Paper, packaging and recycling magnate Anthony Pratt has been named Australia’s wealthiest person with a $12.6 billion fortune.
Pratt took the top spot from real estate property developer Harry Triguboff, having moved from second to first over a one-year period.
He last made the list of Australia’s 200 wealthiest people eight years ago, months after the death of his father Richard Pratt.
Financial Review Rich List editor John Stensholt told News Corp Pratt was reaping the rewards of expanding his business in the rust belt states of the US and investing in American manufacturing, which people thought was dying five years ago.
“Making those counter-cyclical investments sometimes is what’s the hallmark of people on the rich list … they can certainly take advantage of it when things are down and probably see things as buying opportunities,” he said. “What he has done in America is probably one of Australia’s great business success stories.
“Not many Australian businesses make a success of it overseas and he definitely has.”