Gina Rineharts Hancock Prospecting, Visy, Linfox, Meriton top 10 richest businesses

Australia’s top 10 richest privately-owned businesses grew their revenues by 17 per cent in the last financial year to a combined total of $62 billion, up from $53 billion in the previous year.

In total, the top 500 privately-owned Australian businesses grew their combined revenues by a whopping 21 per cent in the last financial year to $333 billion.

The figures, from IBISWorld’s Top 500 list of private companies and reported in The Australian give some insight into the largest privately-owned companies in Australia, many of which are notoriously private.

Ranked number one is Hancock Prospecting, owned by Australia’s richest person Gina Rinehart.

The iron ore mining giant had estimated revenues of $15.6 billion in the 2023 financial year, up 2.7 per cent.

Ms Hancock continues to fight off claims to her family fortune, with a recent court hearing detailing the dysfunction.

Paper manufacturer Visy, owned by Melbourne’s Pratt family, took out second place with revenue of $9.6 billion, up 2.8 per cent.

The Pratt family is not immune to dysfunction either, after its late founder Richard Pratt was revealed to have fathered a love child with his mistress, leading to a bitter dispute over his estate.

Coming in third was Pallion, a NSW-headquartered business which processes gold and other metals for use in products such as jewellery, dental implants and gold bullion. It is owned by interests associated with the Gregg, Simpson and Cochineas families.

Grain storage company CBH Group, a co-operative owned by about 3500 WA grain-growing businesses was ranked fourth, with petrol retailer United Petroleum, owned by Avi Silver and Eddie Hirsch, rounding out the top five.

The rest of the top 10 included Perth-based online video game seller VGW Holdings in sixth place, whose products include Chumba Casino, Luckyland Slots and Global Poker.

It is predominantly owned by founder Laurence Escalante, a colourful business figure who was recently handed a good behaviour bond following a Las Vegas bender.

Trucking and logistics business Linfox, owned by the Fox family, was in seventh spot, with private health insurer HCF, which is a member-owned not-for-profit taking out eighth position.

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From a single store run by refugees, Adelaide’s Peregrine Corporation, which previously owned the On The Run service station chain, took out ninth place.

Peregrine, which is owned by the Shahin family, sold On The Run in April this year. It also operates the Smokemart chain and Krispy Kreme in SA.

Finally, apartment construction firm Meriton, owned by Australia’s fourth richest person, Harry Triguboff jumped into 10th place, up from 21st position last year.

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