Early Life and Background
Michael Heine (born circa 1949) is an Australian businessman best known as the founder and managing director of Netwealth, an ASX-listed financial services and technology company. His rise to prominence in the financial sector is deeply rooted in his family’s entrepreneurial legacy.

Heine is the son of Walter Heine, a German-born textile merchant who fled Nazi Germany in the 1930s and was sent to Australia as an enemy alien aboard HMT Dunera. After being released from internment, Walter established Heine Brothers (Australasia) Pty Ltd in 1946, initially focusing on food processing before transitioning into commodities trading.

Michael Heine joined the family business immediately after high school, opting not to pursue tertiary education. Instead, he honed his business acumen through hands-on experience in various industries, including finance, property, and investment management.

Early Career and Business Ventures
Following his father’s passing in 1978, Heine and his brother, Leslie Heine, took control of the family’s expanding business empire. Over the years, he was involved in several ventures, including:

• Heine Management (Property and investment management)
• Heine Finance (Mortgage and financial services)
• Eurolynx (Investment holding company)

In 1981, Heine briefly moved to England to run an investment firm, Heine Bros England, but the company was liquidated. Upon returning to Australia, he and his brother expanded their business interests significantly.

Major Business Milestones
Expansion into Investment and Property
In 1986, Heine and his brother publicly listed their holding company Eurolynx, retaining a 25% stake. That same year, they executed a high-profile acquisition:

• Purchase of Wheatley Communications (owner of several radio licenses in NSW and Victoria) for $90 million from entrepreneur Glenn Wheatley.
• Shortly thereafter, it was sold to Hoyts for $130 million, though the profit was later revised due to revaluation.

By the early 1990s, Heine had shifted his focus toward real estate and asset management. In 1993, his firm Heine Management made headlines when it purchased Australia’s tallest building at the time, 120 Collins Street in Melbourne, for $286 million.

Transition to Financial Services: Founding Netwealth
In 1999, Heine divested his holdings in Heine Management, selling them to Mercantile Mutual (a subsidiary of ING) for $112 million. He then channeled these funds into creating Netwealth, with the vision of building a next-generation online investment and wealth management platform.

Netwealth was designed as a financial technology (FinTech) solution to help financial advisors and investors efficiently manage diversified portfolios. Despite its ambitious scope, the company took nearly six years to achieve profitability.

Netwealth became a pioneer in the wealth management sector, offering:

• Cutting-edge digital solutions for financial advisors
• Diversified investment products tailored to modern investors
• Scalable platform technology that positioned it as an industry leader

Netwealth’s ASX Listing and Growth
In 2017, Heine took Netwealth public on the Australian Stock Exchange (ASX). The company’s shares surged 44% on the first day of trading, solidifying its status as a dominant player in the financial services sector. Netwealth has since continued its rapid expansion, offering innovative solutions that cater to evolving market demands.

Wealth and Recognition
Michael Heine’s business successes have placed him among Australia’s wealthiest individuals.

• 1990: He and his brother were estimated to have a combined net worth of A$140 million.
• 2018: He officially became a billionaire, debuting on the Financial Review Rich List with an estimated fortune of A$1.27 billion.
• 2023: His net worth was assessed at A$2.67 billion, ranking him among Australia’s most influential business figures.

Awards and Achievements
Throughout his career, Heine has been widely recognized for his contributions to business and finance, including:

• Ernst & Young Entrepreneur of the Year Award (1994)
• Australian Financial Review’s Top 100 Rich List (multiple years)
• Australian Business Awards – Business Person of the Year (2018)

Personal Life and Legacy
Michael Heine is married and has three children. Despite his vast business empire, he remains a private individual, focusing on his companies and philanthropic endeavors.

Heine is an avid art collector, possessing a significant collection of Australian contemporary art. He is also involved in charitable activities, particularly in the fields of education and healthcare, where he has donated to various organizations.

Legacy and Influence
Michael Heine’s career embodies the evolution of Australia’s financial sector, from traditional investment firms to modern FinTech solutions. His entrepreneurial vision, ability to adapt to market shifts, and track record of successful business ventures have cemented his status as a leading figure in Australian business history.

His Netwealth empire continues to grow, reinforcing his legacy as a pioneer in the financial technology space.