At the risk of sounding like a broken record: tech money just hits different. In the same week world’s richest man Elon Musk recorded single-day gains in the way of $42 billion after Tesla was admitted into the $1 trillion club, the AFR Young Rich List for 2021 is published as further proof. This year, the 100 richest Aussies aged 40 and under are collectively worth $41.3 billion – $100 million more than last year – with roughly a third of the entrants cashing in from the technology sector.
Now that Atlassian’s Scott Farquhar has aged out of the AFR Young Rich List criteria – marking the first edition without any Atlassian money since 2007 – Canva Co-Founders Melanie Perkins and Cliff Obrecht find themselves in pole position for the very first time with $16.5 billion. It’s worth adding the power couple’s status comes virtually uncontested given the $9.22 billion between them and Afterpay’s Nick Molnar in the wake of Canva’s valuation doubling in just five months.
The most fascinating story – in our opinion – is that of the Warwick brothers: Kain (#7 – $879 million), Kieran (#22 – $463 million), Aaron (#26 – $425 million), and Grant (#34 – $196 million). With a collective net worth approaching $2 billion, all four debutantes have made a strong showing thanks to the ongoing cryptocurrency boom.
Kain’s newfound wealth can be attributed to his Synthetix derivatives trading protocol, which allows crypto traders to lend money and earn interest while also building a decentralised trading platform that Wall Street.
“Want to use your crypto to trade gold derivative? The S&P 500? Options? Swaps? All in crypto? Synthetix has you covered,” explains the AFR.
Launched back in 2016, it reportedly has close to $1.5 billion circulating on the platform with one Synthetix token worth $12.9 billion. Kain, of course, is the largest owner of said tokens.
Kieran, Aaron, and Grant, on the other hand, have their hands full with a separate but related endeavour known as Illuvium in which they serve as CEO, Co-Founder, and designer, respectively. Illuvium is one of the first major blockchain-based video games with a play-to-earn spin slated to officially launch next year. And already, it’s attracted a hefty valuation of $5.5 billion.
Kieran is something of a serial entrepreneur. From becoming Australia’s youngest Harvey Norman franchisee to launching community based food review app The Burger Collective – the latter of which you can hear him speak about on our podcast here – success of this scale was a long time coming.
Check out the AFR Young Rich List for 2021 below.
AFR Young Rich List (2021)
#1. Melanie Perkins & Cliff Obrecht (Tech) – $16.5 billion
Canva | Co-Founders, CEO, & COO
Wealth last year: $3.43 billion
Age: 34 & 35
#3. Nicholas Molnar (Tech / Financial Services) – $2.78 billion
Afterpay | Co-Founder & Global Chief Revenue Officer
Wealth last year: $2,22 billion
#4. Laurence Escalante (Tech / Gaming) – $2.68 billion
Virtual Gaming Worlds | Founder
Wealth last year: $919 million
#5. Sam Prince (Retail / Health Care) – $1.1 billion
Zambrero | Founder
Wealth last year: $381 million
#6. Fung Lam (Retail) – $1.02 billion
New Aim | Co-Founder
Wealth last year: $273 million
#7. Kain Warwick (Tech) – $879 million
Synthetix | Founder
Wealth last year: N/A
#8. Owen Kerr (Financial Services) – $728 million
Pepperstone | Co-Founder & CEO
Wealth last year: $617 million
#9. Cyan Ta’eed (Tech) – $664 million
Envato | Founder, CEO, & Director
Wealth last year: $566 million
#10. Tah-nee & Simon Bear (Retail) – $626 million
Culture Kings | Co-Founders
Wealth last year: N/A
Age: 33 & 37
You can check out the AFR Young Rich List for 2021 (Top 100) in complete detail here.