How to Be A Multi Millionaire Before You’re 40: Lessons From Brw’s Young Rich

Wondering what it takes to build serious wealth before your 40th birthday? The path to millions may not be easy, but learning from those who’ve already walked it can give you a head start. From savvy software founders to resource entrepreneurs and tech innovators, Australia’s self-made success stories offer powerful lessons for anyone ready to think big.

Here are key takeaways from some of the country’s most inspiring young entrepreneurs—and what you can do to follow in their footsteps.

1. Build a Business That Solves a Real-World Problem

Robert Phillpot and Leigh Jasper founded Aconex in response to a common issue in the construction industry: poor communication and outdated information. Their solution? A cloud-based platform that streamlined project collaboration.

Launched in Melbourne in the early 2000s, Aconex eventually grew into a global construction tech leader, managing over $1 trillion in project value across 70+ countries before being acquired by Oracle in 2017 for over AU$1.6 billion.

Lesson: Innovation doesn’t have to come from Silicon Valley. If you spot an inefficiency in your industry, there may be a market-ready solution waiting for you to build it.

2. Learn From Mistakes—Especially Other People’s

Former billionaire Nathan Tinkler shot to fame with a meteoric rise in the coal industry, only to fall into financial crisis just as quickly. His story is a cautionary tale in rapid scaling, poor cash flow management, and strained relationships with creditors.

Meanwhile, two of his former execs, Todd Hannigan and Tom Todd, exited with stock payouts and went on to found T2 Resources. They applied their hard-earned lessons—especially around managing risk and supplier relations—and debuted on Australia’s young rich list shortly after.

Lesson: Don’t just learn from the winners. Study the cautionary tales too. Financial discipline and strong relationships are as critical as innovation.

3. Empower Your People and Culture Like Atlassian

Australian tech unicorn Atlassian—the company behind JIRA, Confluence, and Trello—is now a global name, with co-founders Mike Cannon-Brookes and Scott Farquhar sitting comfortably on Australia’s richest lists.

What helped them scale successfully? A strong internal culture. Atlassian built its company around transparency (“open company, no bullshit”), staff equity, generous referral bonuses, and ShipIt Days—quarterly hackathons where employees develop and pitch new ideas.

In 2023, Atlassian had over 11,000 staff globally, with revenue exceeding US$3.5 billion.

Lesson: A culture of trust, ownership and innovation is a long-term growth strategy—especially in knowledge-based industries.

4. You Don’t Have to Reinvent the Wheel—Just Improve It

Not every million-dollar idea is groundbreaking. Sometimes, success comes from making an existing product better, cheaper, or more meaningful.

Take Thankyou or Who Gives A Crap—Australian brands that turned everyday products (like bottled water and toilet paper) into purpose-driven businesses. They combined solid commercial strategies with powerful social missions, attracting loyal customers and achieving multi-million-dollar valuations.

Lesson: You don’t need to invent the next Uber. Just make something useful and give it purpose—or personality—that resonates with people.

5. Start With Skills—Then Build on Them

You don’t need an MBA to become a millionaire—but understanding business, finance and digital strategy helps. Most successful founders invested in upskilling early—whether through formal education or by diving headfirst into real-world experience.

If you want to launch your own venture, you can build your confidence and capability through one of our online business and entrepreneurship courses.

Tip: Consider areas like product management, marketing, or digital strategy—especially if you’re starting a tech or service-based business.

Think You Need Venture Capital to Start?

Not always. While some of Australia’s top founders raised capital early, many started lean—bootstrapping their business until traction was proven. Cannon-Brookes and Farquhar famously funded Atlassian with a $10,000 credit card.

Funding helps—but hustle, insight, and customer demand are more important in the early days.

Ready to Make Your Move?

If you’re serious about building a business—or turning your side hustle into something more—start by investing in the right tools and knowledge. Check out our entrepreneurship and start-up training to gain real-world skills in business planning, strategy and leadership.