BRW Magazine released on Wednesday its 2014 Young Rich List for Australia which was topped by two software entrepreneurs who established the company Atlassian, now valued at $550 million.

Mike Cannon-Brookes and Scott Farquhar, in the last 12 months, boosted the value of their software company by 15 per cent from $480 million.

Another software company founder, Simon Clausen of PC Tools, is second on the list of Australians below 40 years old with at least 7-digit dollar value.

Andrew Heathcore, the editor of the BRW Young Rich, said the co-founders of Atlassian kept the number one place and would likely stay there longer as they mull a public listing for the software firm.

"It's quite a unique product and they have a very strong presence around the world. It's a big success story for the Sydney tech scene. They are the people that other entrepreneurs look up to despite still being very young," News.com.au quoted Mr Heathcore.

Some of the owners of the companies in the list have moved up from being start-ups to mature businesses.

On third and fourth places are online retailer Ruslan Kogan, valued at $315 million, and Mark Ackroyd, valued at $280 million, from his business of supplying machinery to mining companies.

Stricken off the list is former the former number one, miner Nathan Tinkler, who once was valued at $1.13 billion but is now valued below the $18 million benchmark to be placed on the list.

The fall of Mr Tinkler was partly caused by the seizure of his creditors of his 19 per cent stake in Whitehaven Coal, his most valuable asset.

His absence, however, caused the total value of the young rich Australians to go down by $30,000 from 2012 to $5.13 billion.

New entrants to the list are David Shafer, co-owner of Kogan, and valued at $75 million, and Freelancer.com founder Matt Barrie, who enjoyed a 270 per cent boost in his wealth.

Sportsmen, with their million-dollar contracts and earnings, also made it to the list, such as MotoGP rider Casey Stoner.

Of course, the Atlassian founders pale in comparison to the BRW Rich 200 members, especially number on Gina Rinehart with her wealth valued at $22.02 billion. Ms Rinehart, who two years ago was the richest woman in the world and is still Australia's richest person, is also rich with problems, particularly her two estranged adult children who want her ousted from the family trust.

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