-care in lockdown, “We had a very rapid turnaround [of Go-To], almost within days [of the pandemic hitting]. People just went into skincare.”
Skincare aside, it makes sense that tech, online business, and e-tailers would have grown through the pandemic, thus adding to the bank accounts of their founders. Many businesses pivoted to online models in 2020 but those who were already in the space were well placed to not only survive but thrive in the new norm of a socially-distanced, online-centric world. Case in point: mattress e-tailer Sleeping Duck’s Selvam Sinappan and Winston Wijeyeratne made their debut on the 2020 Young Rich List, while as noted above, Canva’s Melanie Perkins and Cliff Obrecht had a huge year thanks to the pandemic with the AFR reporting there were more than 30 million users of Canva with people working from home and trying to keep their “branding unified”.
The AFR reports there was an increase in women on the list compared to last year—12 made the list versus nine last year—which is still quite a small number. Joining Canva’s Melanie Perkins and Go-To’s Zoe Foster Blake on the 2020 list are Envato’s Cyan Ta’eed, Sweat fitness app’s Kayla Itsines, and Aquamama’s Emma Gibson.
Ruslan Kogan. Image credit: Kogan.com
AFR Young Rich List 2020
10. Ruslan Kogan (Kogan/e-tail), $685 million
9. Mitchell Harper (tech), $694 million
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