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Rich get richer on property and shares [AU]

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Day, Annabel
Publication Date: 
20 May 2004

See text below.


Australia's richest people made more money than ever before this year, as the booming property market took the entry price for the BRW 200 list to $100 million - its highest level.

More than one quarter of the Rich 200 this year were described as "property tycoons", up from 48 last year, according to BRW magazine's annual round-up of Australia's wealthiest people.

Newcomers included Malaysian property developer Maha Sinnathamby who came "from nowhere" to claim 68th spot with wealth estimated at $322 million. Mr. Sinnathamby built his wealth on a Brisbane wasteland bought for $7.9 million in 1992. He has turned it into a suburb called Springfield boasting an "education park" with everything from six child care centres to tertiary institutions.

Fellow Rich List member and child-care mogul Eddy Groves, the founder of ABC Learning Centres, is to open his first primary school in Springfield.

Child care also catapulted the major shareholder in Peppercorn Management Group, Michael Gordon, from BRW's Young Rich list into the grown-ups' table at number 165 with an estimated $132million.

- reprinted from the BRW Magazine