Canberra Airport owner Terry Snow has ranked among Australia's 50 richest people with an estimated fortune of US$1 billion.
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Forbes listed the 73-year-old as Australia's 38th wealthiest person thanks to "a bumper increase in the value of his property around the capital city's main airport". BRW estimated his wealth at $685 million last year.
![Canberra Airport owner Terry Snow ranks among Australia's richest people. Photo: Jeffrey Chan Canberra Airport owner Terry Snow ranks among Australia's richest people. Photo: Jeffrey Chan](/images/transform/v1/crop/frm/silverstone-ct-migration/b1d21fdc-8036-4e78-9ff0-a16dfacb7ec8/r0_0_2000_1333_w1200_h678_fmax.jpg)
Mr Snow's success was credited to direct international flights and significant airport upgrades.
"After the family business was sold he used his share of the proceeds to buy the 99-year lease on Canberra Airport, paying just $65 million in 1998," Forbes said.
"A $310 million revamp of the terminal is almost done, offering new services for international flights.
"An office park, hotel, shopping [centre] and other properties around the airport offset the fortunes of the airport, which can ebb and flow depending on government spending and travel."
Mr Snow, also credited with an $80 million stud farm, was the only Canberran on the Forbes list released Thursday.
Mining magnate Gina Rinehart topped Australia's 50 Richest People with her estimated fortune of $US16.6 billion. Her wealth increased by $US8.1 billion from $US8.5 billion in 2016.
The list included 50 people, who needed a minimum of $US700 million to be placed, up from $US500 million in 2016.
Property tycoon Harry Triguboff took second spot after his fortune rose by $US3 billion to $US9.9 billion.
Cardboard box king Anthony Pratt was third with a fortune of $US5.8 billion, up by $US2.2 billion.
The boss of iron ore miner Fortescue Mining, Andrew Forrest, enjoyed the biggest jump in wealth in percentage terms, with his fortune surging 255 per cent to $US4.4 billion and pushing him up 16 spots to sixth position.
The top 10 richest in Australia are:
- Gina Rinehart - $US16.6 billion
- Harry Triguboff - $US9.9b
- Anthony Pratt - $US5.8b
- Frank Lowy - $US5.7b
- Bianca Rinehart & siblings - $US5b
- Andrew Forrest - $US4.4b
- John Gandel - $US4.1b
- James Packer - $US3.7b
- Lindsay Fox - $US3.5b
- Mike Cannon-Brookes $US3.4b, and Scott Farquhar $US3.4b
- with AAP.