Harry Triguboff

Last updated

Harry Triguboff

AO
HarryTriguboff.jpg
Triguboff in his World Tower penthouse apartment
Born (1933-03-03) 3 March 1933 (age 90)
Dalian, Liaoning, China
CitizenshipAustralian (since 1961)
Education Scots College, Sydney
Alma mater University of Leeds
Occupation Real estate property development
Years active1963 –present
Known for Meriton Apartments
Spouses
  • Hana Triguboff
    ​
    (divorced)​
  • Rhonda Triguboff
    ​
    (m. 1980)​
Children2

Harry Oskar Triguboff AO (born 3 March 1933) is an Australian billionaire real estate developer, and one of Australia's richest people. [1] [2] He is the founder and managing director of Meriton and is known as "high-rise Harry". [3]

Contents

As of May 2023, The Australian Financial Review assessed Triguboff as the fourth richest Australian by net worth, estimated at A$23.80  billion, as published in the 2023 Rich List. [4] Triguboff's net worth was assessed at A$11.62 billion in the 2016 Rich List, making him the richest Australian; [5] yet held the mantle for only one year. [6] In 2021, Forbes estimated his net worth at US$11.3 billion. [7]

Early life and education

Triguboff was born on 3 March 1933 in Dalian (Darien at the time), Liaoning, Republic of China. He was the son of Russian Jewish parents, Moshe and Frida. [8] [9] [10] His father moved to China in 1916 to escape antisemitism in the Russian Empire. [11]

Triguboff grew up in the Jewish community in Tianjin, in the British and American concessions. His father established a store that traded wool, silk and leather. In 1937, during the Second Sino-Japanese War, the Imperial Japanese Army invaded the city. The foreign concessions were initially left untouched, but following the invasion of Pearl Harbor in 1941 the British and American residents were placed into internment camps. The Russian residents subsequently "seized the opportunity to take over trade in and out of China". Triguboff's father opened four more stores and acquired 20 apartments, as well as a summer residence in Beidaihe. He helped distribute the textiles that had been seized by the Japanese to buyers in northern China. In 1946, after the war's end, he was convicted of collaboration with the Japanese for allegedly selling leather goods and scrap metal to the Japanese government. However, the following year he was acquitted on appeal to the Supreme Court of the Republic of China. [11]

In 1946, Triguboff's family obtained landing permits for Australia, after being refused visas to Canada and the United States. He and his brother were sent to Sydney in 1948, but the Australian government attempted to exclude them from the country over concerns about their father's war-time activities. Osmond Charles Fuhrman, the Australian consul in Shanghai at the time, estimated that their father had a net worth of up to US$4 million (equivalent to $49,000,000in 2022). [11] Triguboff was ultimately allowed into the country and was educated at the Scots College, Sydney. He later graduated with a degree in textiles from the University of Leeds in England, before working in textile businesses in Israel and South Africa. [12]

He returned to Australia in 1950 and became an Australian citizen in 1961. He did a variety of odd jobs, including running a taxi fleet and owning a milk round in Chatswood. He tried selling real estate and worked as an assistant to a lecturer at university but wasn't so successful at either. He then bought some land in Roseville and hired a builder to begin building his house. The builder repeatedly let him down, so Triguboff threw him out and finished the job himself, learning from his mistakes. [13]

Career

From the experience gained in his initial development, Triguboff bought his second block of land in 1963, this time in Smith Street, Tempe, and began building a block of eight units with a partner. [14] He made a profit, which led to a second development in 1968 in Gladesville. At Meriton Street, Triguboff built a block of 18 units which provided the name of the company he registered in developers.

Triguboff is the managing director of Meriton Apartments Pty Ltd. As of 2015, Meriton had built more than 55,000 residential townhouses and apartments since its creation in 1963, [15] making it Australia's biggest residential property developer. [16] In 2010, Meriton was said to develop an average of 1,000 apartments per year. [17] As of 2015, the average exceeds 3,000 per annum. [15] In particular, Triguboff has concentrated on the Gold Coast and Brisbane in Queensland, and Sydney's central business district, building more apartments than any other Australian residential developer. [18] He is a proponent that the population of Australia should grow to reach 100 million. [19]

In 2004, Meriton completed the construction of World Tower, Sydney's tallest residential apartment building. During 2012, Meriton and the owners' corporation became embroiled in a long running court dispute over major building defects and alleged breaches of their contract, with maintenance issues worth more than A$1 million. [20] Part of the issue related to Meriton, the original builder, being locked out of the development. [21] By 2015, He had built approximately 55,000 residential townhouses and apartments.

The company has been a sponsor of the Wests Tigers (and their predecessor, Balmain Tigers) since 1998. [22] Triguboff committed Meriton throughout the club's merger period of 2000 and into 2015. [23]

In Sept. 2023, Triguboff opened a new Meriton hotel, bringing the business to have an estimated value of $ 7.2bn. It was also the largest Australian owned and operated hotel company. [24]

In Jun. 2023, under Triguboff, Meriton renewed plans to build up to 1,600 homes in Little Bay near Sydney, on land it had previously purchased for around $ 250 million. [25] For years, the development proposal had faced "some public opposition" concerning how the area would be developed, while Triguboff had been lobbying local government. [26]

In Sept. 2023, at age 90, Triguboff oversaw new hotels opening for the first time in Canberra and Melbourne, as well as a new hotel in Liverpool near Sydney, bringing Meriton Suites to 6204 apartment suites and 23 properties. [27] Meriton Suites had invested $ 400 million in the three new hotel properties. [28] A new three tower apartment complex was approved for Surfers Paradise in Oct. 2023. [29]

