Malcolm Bligh Turnbull was born on 24 October 1954 in Sydney, New South Wales Australia, of British descent, and is a businessman, entrepreneur and politician who, as of 15 September 2015, became the Prime Minister of Australia.
So just how rich is Malcolm Turnbull? Sources estimate that his net worth at the time of assuming the prime ministership was $US137 million, reputedly ranking him the second richest person in the Australian federal parliament, which he entered in 2004. His wealth has been earned largely from his law practice, management positions, and from judicious investments; his family home on Point Piper in Sydney has an estimated value of $50 million.
Malcolm Turnbull Net Worth $50 Million
Malcolm’s parents separated when he was young, and he was raised by his father. He attended Vaucluse Public School, then successively Sydney Grammar Preparatory School and then the Grammar School itself. He was co-school captain, won prizes for oratory, and favoured English and history. However, he studied a double degree in political science and law at Sydney University, graduating in 1977-78, and during which he showed an interest in politics, plus working in radio, TV and print companies as time allowed. Turnbull was then a Rhodes Scholar at Brasenose College, Oxford University, graduating with a degree in civil law, with honours, while working for various newspapers and magazines, including The Sunday Times(UK).
Malcolm Turnbull’s professional careers – lawyer, businessman/entrepreneur and politician – have been quite distinct. Initially Malcolm became a barrister, successfully defending high-profile persons such as media mogul Kerry Packer, and “Spycatcher” author Peter White, and in 1986 co-founding his own law firm with Bruce McWilliam, However, the following year he teamed with former NSW Premier Neville Wran and former Prime Minister Gough Whitlam’s son Nicholas (both on the opposite side of politics) to found an investment banking company. Naturally, Malcolm’s net worth was rising consistently.
In 1997, Turnbull joined Goldman Sachs as managing director, subsequently partner, but meantime had also become a director of FTR Holdings Ltd in 1995, and chairman of Axiom Forest Resources, as well as a director of ISP OzEmail in 1994 which, when sold in 1999, brought Turnbull a sum estimated at $60 million for his stake in the company. Malcolm’s knowledge of the dot.com industry saw him subsequently taking positions in companies WebCentral and Chaos.com. His net worth? Rising.
Malcolm Turnbull had maintained an interest in politics throughout his careers in the law and business, first standing for pre-selection as a Liberal candidate in the early 80s, but when unsuccessful had turned his back on that idea to concentrate on law and business, not re-joining the Liberal Party again until 2000. Turnbull then became a member of NSW state and the federal Liberal executives, and federal treasurer, before standing for the federal seat of Wentworth at the 2004 election, winning in a tight three-way contest.
In 2006, during a period of serious drought, Prime Minister John Howard appointed Turnbull to oversee water resources, eventually becoming Minister for for the Environment and Water Resources in 2007, unfortunately not long before the Liberals lost power the same year. No doubt his parliamentary and ministerial salary added somewhat to his net worth.
Malcolm Turnbull then stood for the leadership of the Liberal Party, but lost narrowly although then appointed Shadow Treasurer. He subsequently won the leadership in 2008, but then lost it to Tony Abbott the following year after considerable disagreements in the party on policies and parliamentary tactics. Turnbull then considered leaving parliament at the 2010 election, but subsequently stood again, and was re-elected with a double-digit swing to him, even though the Liberals did not win government, and was appointed Shadow Minister for Communications in the new parliament.
With the Liberal Party winning the 2013 federal election, Malcolm Turnbull was confirmed as continuing in the communications role, now as Minister, with particular authority for the role-out of the somewhat moderated National Broadband Network scheme, with concerns about cost/benefits. In 2015, unhappiness with the performance of Prime Minister Tony Abbott caused considerable disquiet in the parliamentary Liberal Party, and a second attempt at dislodging him resulted in Malcom Turnbull being elected Leader of the Liberal Party, and as a consequence taking over as Prime Minister of Australia on 15 September. The salary of the Australian Prime Minister is somewhat higher, well over $500,000 plus various allowances and entitlements, and one of the highest of elected heads of state in the world. This will contribute to Malcolm Turnbull’s considerable net worth.
In his personal life, Malcolm Turnbull has been married to Lucy Hughes, a former Lord Mayor of Sydney, since 1980; they have two children and a grandson.