Birthday surprise

BRW’s annual flagship issue dedicated to telling the stories of the wealthiest young entrepreneurs in the country has turned 10.

Wealth by no means is a perfect or complete measure of success. In entrepreneurship, failure is often a requisite precursor to the attainment of superior goals.

The Young Rich come from diverse backgrounds and make money in diverse ways but some strong themes emerge. All are determined, all are hard-working and all have had to overcome challenges.

Through these stories, BRW may help broaden the views of budding entrepreneurs as to what is possible in their own lives.

For some, business success is everything but as Samantha Hutchinson discovers in “Where are they now?”, motivations can mellow with age.

Anyone who inherits most of their money is excluded from the Young Rich. In tracking down the 100 wealthiest self-made people aged 40 and under, we look principally for entrepreneurs.

BRW has promoted the benefits of entrepreneurship for many years.

Ten years ago, the first Young Rich was launched with a warning from inaugural editor Robert Skeffington.

He wrote: “Should Australia have more entrepreneurs? Yes. Are we doing enough to encourage them? No.

“If we do not make further changes to our economy, then talented young people will leave Australia and the benefits that would otherwise accrue to Australia will be lost.”

This year, 23 members of the Young Rich live overseas – the most ever.

More needs to be done to support entrepreneurs and ensure they have the opportunity to build businesses in Australia.

In “Techs topple miners”, Jessica Gardner identifies some who choose to base themselves on the west coast of the United States.

Many of the best technology entrepreneurs feel they have little choice but to leave Australia if they are to fulfil their hopes, dreams and business plans.

One way to help foster entrepreneurship is to allow people to fail with dignity. Former billionaire Nathan Tinkler may be hoping that this advice is widely adopted. Tinkler’s wealth has taken a battering over the past 12 months. John Stensholt examines in “Down on chips but still at the table” what has gone wrong and whether Tinkler will be able to overcome his substantial debt woes.

Many of the Young Rich have felt the effects of a sluggish economy over the past 12 months; their willingness to accept risks amplifies the impact of economic conditions.

But many others have had their best ever years. This year more than most, the Young Rich demonstrates that true entrepreneurs find opportunities where others fear to look.

The compilation of the Young Rich is a difficult task. All of the editorial staff at BRW are involved but special thanks must go to our dedicated Young Rich reporter Nicole Lindsay and financial researchers Alastair Ingram, Vincent Sinn and Allan Xavier. Without their help, this edition would not have been possible.

We hope you enjoy and feel suitably inspired by the stories told in the following pages.

MORE YOUNG RICH:

• Tinkler down on chips but still at the table
• Tech topples miners
• Young clicks v old bricks
• Where are they now?
• Gallery | Meet Australia’s Young Rich
• Video | BRW Young Rich: Dorry Kordahi
• The list: Young Rich 2012
• Fewer women make the Young Rich
• How to become an entrepreneurial country
• Where wealthy young Australians live

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