He was worth $ 23.6 billion in 2023, on The Australian's Richest 250 list for that year. [30]

He was named to the Financial Review Rich List of 2023 . [31]

Politics and lobbying

Triguboff donates heavily to political parties and uses his influence to seek policy changes. In August 2010, he proposed that the federal government should insist on Reserve Bank interest rates being dropped to improve housing affordability. [32]

Personal life

Triguboff is Jewish. [8] He has been married twice and has two daughters from his first marriage, [33] Orna and Sharon. [34] He is married to his second wife, Rhonda. [9] He lives in Sydney and owns a collection of cars.[ citation needed ]

Net worth

According to the 2023 Financial Review Rich List , Triguboff's personal net wealth was estimated at A$23.80  billion. [4] [35] Meanwhile, Forbes Asia estimated his wealth in 2021 at US$11.3 billion. [7] In 2015, Forbes Asia magazine's annual billionaires list assessed Triguboff as the world's 262nd wealthiest billionaire. [36] [15] His earnings result from leasing most of his developments to short and long term tenants, with benefits from capital appreciation. As of May 2023, Triguboff was one of ten Australians who have appeared in every Financial Review Rich List, or its predecessor, the BRW Rich 200, since it was first published in 1984. [4] [37]

Triguboff participated in a 2010 Business Review Weekly magazine contest to "Win a Week With a Billionaire". Three young finalists were flown to Sydney where they spent a week at Meriton being mentored by Triguboff. [38]

Year AFR Rich 200 Forbes Australia's 50 Richest
Rank Net worth (A$)Rank Net worth (US$)
2011 [39] [40] 7Decrease2.svg$4.30  billion Increase2.svg5$3.40 billion Increase2.svg
2012 [41] [42] 7Steady2.svg$4.85 billion Increase2.svg5Steady2.svg$5.80 billion Increase2.svg
2013 [43] [44] 6Increase2.svg$4.95 billion Increase2.svg6Decrease2.svg$4.60 billion Decrease2.svg
2014 [45] [46] 8Decrease2.svg$5.50 billion Increase2.svg7Decrease2.svg$4.30 billion Decrease2.svg
2015 [47] [2] [15] 3Increase2.svg$10.23 billion Increase2.svg2Increase2.svg$5.6 billion Increase2.svg
2016 [5] [48] 1Increase2.svg$10.62 billion Increase2.svg3Decrease2.svg$6.90 billion Increase2.svg
2017 [6] [49] 2Decrease2.svg$11.40 billion Increase2.svg2Increase2.svg$9.90 billion Increase2.svg
2018 [50] [48] 2Steady2.svg$12.77 billion Increase2.svg2Steady2.svg
2019 [51] [52] 3Decrease2.svg$13.54 billion Increase2.svg2Steady2.svg$9.00 billion Increase2.svg
2020 [53] 7Decrease2.svg$14.42 billion Increase2.svg
2021 [54] [7] 6Increase2.svg$17.27 billion Increase2.svg$11.30 billion Increase2.svg
20226Steady2.svg$21.20 billion Increase2.svg
2023 [4] 4Increase2.svg$23.80 billion Increase2.svg
Legend
Icon Description
Steady2.svgHas not changed from the previous year
Increase2.svgHas increased from the previous year
Decrease2.svgHas decreased from the previous year

Honours

Triguboff was appointed a Member of the Order of Australia on 26 January 1990 "for service to building and construction and for philanthropy" [55] and an Officer of the Order on 7 June 1999 "for service to the community as a philanthropist, and to the residential construction industry". [56] [57]

Triguboff was the first person to win Australia's Property Person of the Year award twice; he first won the award in 2003 and then again in 2009. [58]

Philanthropy

Harry Triguboff Family Corner House, Moriah College, Sydney (1)Moriah College 006.jpg
Harry Triguboff Family Corner House, Moriah College, Sydney

Triguboff, via The Harry Triguboff Foundation, funded a project at the Shorashim Center to assist immigrant applicants to Israel in proving their Jewishness. [34] [59]

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References

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  2. 1 2 "2015 Australia's 50 Richest". Forbes Asia. March 2015. Retrieved 10 June 2015.
  3. ↑ "Australia's 40 Richest, #3 Harry Triguboff". Forbes. Retrieved 20 November 2010.
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  9. 1 2 "'High-Rise Harry' now climbed to the sixth in Australia's Richest. How does he do it?" By Orna Taub, Jewish Business News, 3 March 2013
  10. ↑ World's Most Successful Immigrants at Bloomberg Business
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  13. ↑ "How to say I or me 77 times in explaining how I became a billionaire". The Daily Telegraph. 5 May 1997.
  14. ↑ Triguboff, Harry (1 August 2006). "Interview with Harry Triguboff". Domain (Interview: edited transcript). Interviewed by Tyron Hyde. reproduced at the Washington Brown Group. Retrieved 23 February 2012.
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  29. ↑ "Surfers Paradise triple tower complex gets green light from council". ABC News. 12 October 2023. Retrieved 8 February 2024.
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  41. ↑ Jackson, Sally (23 May 2012). "The $29.17 billion woman: Gina Rinehart tops BRW's Rich List". The Australian. Retrieved 23 May 2012.
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  52. ↑ "2019 Australia's 50 Richest". Forbes Asia. January 2019. Retrieved 28 September 2019.
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  59. ↑ Jerusalem Post: "Religious Affairs: A crisis of identity" By JEREMY SHARON 20 September 2012
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