Rich List: Dale Elphinstone Tasmania's wealthiest person

The estimates are part of the Australian Financial Review's annual Rich List publication, which covers what it believes are Australia's 200 wealthiest people.

Burnie-based Mr Elphinstone, also ranked as Tasmania's richest person, had slipped down the list from a ranking of 104^th in 2018.

That was despite his estimated wealth having increased by $75 million in a year, from $739 million.

"Elphinstone's William Adams Pty Ltd, named for the Caterpillar dealership where he started as a 15-year-old apprentice in 1966 and bought outright in 1987, earned $20.8 million after tax in 2017-18 as revenues surged to $431.2 million from $367.7 million the previous year," the Rich List publication said.

"That result hints at more equipment digging at Australian mines, and has proven a lead indicator for another Elphinstone interest, ASX-listed engineering and maintenance supplier to the mining and military sectors, Engenco."

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It said Mr Elphinstone owned 64.6 per cent of Engenco and its market capitalisation had more than doubled to about $150 million in the last 18 months.

It said Mr Elphinstone was also a philanthropist and recently funded a scholarship program to train radiation therapists to work in Burnie.

Tasmania had three entries on the list.

Federal Group owners Greg Farrell and family came in at 131, with an estimated worth of $745 million.

"The exclusive right to operate poker machines in an entire state of Australia sounds like a licence to print money," the publication said.

"So it has proved for the Farrell family."

A gambling partner of MONA founder David Walsh also made the list.

Hobart-born Zeljko Ranogajec - now living on the Isle of Man - was listed at 164^th, with an estimated worth of $600 million.

"Using algorithms to refine mass betting on individual events from Keno jackpots to horse races, it's estimated Ranogajec's Newfield operation has cleared $250 million in winnings over the past decade and another $350 million in rebates earned from the volume of punts," Rich List said.

Packaging magnate Richard Pratt was ranked Australia's richest person, with wealth of $15.6 billion.

Others estimated to be worth more than $10 billion were mining magnate Gina Rinehart ($13.8 billion), apartment developer Harry Triguboff ($13.5 billion) and Shimao Group (property) chairman Hui Wing Mau ($10.4 billion).