Premier Investments' Solomon Lew and Cotton On's Nigel Austin have made the Financial Review Rich List.
Total wealth of the Rich List shot up to $233.1 billion, from $197.3 billion last year.
The average wealth per person on the Rich List rose to a record $1.16 billion, up from $987 million last year.
Premier Investments' Solomon Lew, owner of brands such as Just Jeans and Peter Alexander, topped the retail industry list with a worth of $2.38 billion.
He was followed by burger king Jack Cowin, electronics retailer Gerry Harvey and Cotton On's Nigel Austin, who is worth $1.89 billion.
Spotlight's Morry Fraid, Zac Fried and family rounded up the richest retailers at $1.6 billion.