Millionaires cashing in on the cost of living crisis
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We all know that the cost of living in Australia is higher than ever before, and it seems to just keep going up and up with no end in sight. From the sky-high prices of electricity to the ever-increasing cost of groceries, it's no wonder that so many Aussies are doing it tough.
But while the rest of us are feeling the squeeze, it seems as though some people are doing just fine.
Millionaire businessmen Jack Gance and Mario Verrocchi, the owners of discount retail chain Chemist Warehouse, sat at numbers 60 and 63 respectively on the country's Rich list in 2021 – bringing in a combined total of $3.61 billion between them.
Back in August, we looked at the CEOs who are out-earning the pension rate by 85 per cent. You can read that story here.
And their fortunes are only getting bigger, thanks to Chemist Warehouse's recent success. Despite the pandemic and current cost of living crisis, the pharmacy giant managed to bring in a gross profit of over $1 billion last financial year with total revenue of over $3 billion. That's significantly higher than their profit from the previous year.
This year has been a big one for Chemist Warehouse, which offers cosmetic, health, and other goods at discounted rates. Splitting $155 million in dividends, the discount retail giant has over 17,000 staff spread across 500 stores in Australia - according to their LinkedIn page.
Aside from managing a successful pharmacy chain, the Chief Executives of Chemist Warehouse also have several property investments. Mario Verrocchi, the head of the Chemist Warehouse Group, made headlines earlier this year after selling a 45-hectare farm for over $60 million. The land is part of an estate called Parkbrook.
The Verrocchi family also purchased the Morning Star Estate in September 2020 for a staggering $40 million. That’s quite an addition to his already massive property portfolio. The estate includes a 12-hectare vineyard, and a helipad, along with an 1860s Victorian mansion.
Jack Gance, on the other hand, first bought his chemist in 1967 but found the chance to widen the business by partnering with Mr Verrocchi, in the hopes of bringing a retail-focused chemist store to Aussies.
Mr Gance also has an impressive property portfolio and added two Toorak properties to his list in 2019. It was reported that he spent over $30 million on these properties. The residence, which was originally two adjacent houses combined, has six bedrooms, a library, a heated swimming pool, and a private tennis court.
Well dear members, what can you say about the luxurious lives of these multi-millionaires? It certainly has us wondering whether they undertake any philanthropic activities given their huge wealth. Share with us your thoughts in the comments below!
But while the rest of us are feeling the squeeze, it seems as though some people are doing just fine.
Millionaire businessmen Jack Gance and Mario Verrocchi, the owners of discount retail chain Chemist Warehouse, sat at numbers 60 and 63 respectively on the country's Rich list in 2021 – bringing in a combined total of $3.61 billion between them.
Back in August, we looked at the CEOs who are out-earning the pension rate by 85 per cent. You can read that story here.
Jack Gance, co-owner of the retail giant, Chemist Warehouse. Credit: The Australian
And their fortunes are only getting bigger, thanks to Chemist Warehouse's recent success. Despite the pandemic and current cost of living crisis, the pharmacy giant managed to bring in a gross profit of over $1 billion last financial year with total revenue of over $3 billion. That's significantly higher than their profit from the previous year.
This year has been a big one for Chemist Warehouse, which offers cosmetic, health, and other goods at discounted rates. Splitting $155 million in dividends, the discount retail giant has over 17,000 staff spread across 500 stores in Australia - according to their LinkedIn page.
Aside from managing a successful pharmacy chain, the Chief Executives of Chemist Warehouse also have several property investments. Mario Verrocchi, the head of the Chemist Warehouse Group, made headlines earlier this year after selling a 45-hectare farm for over $60 million. The land is part of an estate called Parkbrook.
The Verrocchi family also purchased the Morning Star Estate in September 2020 for a staggering $40 million. That’s quite an addition to his already massive property portfolio. The estate includes a 12-hectare vineyard, and a helipad, along with an 1860s Victorian mansion.
Mario and Fiona Verrocchi. Credit: PropertyNoise AU
Jack Gance, on the other hand, first bought his chemist in 1967 but found the chance to widen the business by partnering with Mr Verrocchi, in the hopes of bringing a retail-focused chemist store to Aussies.
Mr Gance also has an impressive property portfolio and added two Toorak properties to his list in 2019. It was reported that he spent over $30 million on these properties. The residence, which was originally two adjacent houses combined, has six bedrooms, a library, a heated swimming pool, and a private tennis court.
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