Harold Mitchell falls out of AFR Rich List as media business is ‘unable to keep pace’ with other sectors

One of the Australian media’s most significant players, Harold Mitchell, has fallen out of the AFR’s annual Rich List as the media powerhouse is “unable to keep pace” with the fortunes generated from other sectors.

The media veteran and chairman of Free TV sat at 192 in the 2017 Rich List, worth $370m at the time.

Mitchell sat at 192nd on the 2017 Rich List, but his wealth was not enough to make this year’s cut

But for this year’s rich list, which was released this afternoon, the cut off value to make the list was $387m up from $341m the year prior, leaving Mitchell out of the list.

Michael Stutchbury, editor in chief of the Australian Financial Review said the media business was “unable to keep pace with the wealth” of other sectors, namely property, retail and resources.

“Our Rich List Editor works with a team of researchers to compile the list,” said Stutchbury.

“With a record 76 billionaires, which is up by 16 from last year’s list alone, the extraordinary wealth of Australia’s richest is set to continue growing.

“Harold Mitchell is a departure from the list this year, with the media business powerhouse unable to keep pace with the wealth generated by those with businesses in the property, retail and resources sectors.”

Of the media moguls, Seven West Media’s Kerry Stokes is worth the most, with his wealth valued at $3.93bn. The extra $200,000 from last year’s Rich List saw him climb from 14th to 13th overall.

Patrick Grove added $49m to his total worth – which now sits at $850m – but he fell nine spots on the list. WIN Corporation owner Bruce Gordon jumped towards the top 100 in the 2018 List, with his wealth – $629m – putting him at 112th.

Adland veteran and Macquarie Media shareholder John Singleton fell 11 spots this year, despite his wealth swelling by $116m to $534m.

Former Fairfax and Ten shareholder Gina Rinehart saw her total wealth grow from $10.41b to $12.68b, making her the richest woman in Australia and third overall.

The Rich List, which will be available in tomorrow’s newspaper, will also launch as a stand-alone edition in The Australian Financial Review Magazine, available in stores for the first time in 23 years this Monday. It will be sold separate to the newspaper for $4.95.

A micro-site will also launch this Friday.

AFR’s 2018 Rich List comes a month after it was revealed editor John Stensholt would leave Fairfax Media after almost 19 years to join The Australian.

“The AFR Magazine is first-and-foremost a newspaper-inserted-magazine and will always be inserted in the Financial Review newspaper,” said Stutchbury.

“This special news stand version of the Rich List issue of AFR Magazine follows demand from readers who’ve asked us how they can get the Rich List if they miss it in Friday’s newspaper. Our new micro-site also allows the brilliant portrait photography of our wealthiest people to be better displayed online.”

AFR Magazine’s launch of a special standalone edition comes a year after the appointment of Matthew Drummond as editor of the magazine.

Mumbrella has approached Harold Mitchell for comment.


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