Australia's wealthiest people named in 2018 Rich List

The wealth of Australia’s richest people increased by almost $50 billion since last year, according to the 2018 Financial Review Rich List released today.

This year’s overview of Australia’s 200 richest individuals showed that the total wealth of those who made the list jumped from $233.1 billion to $282.7 billion since 2017.

The average wealth of each of those people also rose by more than $300 million, increasing from $1.16 billion to a record $1.41 billion.

For just the second year in the Rich List’s 35-year history, three people were recorded to be worth more than $10 billion, while the total number of billionaires rose to a record 76 across the nation.

Visy cardboard box manufacturer and recycling businessman Anthony Pratt topped the list with a personal fortune of $12.90 billion.

Sydney real estate tycoon Harry Triguboff came in at second with a $12.77 billion value.

Mining giant Gina Rinehart was named third-richest with a wealth of $12.68 billion, while also the only female to make the top five.

Australia's top five richest people:

1. Anthony Pratt.

Wealth - $12.90 billion. Industry - Manufacturing.

2. Harry Triguboff.

Wealth - $12.77 billion. Industry - Property.

3. Gina Rinehart.

Wealth - $12.68 billion. Industry - Resources and Agriculture.

4. Hui Wang Mau.

Wealth - $9.09 billion. Industry - Property.

5. Frank Lowy.

Wealth - $8.42 billion. Industry - Property.

Of the 200 people on the list, 51 of them make their money through the property sector, while retail and investment were also deemed as major money-making areas.

As for the cities that boast the majority of the country’s richest people, Sydney and Melbourne both recorded 57 people from the top 200.

And while Ms Rinehart rated highly for her wealth, the combined wealth of the top five richest women in Australia still trailed the same figure for the top five men by more than $30 billion.

The figures come as Australia’s national wage growth figures continue to disappoint, with the annual rate rising by just 0.5 percent to 2.1 percent this month.

On top of that, one million Australian households were deemed to face “mortgage stress” according to research that was released last month – representing 30 percent of all households nationally.

The complete 2018 Financial Review Rich List of Australia's wealthiest people will be released on May 25..