The 35-year-old appeared at number 35 on the list of richest Australians with his $1.01 billion fortune, the first time he has appeared on the list as a billionaire.

He was also the youngest person on the list last year, when his fortune was a comparatively paltry $355 million.

Gina Rinehart's $10.3 billion mining fortune has propelled her into the position of Australia's wealthiest person, taking the crown from Frank Lowy who topped last year's BRW Rich 200.

Not only is she the first woman in the list's 28-year history to lead it, but she also made the biggest fortune ever to be recorded by the BRW Rich 200, with her wealth more than doubling from $4.75 billion last year.

Overall, the rich list gained a 23 per cent rise in wealth to $167.25 billion, and five new billionaires took the total to 35.

Most appearances on this year's list were self-made, with only 17 per cent inheriting their wealth. The number of women in the list remained at 15 in line with last year, BRW said.

- with SMH