The Young Rich List has been released proving once again that age and experience are no barrier to making a solid quid.
Reported annually by the Australian Financial Review, there appears to be a common theme amongst this year’s Young Rich List. Apart from youthful energy and technology know-how, Instagram could be the secret behind some of the millennials get rich schemes.
Forget flashy advertisements and cheesy billboards. Young entrepreneurs are turning to social media to appeal to younger audiences. From the fashionistas to the wine dealers, the Young Rich List is overflowing with social media savvy likers and followers.
At just 22-years-old Nik Mirkovic and his business partner Alex Tomic spent over $10million on a social media campaign to assist in the promotion of their teeth whitening company HiSmile. With an Instagram following of over 644,000, this year the boys debuted at number 58 on the list with a wealth of $46million
Celebrity household names such as supermodel Miranda Kerr (No. 62, $44m) and Hollywood hunk Chris Hemsworth (No.54, $48m) make an appearance. But the Young Rich List is top heavy with technology wiz-kids. 38 people on the list of 100 are pioneers in the technological industry.
Co-founders of software development company Atlassian, Mike Cannon-Brookes and Scott Farquhar, topped the list of under 40s for the sixth year in a row with an eye-watering wealth of $6.07 billion. Next were the co-owners of email marketing company Campaign Monitor, Dave Greiner & Ben Richardson, with a net-wealth of $607million.
Social media sharpness is proving to be a successful strategy for smaller business throughout Sydney. Popular foodie Instagrams are increasing the revenues of some of Sydney’s favourite cafes by almost 400%. From The Grounds of Alexandria to XS Espresso, a strong social media campaign is now a vital attribute to a successful restaurant or cafe. Within just a few months of updating its social media strategy, XS increased its revenue by 150%. Fast forward only a few years and XS owner Roky Gorgees is almost ready to unveil his third venue.
With more people taking taking to Instagram to decide their next foodie adventure, the social media spend trend doesn’t look like its going away. From relaxing local cafes to multi-billion dollar technology corporations, the Young Rich List once again proves that staying in school isn’t always the key to success.
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AFR Young Rich List 2017