The new versus old money divide has become a hot topic in Sydney this week, following the story of socialite Laura Hazzouri. Mrs. Hazzouri found herself at the center of a whispering campaign after a group of elite eastern suburbs housewives criticized her Instagram content as ‘gauche’ and ‘nouveau riche’.
But what exactly defines old and new money in Australia? Typically, old money refers to family wealth accumulated by at least the mid-20th century, often linked to industries such as grazing, mining, shipping, banking, or retail. In contrast, new money is characterized by fortunes made within a single generation, commonly through property development, finance, hospitality, technology, or the rag trade.
Old Money: Established Dynasties
The Myer Family
The Myer family stands as Australia’s original retail royalty, the epitome of old money. Their wealth was founded by Sidney Myer, whose retail empire reshaped shopping and civic life in the early 20th century. Despite changes in the ownership of the Myer department store brand, the family’s wealth persists through the Myer Foundation, property holdings, investments, and significant cultural patronage.
Today, Rupert Myer, a third-generation heir, leads the family’s philanthropic and corporate endeavors. His siblings, Sidney Myer III and Samantha Myer (now Baillieu), continue to guide investments and community initiatives. The fourth generation, including William and Edgar Myer, and Joanna Baevski, are stepping into roles across Myer Family Investments and The Myer Foundation.
The Pratt Family
If Australia had a manufacturing aristocracy, the Pratts would be at the top. The fortune began with Leon Pratt, expanded under Richard Pratt, and is now led by Anthony Pratt, who runs Visy Industries, one of the world’s largest privately-owned packaging groups. The family includes Jeanne Pratt, a major arts patron, and multiple second-generation heirs active in philanthropy, politics, and global business.
The new generation includes Georgia Geminder, a toothpaste entrepreneur, and model Bella Falk (née Geminder), Richard’s granddaughters. Their influence and wealth, estimated at billions, are substantial.
Gina Rinehart and the Rinehart Legacy
Gina Rinehart, Australia’s richest person, firmly belongs on the old money list. She inherited Hancock Prospecting from her father, Lang Hancock, and expanded it into mining, agriculture, and media, making the Rinehart name synonymous with power and riches. Her net worth is estimated at $35-40 billion.
The MacLachlan Family
The MacLachlans represent a quieter form of wealth, built over generations through Jumbuck Pastoral Company, one of the country’s largest sheep and cattle empires. Their influence is enormous, with wealth estimated between $500 million and $1 billion, yet they remain out of the media spotlight.
The Packer Family
The Packer family, known for their media empire, shifted focus from media to casinos and global investments under James Packer. His net worth is estimated at $3-4 billion, maintaining influence across entertainment, business, and media.
New Money: The Rise of Modern Wealth
Laura Hazzouri and the Hazzouri Family
Laura Hazzouri, married to property developer Charbel Hazzouri, exemplifies Sydney new money. Her social media presence contrasts with the discretion of old-money families, drawing attention to her wealth in ways that are often criticized by traditional elites.
The Statham Family
The Stathams, generally regarded as new money, have built a significant agricultural empire. Wilson Statham, a young media figure, represents the new generation of the family’s cotton and cropping business, Sundown Pastoral Company.
Roxy Jacenko
Roxy Jacenko, often described as self-made, built her PR company Sweaty Betty into a leading firm. Her marriage to Oliver Curtis, whose AI start-up Firmus Technologies recently tripled its valuation to $6 billion, further cements her status as a new-money icon.
Nick Molnar and Afterpay
Nick Molnar, co-founder of Afterpay, transformed the buy-now-pay-later model into a global phenomenon. His net worth is estimated at $1–2 billion, securing his place among Australia’s most successful self-made entrepreneurs.
Melanie Perkins and Cliff Obrecht
Melanie Perkins and Cliff Obrecht, founders of Canva, have turned their platform into a global design tool used by millions. Their combined net worth is estimated at $10–12 billion, making them prominent figures in Australia’s tech success stories.
Justin Hemmes and the Merivale Empire
Justin Hemmes inherited his nightlife empire from his father and expanded it into Australia’s most powerful hospitality group, now worth an estimated $1.5 billion. His personal life and business acumen keep him in the public eye.
Implications and Future Outlook
The divide between old and new money in Australia highlights the evolving nature of wealth and influence in society. While old money families maintain their status through generational wealth and discretion, new money figures often embrace visibility and innovation, reshaping the landscape of Australian high society.
As these dynamics continue to evolve, the interplay between tradition and modernity will shape the future of wealth in Australia, influencing everything from cultural patronage to business innovation and social norms.
In conclusion, the stories of these families reflect broader trends in how wealth is accumulated, displayed, and perceived, offering a window into the changing face of affluence in Australia.
