Australian mining tycoon Nathan Tinkler is no longer number one on the BRW Young Rich List, which he has dominated since 2009. The former coal pit electrician at Hunter Valley, with his $400 million personal wealth, has slipped to second place.

He was overtaken by software entrepreneurs Mike Cannon-Brookes and Scott Farquhar. The duo founded their software firm in 2002 after they finished university. Their enterprise currently has 530 employees and a $102 million turnover from clients such as Coca-Cola, eBay, Microsoft, Nike and Ikea. Their combined fortune, raised mainly from their software company Atlassian, is $480 million.

It is significantly lesser than the $1.13 billion wealth that Mr Tinkler, 36 and the owner of the Newcastle Knights rugby league club, had in 2011 but slipped by $730 million or $2 million loss daily. Despite his lesser wealth, Mr Tinkler is Australia's 26th richest person as of February 2012.

Mr Tinkler used to live in Newcastle but recently relocated to Singapore. He still owns over $600 million shares of Whitehaven Coal but as heavily borrowed against them.

The list is a roster of the top 100 wealthiest self-made Australians below 41-years-old. Their combined value was $5.1 billion which went down from $7.3 billion in 2011.

The number of women in the list was also reduced to six from eight. They are Carolyn Creswel, Prue Eales, Kylie Bradford, Sarah Jane Clarke, Heidi Middleton and Karne Webb.

Two 28-year-olds, who entered the list in 2012, share a $22 million wealth earned from their emission trading company named COZero. They are carbon traders Nick Armstrong and Geoff Alexander.

Third place on the list is Mark Ackroyd from the Services sector with a personal wealth of $290 million. He was followed by Simon Clausen from the Technology field ($230 million) and Ashley Fraser from the mining industry ($195 million).

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