Laps of luxury

Mining entrepreneur Joseph Gutnick (net wealth: $335 million) may not be the richest person among the Rich 200 but he does hold one record – the most children; he has 11.

Big families are common among Australia’s wealthiest people.

BRW’s records suggest that mining heiress Angela Bennett ($2.03 billion) has seven children, as does poker machine boss Len Ainsworth ($1.09 billion). Fellow billionaire Ken Buckeridge ($2.01 billion) has six.

On average, the country’s richest people have more children than everyone else.

The average amount of children among Australia’s 20 richest people is 3.2.

In 2010, the total fertility rate (described by the Australian Bureau of Statistics as the average number of babies that a woman could expect to bear, assuming age-specific fertility rates are experienced) was 1.89.

Financial services firm AXA suggests that the average cost of raising two children from birth to adulthood is between $400,000 and $500,000. Higher than average income earners can spend $600,000 on each child, AXA says.

The cost of raising children is likely to be rising for many families given the trend of more adult children living with their parents after starting full-time work.

Research by the Australian Housing and Urban Research Institute suggests there has been a 27 per cent increase in the number of “multi-generation” households over the past 30 years.

It is safe to assume that Rich Listers spend much more than average, especially given their fondness for elite schools.

The most expensive private school in Victoria, Geelong Grammar, costs $30,000 a year – about the same as the minimum wage.

Sending 11 children to an elite private school could cost upwards of $300,000 a year.

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