A shift is taking place among Australia's tech elite as two of the country's most well-known startups move in opposite directions. Atlassian's co-founders have seen nearly AU$19 billion erased from their combined wealth, whereas Canva's leadership has experienced a AU$3.6 billion increase in the same period. The contrasting fortunes reflect changing investor confidence and may influence the rankings in Australia's next billionaire list.
Currently, investors appear to have more faith in Canva's direction than in Atlassian's. As a user-friendly online design firm, Canva has reached a valuation of AU$63 billion. This boost followed a prominent employee share buyback and the addition of a major global investor. In contrast, Atlassian's NASDAQ-listed share price has dropped by 22% since March, plunging to levels last seen five years ago.
Six months ago, Atlassian's founders were ranked third and fourth on Australia's wealth list. Share price declines and a shift in the broader market have seen their respective fortunes shrink by roughly AU$9 billion, pushing them down to fifth and sixth place. Despite regular share sales bringing in millions in cash, their net worths are still falling. Canva’s co-founders, both under 40, now hold a combined net worth of AU$17.68 billion and have jointly risen from tenth to equal seventh on the list.
This change also mirrors a broader adjustment among Australia's wealthiest individuals. Almost AU$16 billion has been lost from the top 25 fortunes since March, affecting leading figures in sectors such as mining, logistics and property. Packaging magnate Anthony Pratt has moved against the trend, rising from fifth to third place due to strong international performance. Investors are also paying close attention to potential new billionaires in sectors like tech, e-commerce and beauty following surprising valuations and large dividend announcements.
Anticipation is building for the next edition of the national Rich List, expected in early 2026. With Canva's continued growth, new billionaires emerging and long-standing names slipping, Australia's business and tech landscape is undergoing a clear transformation. If Canva continues moving toward a public float as predicted, its rise may be even faster.
