From beauty moguls to data-centre tycoons, fintech founders and the next generation of rising stars, Forbes Australia’s 2025 covers captured the people reshaping industries, fortunes and the future. This is the year in leaders, innovators and boundary-pushers, and the stories behind their defining moments.
In 2025, the faces on Forbes Australia’s covers told the story of a country in the middle of a bold reinvention. Beauty entrepreneur Shelley Sullivan cemented MCoBeauty as a global powerhouse; Robin Khuda scaled AirTrunk into one of the world’s most valuable digital-infrastructure giants; and Lucy Liu, co-founder of Airwallex, underscored Australia’s growing influence in the global fintech arena. They were joined by Ben Thompson, whose Employment Hero platform hit major growth milestones as it transformed how businesses hire, manage and retain talent. Alongside them, this year’s 50 Richest list unpacked the shifting dynamics of Australian wealth, while our 30 Under 30 honourees showcased a generation of builders rewriting the rules. Together, they formed a snapshot of ambition, disruption and resilience, and the stories that defined the year.
Here’s a look back at who graced our six covers in 2025.
Australia’s 50 Richest
Australia’s richest added nearly 10% to their combined wealth in 2025, reaching US$243 billion despite softer mining results. Gina Rinehart remained No. 1, while Harry Triguboff reclaimed second place as property markets surged. Tech fortunes climbed sharply, with Atlassian founders Mike Cannon-Brookes and Scott Farquhar gaining billions. Several newcomers — largely from emerging tech — joined the list, while the cutoff dipped slightly to US$975 million, reflecting shifting market conditions.
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Inside the rise of Shelley Sullivan’s billion-dollar-beauty business
Shelley Sullivan’s rise with MCoBeauty became one of Australia’s standout beauty success stories. After launching the brand in 2020, she scaled it from about A$10 million in first-year sales to a valuation exceeding A$1 billion by early 2025, when she sold her remaining stake. Her formula – luxury-inspired products at accessible prices, backed by sharp marketing and relentless innovation – reshaped the ‘masstige’ category. Sullivan now steps back, leaving a transformed Australian beauty landscape.
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Who is Lucy Liu? The anti-bank angel who helped turn Airwallex into a $10 billion giant
At 25, Lucy Liu wrote a A$1 million cheque at a Melbourne dinner seeding what became Airwallex. From that bold beginning, the fintech now serves 150,000 businesses worldwide and processes payments across more than 130 countries. After raising over US$1 billion in funding, Airwallex is valued at nearly US$10 billion and delivers multi-currency accounts, corporate cards and global payments. Liu’s early conviction and ambition helped transform a simple idea into one of Australia’s biggest fintech success stories.
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From near bust to $2 billion: Inside the remarkable rise of Employment Hero
Ben Thompson turned mundane tasks like payroll and HR into a A$2 billion global business. What began in 2014 as a simple tool for small-business payroll morphed into a full platform helping hundreds of thousands of companies manage hiring, onboarding, employee management and pay. Under Thompson’s leadership, Employment Hero now processes payroll for millions, tracks more than 300,000 SMEs worldwide and stands as a leading force in modernising how businesses run people operations.
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Beyond the $24 billion deal: How Robin Khuda bet everything on the cloud – and won
From near-bankruptcy to a multi-billion-dollar data-centre empire, Robin Khuda bet everything on cloud infrastructure using personal savings and sheer conviction when few believed. Within eight years, AirTrunk transformed the region’s digital backbone and was sold in a record-breaking private equity deal, thrusting Khuda into the billionaire class. His journey reshaped how Asia-Pacific runs AI, cloud, and data, proving that audacious vision can redefine an industry.
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Forbes Australia’s 30 Under 30
The 2025 Forbes Australia 30 Under 30 list spotlights 30 of the country’s brightest young entrepreneurs, creators and game‑changers under 30, spanning tech, sport, entertainment, social impact and more. Collectively they’ve raised more than US$150 million in funding, disrupted sectors from AI and fintech to healthcare and e‑commerce, and drawn millions of fans, users and customers. The list highlights a new generation reshaping business and culture across Australia.
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30 Under 30 Digital Cover Stars
Look back on the week that was with hand-picked articles from Australia and around the world. Sign up to the Forbes Australia newsletter here or become a member here.
