Australia's richest tech tycoons climb the BRW Rich 200 list

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Australia's richest tech tycoons climb the BRW Rich 200 list

TPG founders David and Vicky Teoh and Xero investor Craig Winkler have shot up the rankings of Australia's mega-rich in the BRW Rich 200.

The Teoh's wealth is now estimated at more than $2 billion, with the TPG founders climbing to 17 and 18 on the list of Australia's wealthiest people, published today.

Another technology identity whose wealth has climbed dramatically is MYOB co-founder and Xero investor Craig Winkler. His wealth has jumped from $275 million last year to more than $700 million, according to BRW.

Technology stands out as a major industry driving growth in wealth in this year's BRW Rich 20. Many of the new entrants in the technology space, said BRW deputy editor Caitlin Fitzsimmons.

"It didn't used to be the case you could get onto the Rich 200 from standing still to a running start. It used to be much more about old money built up over generations. I think technology is a real game changer in terms of propelling people onto the list."

This year's list also includes the youngest-ever billionaires on the list, Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, while online retailer Ruslan Kogan appears on the list for the first time.

Not all those technology identities whose wealth is on the increase are new entrants to the BRW Rich 200 list. This year Gerry Harvey's ranking increased, with estimations of his wealth jumping from $1.4 billion to $1.5 billion.

Asked who she tips to watch out for as future wealth-makers, Fitzsimmons tipped Eddie Machaalani and Mitchell Harper of ecommerce platform BigCommerce.

"They've got a very interesting business. They've had some really big investments from venture capital…they're getting some good traction with users and are hiring some impressive technology names."

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