Visy boss Anthony Pratt is Australia's richest person for the third consecutive year, beating mining magnate Gina Rinehart on the Australian Financial Review's roundup of the country's 200 wealthiest people.

Pratt's $15.57 billion worth of wealth is a substantial improvement of last year's $12.90 billion, and comes, says AFR, off the back of Donald Trump's corporate tax cuts and instant investment write-offs, as well as stronger price-to-earnings multiples of comparable companies such as Amcor and Sonoco.

Pratt told AFR that he intends to keep Visy, and American arm Pratt Industries, as family-owned businesses. "There’s a culture in my family of work. Nobody actually told me I was going to go into the business, but it’s just a foreign concept not to," he said.

The Visy executive chairman has topped the Rich List since 2017, and this year came in ahead of Australia's richest woman Gina Rinehart, who is worth $13.81 billion. He called earlier this year for a "Minister for Food" in a speech at the Global Food Forum in Sydney.

Food & Drink Business

Global metal packaging manufacturer Jamestrong opened a new $15 million, future-proofed, can making facility in Auckland last night, catering to the burgeoning infant formula market.

PepsiCo has spent $37m upgrading its Regency Park manufacturing facility in South Australia. Over the last three years, new technology has been installed and legacy equipment replaced to increase capacity and improve environmental performance.

With growth in the functional beverage space showing no slowing down, Australian Beverages Council CEO Geoff Parker takes a 
closer look at the sector.