Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar are the youngest Australians on Forbes Rich List while Gina Rinehart loses top spot

The co-founders of software firm Atlassian are the only individuals under the age of 40 on Forbes list of Australia’s richest people.

Mike Cannon-Brookes and Scott Farquhar, both 36, have ranked 14 and 15 on the latest Australian rich list from Forbes, each with an estimated net worth of more than $US1 billion.

Cannon-Brookes has just edged out his co-founder, with an estimated net worth of $1.78 billion compared to Farquhar’s $1.75 billion.

Cannon-Brookes is the biggest percentage gainer on the list, with an increase of 62% in net worth thanks to Atlassian’s successful initial public offering in December, which valued the company at approximately $US5.85 billion ($8 billion) at the time.

The pair, who reached billionaire status a year ago, each own a 37% stake in Atlassian and share chief executive duties.

Cannon-Brookes and Farquhar are by far the youngest on the list, followed by Cotton On founder and majority owner Nigel Austin, aged 45, who is ranked 47 on the list with an estimated net worth of $US565 million.

Rinehart no longer number one

Gina Rinehart has lost the mantle of Australia’s richest person, with reclusive American heiress Blair Parry-Okeden, an Australian citizen living in Scone, taking out top place on this year’s list with an $US8.8 billion fortune.

Parry-Okeden grew up in Hawaii but has lived in Australia for decades, recently obtaining Australian citizenship. She is the heir to US media conglomerate Cox Enterprises.

Forbes estimated Rinehart’s net worth to be $US8.6 billion, with the mining magnate’s fortune dropping by $US3.2 billion during the past 12 months, according to Forbes.

Here are Australia’s 10 richest people, according to Forbes.

Name                                                         Net Worth [US$]                 Age

1. Blair Parry-Okeden                                $8.8 billion                          65

2. Gina Rinehart                                         $8.5 billion                         61

3. Harry Triguboff                                      $6.9 billion                          82

4. Frank Lowy                                            $5 billion                             85

5. Anthony Pratt                                        $3.6 billion                          55

6. James Packer                                          $3.5 billion                         48

7. John Gandel                                           $3.2 billion                          81

8. Lindsay Fox                                            $2.8 billion                          78

9. David Teoh                                             $1.95 billion                        59

10. David Hains                                          $1.9 billion                          85