Port Lincoln's three richest men have a combined wealth of about $710 million, according to the latest Business Review Weekly report on Australia's richest 200 people.
Tuna barons, Sam Sarin, with an estimated worth of $350 million, Tony Santic, $200 million and Hagen Stehr $160 million have all made it onto the elite list of Australia's richest people.
The BRW list was released last week, with Mr. Santic and Mr. Stehr new additions to Australia's top 200 list.
Mr. Sarin first appeared on the BRW top 200 list last year, with an estimated wealth of $250 million, but this year appears on the list $100 million richer.
All three initially made their millions through the tuna industry.
According to BRW, the prices for tuna rocketed from $2000 a ton 10 years ago to $280,000 a ton today and Port Lincoln's total tuna quota of about 5000 tons is today worth just under $1.5 billion.
Tuna Boat Owners' Association spokesman Brian Jeffriess said the tuna industry was a very risky business and the development of the industry had been like a roller-coaster ride.
"The thing to remember is that less than 10 yeas ago, people like Hagen were in receivership and it looked like the industry was gone," he said. "But it was those same people who had the foresight to start developing tuna farms. It still remains a risky business and you're never quite sure if it will all pay-off."
But pay off it has for Mr. Sarin's Australian Fisheries Enterprises, Mr. Santic's Tony's Tuna International and Mr. Stehr's The Stehr Group.
Mr. Sarin has been ranked by BRW as Australia's 50th richest man, Mr. Santic, the 101st richest person and Mr. Stehr is ranked 126 - above the likes of Robert Champion de Crespigny ($150 million), Nicole Kidman ($123 million) and Janet Holmes a Court ($110 million).
Mr. Jeffriess said the tuna barons were renowned for their entrepreneurial drive. "It's a very unique group of people who have developed the industry and it is now up to the next generation to see where they take it," he said.
He said it was encouraging to see a large amount of the profits of the industry had been reinvested back into the Port Lincoln community by the men.
According to BRW, over the years Mr. Sarin has diversified his interests into property, owning the Marina real estate development, the Lincoln Lakes Development Company and has expanded into tuna-industry-servicing businesses like crane-hire and diesel-engine maintenance and repair.
Mr. Santic has recently purchased Steve Vizard's historic Roxby Park property at Gnawarre for $5.15 million, the business magazine said and Mr. Stehr has diversified into other fishing industries, particularly yellowtail kingfish and is also a property owner.
Port Lincoln mayor Peter Davis said the wealth of the tuna industry could be seen in the new boats, the jobs, the new factories and buildings and the general prosperity of Port Lincoln.
But he warned the SARS virus (Severe Acute Respiratory Syndrome) and the rocketing Australian currency could impact adversely on the wealth of the tuna industry.
"SARS is a high risk - if it gets into Japan and into the sushi bars there, it could have a great impact on this industry," he said. "Our currency, which is rocketing upwards in value could also have an impact. Because tuna is forward sold, this year's harvest is probably safe, but there is no guarantee on next year's harvest."
Mr. Davis said the effects of the SARS virus were already being felt in other fisheries, in particular the abalone and rock lobster industries.
"The current prosperity of the tuna industry is being shared through our community and we are very lucky for that, but the warning signs are there," he said.
The Port Lincoln Times was unable to contact Mr. Sarin, Mr. Santic and Mr. Stehr for comment.
Source: Port Lincoln Times