Harold Mitchell drops off AFR Rich List as 'unable to keep pace'

Josh McDonnell
By Josh McDonnell | 25 May 2018

One of Australia's wealthiest media buyers, Harold Mitchell, has fallen off The Australian Financial Review's (AFR) annual Rich List, cited as being "unable to keep pace" with those generating income from multiple industries.

The cut off value to make the list is now a record $387 million, up from $341m last year, which pushed Mitchell, who's valued at $370m, out of the list.

Despite his history as an advertising veteran and FreeTV chair, Mitchell's wealth dropped $18m to $370m, last year earning a ranking of 192.

Late last year, Dentsu Mitchell rebranded to Dentsu X to align the business with sister agencies around the world.

This saw former owner Harold Mitchell's surname dropped from the agency he founded 41 years ago, and four years after he sold the business to the Aegis Group.

“With a record 76 billionaires, which is up by 16 from last year’s list alone, the extraordinary wealth of Australia’s richest is set to continue growing. The cut off value to make the list is now a record $ 387m, up from $341m last year," AFR editor-in-chief Michael Stutchbury says.

"Harold Mitchell is a departure from the list this year, with the media business powerhouse unable to keep pace with the wealth generated by those with businesses in the property, retail and resources sectors.”

Seven West Media chairman Kerry Stokes was valued at $3.93bn, which saw him climb from 14th last year to 13th spot.

Patrick Grove, co-founder and CEO of global internet conglomerate Catcha Group, which has SVOD iflix and car classifieds websites abroad, recorded wealth of $850m, but fell by nine spots to 89, despite adding $49m to his total worth.

WIN Corporation owner Bruce Gordon came in at 112, with a wealth of $629m.

Falling by 11 spots this year, Macquarie Media shareholder John Singleton still managed to grow his wealth by $116m to $534m.

Don't forget the AdNews Power List 2018 is open for nominations until the end of May. Before it goes through to the judging process, we want you to make your nominations right here.

Media – Top 5

#10 James Packer - $5.25bn

#14 Kerry Stokes - $3.93b

#80 Patrick Grove - $850m

#107 Bruce Gordon - $702m

#172 John Singleton - $534m

Overall - Top 5

Anthony Pratt & Family - $12.9bn

Harry Triguboff - $12.77bn

Gina Rinehart - $12.68bn

Hui Wing Mau - $9.09bn

Frank Lowy - $8.42bn

Combined wealth of Top 5: $455.09 bn

Cities – Top 5

Sydney - 57

Melbourne - 57

Perth - 20

Brisbane - 15

Gold Coast - 5
Industries – Top 5

Property - 51

Retail - 22

Investment - 20

Resources - 18

Financial Services - 16

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