By Emma Thelwell,
ninemsn Money
Federal Opposition Leader Malcolm Turnbull has raked in more than $10 million a year since he was elected to Parliament, according to a ranking of Australia’s richest people.
With a total fortune of $178 million, the Liberal Party leader has rejoined BRW magazine’s Rich 200 list after a four year break.
However, Mr Turnbull told reporters today the figures were "basically plucked out of the air".
"They have no idea," he said. "It’s flattering."
Mr Turnbull has pitched himself as an ordinary working bloke who has 'done good' – a man who understands the plight of the Australia’s poor - since he joined the Liberal party in 2004.
"I do not come to the position of leader of the Liberal Party from a lifetime of privilege," he said in his first speech as Opposition Leader last September.
"I know what it is like to be very short of money," he added. "I know what it is like to live in rented flats. I know what it is like to grow up with a single parent, with no support other than a devoted and loyal father."
John Stensholt, editor of the BRW Rich 200, told ninemsn that Mr Turnbull is the richest politician - indeed the only acting Member of Parliament – ever to have graced the Rich 200 list.
"Kevin Rudd doesn’t even come close,", Mr Stensholt said. "He’s worth about $50 million, at most, and that’s mainly through his wife."
Thanks to his former careers at OzEmail and Goldman Sachs, Mr Turnbull was a firm feature of BRW’s rich list from 1999-2005, when his net worth was estimated at $133 million.
Since becoming a parliamentarian, Mr Turnbull’s investment choices have "become conservative," said Mr Stensholt.
Heavily invested in the property sector, Mr Turnbull owns 10 properties in Australia, including a harbour side mansion in Sydney. He has also cranked up his wealth by investing across 40 different managed funds, alongside government bonds and cash deposits. BRW, which publishes the full Rich 200 list on Thursday, would not disclose the amount Mr Turnbull has made in the last year alone.
According to Mr Stensholt, "he didn’t want to comment" to BRW on his reinstatement to the Rich 200 list.
However, 80 percent of those on the list were happy to speak to the magazine – even though many of Australia’s rich suffered a dismal financial year along with the rest of the globe.
Anthony Pratt, son of the late Richard Pratt, rose to take number one position in this year’s list, after inheriting a $4.3 billion fortune and the helm of cardboard packaging and recycling company Visy from his father.
A close second place, with $4.2 billion in the bank, is Westfield boss Frank Lowy. Meanwhile, Harry Triguboff, the Sydney property magnate, takes this year’s bronze medal with a wealth of $3.66 billion.
At number four, Gina Rinehart remains Australia’s richest woman - although the iron ore magnate saw her fortune drop from $4.39 billion last year to $3.47 billion this year on the back of sliding commodity prices.
The Rich 200 notched up a combined loss of more than $25 billion as the economic downturn hit hard.
However, as Mr Stensholt pointed out, they fared better than the stock market overall. “Their wealth dropped 18 percent overall, but the All Ords was down around 35 percent last year”, he said.
Last year’s richest Australian, Andrew Forrest, chief executive of Fortescue Metals Group, was hammered by losses of more than $7 billion - whittling his fortune down to $2.38 billion. However, Mr Forrest still sits comfortably in the Rich 200, at number eight.
The rural property sector clocked some movers and shakers this year, BRW said, noting that Queensland pastoralist Peter Hughes and his family have made the list with a tidy sum of $443 million.
While some were lucky to gain a spot on the rich list amid the current economic gloom, others fared worse.
High-profile departures from the Rich 200 include Alan Bond, who saw his African oil and diamond investments tumble in value. Phil Green, who resigned as chief executive of Babcock and Brown last year, also slipped off the list.
All said, thirty people fell out of the Rich 200 as their wealth crumbled in the face of the global turmoil.
What’s more, the combined wealth of the list plunged to $114.1 billion, down $25 billion over the year. The cut-off band for entering the list has dropped accordingly from $200 million last year, to $150 million.
Amid the tumbling wealth, the number of individual billionaires has fallen back from 38, to 28 this year, the magazine said.
The BRW Rich 200 edition goes on sale tomorrow.
