The conversation around old versus new money has captivated Sydney’s social circles this week, following the tale of socialite Laura Hazzouri. Mrs. Hazzouri found herself at the center of a whisper campaign after a group of elite eastern suburbs housewives labeled her Instagram content as “gauche” and “nouveau riche.”
But what truly defines old and new money in Australia? Generally, old money refers to family wealth accumulated by at least the mid-20th century, often linked to industries like grazing, mining, shipping, banking, or retail. New money, on the other hand, is characterized by fortunes made within a single generation, typically through property development, finance, hospitality, technology, or fashion.
Old Money: The Pillars of Australian Wealth
The Myer family stands as Australia’s quintessential old money dynasty. Founded by Sidney Myer, their retail empire reshaped shopping and civic life in the early 20th century. Today, the Myer Foundation and various investments continue to uphold their wealth, with Rupert Myer leading the charge in arts philanthropy and corporate stewardship.
Another stalwart of old money is the Pratt family, whose fortune began with Leon Pratt and expanded under Richard Pratt. Now led by Anthony Pratt, Visy Industries is one of the world’s largest privately-owned packaging groups. The family remains influential across philanthropy, politics, and business.
Gina Rinehart, Australia’s richest person, inherited Hancock Prospecting from her father, Lang Hancock. Her empire spans mining, agriculture, and media, with her net worth estimated at $35-40 billion. The MacLachlans, though less visible, exemplify rural wealth through their Jumbuck Pastoral Company, with assets estimated between $500 million and $1 billion.
The Packer family’s wealth, originating from mass media, is now under James Packer, with a focus on casinos and global investments. His net worth is estimated at $3-4 billion.
Melbourne’s Baillieu family traces its wealth to the 19th century, maintaining influence across politics, finance, and philanthropy. The Inghams, starting from a small poultry business, grew into Australia’s largest poultry empire, sold for $880 million in 2014.
New Money: The Rise of Modern Fortunes
Laura Hazzouri, who sparked recent discussions, is emblematic of Sydney’s new money. Married to property developer Charbel Hazzouri, her social media presence highlights the flashy side of new wealth. The Statham family, with their cotton and cropping empire, also represents new money, having expanded significantly since 1964.
Roxy Jacenko, often described as self-made, built her PR company from her family’s wealth in the rag trade. Her husband, Oliver Curtis, further cements their status with his AI start-up’s recent valuation of $6 billion.
Nick Molnar, co-founder of Afterpay, is a fintech success story, with a net worth of $1-2 billion, while Melanie Perkins and Cliff Obrecht of Canva fame boast a combined net worth of $10-12 billion.
Justin Hemmes of Merivale, inheriting his nightlife empire, has expanded it into Australia’s most powerful hospitality group. His personal life, often in the spotlight, adds to his public persona.
Jessica Sepel and Dean Steingold’s wellness brand, JSHealth, reflects the growing influence of new money in lifestyle industries, with a net worth of $300-500 million. Meanwhile, Bernadette Fahey and Jordan Sukkar’s ventures in Pilates and construction highlight the diverse paths to new wealth.
Implications and Reflections on Australia’s Wealth Divide
The divide between old and new money in Australia reflects broader societal changes. Old money families often maintain a low profile, relying on established industries and philanthropy. New money, however, is characterized by entrepreneurial ventures and a more visible lifestyle, often shared on social media.
This dynamic highlights the evolving landscape of wealth in Australia, where new money families are increasingly influential in industries like technology, hospitality, and wellness. As these families continue to grow their fortunes, the traditional lines between old and new money may blur, reflecting a more integrated high society.
As Australia navigates this evolving wealth landscape, the stories of both old and new money families offer insights into the country’s economic and cultural fabric. The discussion around Laura Hazzouri and others underscores the ongoing fascination with wealth and status in Australian society.
