According to the recently released BRW Rich 200 list – the rich are getting richer again. They got through the challenges of the Global Financial Crisis and the total wealth of the Rich 200 members is up 19% from last year.

What can we learn from Australia’s wealthy individuals?

Firstly… 59 members got onto the list through investing in property. But that’s no surprise is it? And of those who didn’t make their fortunes in property many have stored their wealth by investing in property.

With the cut off mark to enter this year’s list being $180 million, I think there are a lot of other property investors who would have made the list if they had a higher profile, but many have chosen to keep their affairs private.

The other lessons I learned by reading the stories of those in the list included:

1.  Invest counter cyclically. Many successful investors took advantage of the opportunity to buy up over the last year or two when others were gripped with fear of the Global Financial Crisis. Remember what Warren Buffet said: “Be fearful when others are greedy, and be greedy when others are fearful.”

2.  Make millions and reinvest - don’t spend. This is really just using the power of compounding to grow your asset base.

3.  Take big risks early on but not once established. While it often requires risk taking or speculation to start building your wealth, successful investors then preserve their wealth by cautiously investing rather than taking further risks.

4.  Have one good idea and repeat it. One core trait that came through from reading the various entrepreneurs’ stories was the ability to take a good idea and repeat it over and over again. Look through the list and so many entrepreneurs stick to the same concept for years and just expand in different locations. It’s much the same with successful property investors. They become good in one field and then specialize in it.

5.  Pick the trends – this is different to picking fads which is transient.

6.  Another lesson to learn from many of these millionaires and billionaires is that they are long-term investors. They buy first class assets and add value. If they made their money though property they often added value through development and then used the power of leverage and compounding to grow their asset base. They do not try to trade or speculate their way to wealth.

7.  Go for growth – to become wealthy you need a large asset base – sure cash flow is important, but assets make you rich.

8.  Surround yourself with a good team – as I’ve often said – if you are the smartest person in your team you are in trouble.

9.  Take action – all the people who made it into this year’s BRW Rich 200 listed started with a dream and then took action.

What lessons have you learned from Australia’s wealthiest people? – please leave your comments below.

Michael Yardney is a best selling author and one of Australia’s leading experts in the psychology of success and wealth creation through property. He is Australia's most published property author and has probably educated more successful property investors than anyone else in Australia. Go to www.metropole.com.au