Gina Rinehart has topped the 2024 Financial Review Rich List for the fifth consecutive year, boasting a net worth of over $40 billion. However, the landscape of Australia's wealthiest is changing, with the tech sector growing its share faster than any other industry.

The 200 wealthiest people in Australia control a combined wealth of $625 billion, marking an 11% increase from the previous year. Mining and property continue to be the dominant sectors represented in the Rich List, with five of the top 10 fortunes built on mining.

And the tech sector is rapidly gaining ground, contributing $108.1 billion to this year's list. Four technologists made it into the top 10: Mike Cannon-Brookes, Annie Cannon-Brookes, Scott Farquhar, and Canva's Melanie Perkins and Cliff Obrecht. In total, 28 technologists have made the Rich List, up from 24 last year. Notable newcomers include online gaming mogul Tim Heath, CoinSpot founder Russell Wilson, and LMCT+ founder Adrian Portelli.

"The Rich List named its first two billionaires in 1987 - Robert Holmes a Court ($1.4 billion) and Kerry Packer ($1.3 billion) - now, there are 150 Australians and their families who have achieved this feat. This highlights the entrepreneurial spirit and hard work of the members of this list," said Rich List co-editor, Yolanda Redrup.

The Rich List also welcomed 11 new individuals or couples this year. The elite 'ten-digit club' – those with wealth exceeding $10 billion – now includes 13 billionaires. New South Wales is home to more Rich Listers - 80 in total - than any other state.

Female representation on the list has also increased, rising from 36 last year to 41 this year.

"There are nine Rich Listers who have appeared on every list since 1984, and many are household names, but the next decade could be one of changing faces, as the mean age nears 70 and billions of dollars are set to be passed onto the next generation," Redrup said.

The 2024 Rich List is also the most comprehensive to date, thanks to new financial reporting rules introduced by the federal government last year.

"Major private companies previously exempt from publicly lodging financial reports, like Bruce Gordon's WIN Television, 'Caravan King' Gerry Ryan's Jayco, and ethanol giant Dick Honan's Manildra, all had to reveal their profits for the first time - in some cases materially changing their estimated valuations," explained Michael Bailey, Rich List co-editor.