Superwealth in Australia: entrepreneurs,accumulation and the capitalist class

Abstract

This paper examines the annual rich lists compiled by the magazine Business Review Weekly. Methodological considerations mean that the lists are tilted against old wealth spread around kinship networks, and towards new wealth assembled by individuals on the cusp of a speculative wave. Even so, the lists provide the best available profile of large private fortunes ('superwealth') in Australia. More than this, the lists highlight the private wealth of entrepreneurs, a group largely overlooked by sociological research on the capitalist class. Further, they highlight private accumulation as a pathway to business leadership among ethnic groups otherwise excluded through social closure. In this context, ethnic and religious diversity among entrepreneurs have necessarily problematised the institutions, networks and collective self-identity that once informed the cohesiveness of the capitalist class in Australia.