Tech Money Takes A Big Hit In AFR Young Rich List (2022)

As reflected in the latest edition of the AFR Rich List, 2022 has not been kind to the technology sector.

According to The Australian Financial Review, stock routs and industry downturns have caused valuations across the board to nosedive, deleting more than $11 billion from the net worths of our nation’s wealthiest entrepreneurs aged 40 and under in the process (from a record $41 billion down to $30 billion).

Despite this, tech money is still the most popular route to AFR’s Young Rich List with Canva power couple, Melanie Perkins and Cliff Obrecht, retaining its coveted throne for the second consecutive year.

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Sitting on a combined $13.7 billion, Perkins (35) and Obrecht (36) are leagues ahead of their closest competition in Zambrero’s Sam Prince (38) and Afterpay’s Nicholas Molnar (32), who both clock in at around $1.2 billion each; Prince and Molnar are followed by AFR Young Rich List debutante Ed Craven (27) of crypto gambling platform stake.com fame at $1.1 billion.

On the topic of crypto, you may recall last year’s incredible story involving the Warwick brothers who simultaneously debuted on the 2021 AFR Young Rich List: Kain (#7 – $879 million), Kieran (#22 – $463 million), Aaron (#26 – $425 million), and Grant (#34 – $196 million). 

For context, Kain’s wealth was attributed to his Synthetix derivatives trading protocol, which allows crypto traders to lend money and earn interest while also building a decentralised trading platform.

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Kieran, Aaron, and Grant, on the other hand, occupied themselves with a separate but related endeavour known as Illuvium in which they serve as CEO, Co-Founder, and designer, respectively. Illuvium was one of the first major blockchain-based video games with a play-to-earn spin. The initial valuation? $5.5 billion.

Fast forward to present day…

“The crypto space was far less kind to the Warwick brothers – Kieran, Aaron, and Grant – who have suffered an 80% hit to their fortunes linked to their play-to-earn game built on the Ethereum blockchain, Illuvium. Keiran Warwick’s wealth sinks from $463 million to $93 million, thanks to the fall in value of the eponymous coin for which players in Illuvium compete.”

Check out the AFR Young Rich List for 2022 below.

AFR Young Rich List (2022)

#1 & #2. Melanie Perkins & Cliff Obrecht (Tech) – $13.7 billion

Canva | Co-Founders, CEO, & COO
Wealth last year: $16.5 billion
Age: 35 & 36

#3. Sam Prince (Retail / Health Care) – $1.2 billion

Zambrero | Founder
Wealth last year: $1.1 billion
Age: 38

#4. Nicholas Molnar (Tech / Financial Services) – $1.2 billion

Afterpay | Co-Founder & Global Chief Revenue Officer
Wealth last year: $2.78 billion
Age: 32

#5. Ed Craven (Gambling) – $1.1 billion

Stake.com | Co-Founder
Wealth last year: N/A
Age: 27

#6. Jack Zhang (Tech / Financial Services) – $957 million

Airwallex | Co-Founder CEO
Wealth last year: $543 million
Age: 37

#7. Tim Gurner (Property) – $788 million

Gurner Group| Founder
Wealth last year: $609 million
Age: 40

#8. Robert Chamberlain (Travel) – $741 million

Huno Group | Founder
Wealth last year: $320 million
Age: 38

#9. Owen Kerr (Tech / Financial Services) – $542 million

Pepperstone | Founder
Wealth last year: $728 million
Age: 38

#10. Ryan & Sam Kroonenburg (Tech / Education) – $541 million

A Cloud Guru | Co-Founders & CEO
Wealth last year: $542 million
Age: 40 & 38

Keep an eye out for the complete 2022 AFR Young Rich List here (set to be released in full this Friday).