The Main Source Of Wealth For This Years BRW Rich List

There are 60 billionaires on the 2017 Financial Review Rich List - the most ever there has been in the 34-year history of the list.

Not unexpectedly, property remains the dominant sector on this year’s list, with 58 rich listers making most of their money in the property sector. (see list at bottom below)

Harry Triguboff comes in second overall with a boost in fortune to $11.4 billion.

The top property five included Frank Lowy, John Gandel, Hui Wang Mau and Lang Walker.

Property is followed by investment (21), resources (18), retail (18) and financial services (16), with agriculture, manufacturing, technology, media, healthcare, entertainment, travel, transport, telecommunications and education also featuring in the list.

Well, when you read articles like this:

Chinese investment in real estate grows to $32b: FIRB

Chinese investors topped the list of foreign investment approvals for the financial 2016, and have pledged to invest $47.3 billion in Australia, mainly in real estate, the latest Foreign Investment Review Board annual report shows.

The figure is similar to the previous year when $46.6 billion in approvals was awarded to Chinese investors.

While this puts China far ahead of the second-biggest foreign investor, the US, which has had $31 billion in investments approved, the US still owns four times more Australian assets than China does, Chinese property group Juwai.com said.

Of China's $47.3 billion, $31.9 billion will go into real estate mostly in residential development assets.

Continuing to verify:

Property is the best asset class to create secure, long-term wealth and

With the strong demand for Australian residential property, it has a good platform to sustain this growth moving forwards

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Troy Gunasekera // National Manager