Portal to wealth: cut-price broadband has delivered billionaire status to the Teohs, the couple who founded TPG Telecom.
David and Vicky Teoh have become Australia’s latest billionaires.
The husband and wife from ASX-listed TPG Telecom, joined the billionaires club on April 24, when by the close of trading their combined shareholding in TPG had pushed beyond the $1 billion mark by $9 million.
Both own about 18 per cent of the cut-price broadband company in their own names. They also have a smaller holding as part of a superannuation fund.
Since becoming billionaires, their wealth has continued to rise.
In early trading today, TPG shares reached a record high of $3.74 each, which puts their total wealth at $1.1 billion.
Few members of the BRW Rich 200 have enjoyed better years than the Teohs.
On the most recent Rich 200, which was published on May 24 last year, they were worth a combined $525 million.
In March this year, Vicky Teoh was named the richest self-made woman in the country on the back of a $390 million personal fortune; it has since risen to $530 million.
Vicky and David are two of the most reclusive members of the Rich 200; both shun publicity and refuse to be photographed.
The Teohs came to Australia in 1986 from Malaysia. David is the founder and chief executive of TPG, which is one of the biggest beneficiaries of consolidation within the telecommunications industry.
There were 32 billionaires on last year’s Rich 200.
Long-time list member Alan Rydge also recently joined the billionaires club on the back of strong growth in his listed share portfolio.