Young King Coal: coal baron tops under 40 rich list

A 32-year-old sparkie turned coal tycoon has claimed the top spot in the Business Review Weekly Young Rich list with an estimated wealth of $A441 million.
Young King Coal: coal baron tops under 40 rich list Young King Coal: coal baron tops under 40 rich list Young King Coal: coal baron tops under 40 rich list Young King Coal: coal baron tops under 40 rich list Young King Coal: coal baron tops under 40 rich list

 

Charlotte Dudley

Taking the number one spot, ahead of property barons and pop stars, was Queenslander Nathan Tinkler, a former mining electrician who made his fortunes through the purchase and sale of a Central Queensland coal mine.

The list, described by the business magazine as “a rich list without the grey hair” ranks the top 100 cashed up Australians aged under 40 who have amassed self-made fortunes.

BRW journalist Georgina Dent told the Australian newspaper Tinkler made it to the top through the purchase of a coal mine in 2006 for around $30 million.

“He then sold it back to Macarthur Coal for $275 million, for a combination of cash and shares,” Dent said.

“He sold those shares at the beginning of this year and walked away with $441 million.”

Since then, Tinkler has ploughed large chunks of his wealth into racehorses.

Also featured on the list was cosmetic king Napoleon Perdis, corporate childcare exec Eddy Groves and pop princess Kylie Minogue.

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