Nathan Tinkler is the richest young person in Australia below 40 years old, according to BRW Magazine, which makes the annual list. The 35-year-old mining magnate and owner of Newcastle Knights has an estimated fortune of $1.13 billion.

That means he almost doubled his wealth which was placed at $610 million in 2010 mainly because of the successful float of Mr Tinkler's company, Aston Resources, in August 2010 and gains in share prices.

It is Mr Tinkler's fourth year to top the list, although he is the first billionaire on the Young Rich List. Mr Tinkler started his career as an electrician in coal mines at Hunter Valley.

His Tinkler Group holds interests in mining and property development, runs the thoroughbred breeding and racing operation Patinack Farm, and purchased the Newcastle Knights this year after it acquired the Newcastle Jets A-League club in 2010.

Hedge fund manager Greg Coffrey was second on the 2011 list. The London-based fund manager's worth is estimated at $743 million, up from $406 million the previous year.

On third spot was Glencore International Investment head Steven Kalmin, with an estimated fortune of $458 million.

Others on the list include Sydney software entrepreneur and Atlassian owners Mike Cannon-Brookes and Scott Farquhar who have a combined value of $360 million.

There are eight women on the top 100 list, with the highest ranked Prue Eales of EA Hire. She is on 40th place with husband Laurence Eales based on their combined fortune of $50 million.

"The young rich have continued to boost their wealth when many others in business have struggled to cope with difficult conditions," The Sydney Morning Herald quoted BRW Young Rich editor Andrew Heathcote.

"Led from the front by our first young billionaire, Nathan Tinkler, the young rich demonstrate that youth is no impediment to the attainment of wealth," Mr Heathcote added.