Federal Opposition Leader Malcolm Turnbull has raked in more than $10 million a year since he was elected to Parliament, according to a ranking of Australia’s richest people.
With a total fortune of $178 million, the Liberal Party leader has rejoined BRW magazine’s Rich 200 list after a four year break.
However, Mr Turnbull told reporters today the figures were "basically plucked out of the air".
"They have no idea," he said. "It’s flattering."
Mr Turnbull has pitched himself as an ordinary working bloke who has 'done good' – a man who understands the plight of the Australia’s poor - since he joined the Liberal party in 2004.
"I do not come to the position of leader of the Liberal Party from a lifetime of privilege," he said in his first speech as Opposition Leader last September.
"I know what it is like to be very short of money," he added. "I know what it is like to live in rented flats. I know what it is like to grow up with a single parent, with no support other than a devoted and loyal father."
John Stensholt, editor of the BRW Rich 200, told ninemsn that Mr Turnbull is the richest politician - indeed the only acting Member of Parliament – ever to have graced the Rich 200 list.
"Kevin Rudd doesn’t even come close,", Mr Stensholt said. "He’s worth about $50 million, at most, and that’s mainly through his wife."
Thanks to his former careers at OzEmail and Goldman Sachs, Mr Turnbull was a firm feature of BRW’s rich list from 1999-2005, when his net worth was estimated at $133 million.
Since becoming a parliamentarian, Mr Turnbull’s investment choices have "become conservative," said Mr Stensholt.
Heavily invested in the property sector, Mr Turnbull owns 10 properties in Australia, including a harbour side mansion in Sydney. He has also cranked up his wealth by investing across 40 different managed funds, alongside government bonds and cash deposits. BRW, which publishes the full Rich 200 list on Thursday, would not disclose the amount Mr Turnbull has made in the last year alone.
According to Mr Stensholt, "he didn’t want to comment" to BRW on his reinstatement to the Rich 200 list.
However, 80 percent of those on the list were happy to speak to the magazine – even though many of Australia’s rich suffered a dismal financial year along with the rest of the globe.
Anthony Pratt, son of the late Richard Pratt, rose to take number one position in this year’s list, after inheriting a $4.3 billion fortune and the helm of cardboard packaging and recycling company Visy from his father.
A close second place, with $4.2 billion in the bank, is Westfield boss Frank Lowy. Meanwhile, Harry Triguboff, the Sydney property magnate, takes this year’s bronze medal with a wealth of $3.66 billion.
At number four, Gina Rinehart remains Australia’s richest woman - although the iron ore magnate saw her fortune drop from $4.39 billion last year to $3.47 billion this year on the back of sliding commodity prices.
The Rich 200 notched up a combined loss of more than $25 billion as the economic downturn hit hard.
However, as Mr Stensholt pointed out, they fared better than the stock market overall. “Their wealth dropped 18 percent overall, but the All Ords was down around 35 percent last year”, he said.
Last year’s richest Australian, Andrew Forrest, chief executive of Fortescue Metals Group, was hammered by losses of more than $7 billion - whittling his fortune down to $2.38 billion. However, Mr Forrest still sits comfortably in the Rich 200, at number eight.
The rural property sector clocked some movers and shakers this year, BRW said, noting that Queensland pastoralist Peter Hughes and his family have made the list with a tidy sum of $443 million.
While some were lucky to gain a spot on the rich list amid the current economic gloom, others fared worse.
High-profile departures from the Rich 200 include Alan Bond, who saw his African oil and diamond investments tumble in value. Phil Green, who resigned as chief executive of Babcock and Brown last year, also slipped off the list.
All said, thirty people fell out of the Rich 200 as their wealth crumbled in the face of the global turmoil.
What’s more, the combined wealth of the list plunged to $114.1 billion, down $25 billion over the year. The cut-off band for entering the list has dropped accordingly from $200 million last year, to $150 million.
Amid the tumbling wealth, the number of individual billionaires has fallen back from 38, to 28 this year, the magazine said.
The BRW Rich 200 edition goes on sale tomorrow.
