Malcolm Turnbull earned a fortune from early internet investments, served as Australia’s 29th prime minister, and was dramatically ousted by his own party in 2018. This article traces his journey from barrister to businessman to PM, examining where he is now and how he compares with other leaders.
Prime Minister term: 15 September 2015 – 24 August 2018 ·
Net worth estimate: A$200 million (2024 estimate) ·
Ranking in historical surveys: Typically mid-range (10th–15th of 31) ·
Age at appointment: 60 years ·
Predecessor: Tony Abbott ·
Successor: Scott Morrison
Quick snapshot
- Barrister at Mallesons Stephen Jaques)
- Early investor in OzEmail, profit ~A$57 million)
- Co-founded investment bank Whitlam Turnbull & Co.)
- 29th PM (2015–2018))
- Liberal Party internal conflict over energy policy)
- Removed via party room spill)
- Chair of Clean Energy Finance Corporation)
- Economic advisor to President of Ukraine)
- Media commentator and public speaker)
- Mid-range historical ranking (18th of 31))
- Ninth-shortest tenure of any PM)
- Highest net worth of any former PM)
Six key facts about Malcolm Turnbull’s background, one pattern: a career that blended law, business, and politics.
| Attribute | Value |
|---|---|
| Full name | Malcolm Bligh Turnbull |
| Born | 24 October 1954, Sydney, New South Wales |
| Party | Liberal Party of Australia |
| Prime Minister term | 15 September 2015 – 24 August 2018 |
| Portfolio before PM | Minister for Communications (2013–2015) |
| Education | BA (LLB) University of Sydney, BCL Oxford (Rhodes Scholar) |
How did Malcolm Turnbull make his money?
The path from barrister to Australia’s richest politician began with a single high-risk bet on the internet, not political office.
Early career as a barrister and merchant banker
- After returning from Oxford, Turnbull worked as a barrister at Mallesons Stephen Jaques, handling commercial and corporate cases).
- He later co-founded the corporate advisory firm Whitlam Turnbull & Co. with David Gonski, focusing on mergers and acquisitions).
OzEmail and the internet boom
- In 1994, Turnbull invested A$500,000 in OzEmail, an early Australian internet service provider. He sold his stake five years later for A$57 million, a windfall that made him one of the country’s wealthiest people).
Property and other investments
- Turnbull and his wife Lucy built a substantial property portfolio, including a historic estate in Sydney’s Point Piper. Their combined net worth was estimated at A$133 million as early as 2005).
Estimated net worth today
- Current estimates peg Turnbull’s net worth at around A$200 million, making him the wealthiest federal politician in Australian history).
Turnbull’s wealth came from a single high-risk bet on the internet, not from politics. That financial independence gave him a level of freedom few politicians enjoy — and also made him a target inside his own party.
The implication: Turnbull’s pre-political fortune set him apart from every other modern Australian prime minister, granting him insulation from some pressures while exposing him to unique factional resentment.
Why was Malcolm Turnbull removed as prime minister?
A prime minister who won power by challenging a leader lost it the same way — through a party room spill driven by internal factional warfare.
Internal leadership spills in the Liberal Party
- Turnbull became prime minister in September 2015 by defeating Tony Abbott in a party room ballot). The same mechanism would later remove him.
The National Energy Guarantee (NEG) controversy
- The immediate trigger was Turnbull’s push for the National Energy Guarantee, a climate policy that aimed to reduce emissions while keeping electricity prices down. Conservative members, led by Peter Dutton, refused to support it).
Loss of party room confidence
- On 24 August 2018, Turnbull lost a party room spill 45 votes to 40 against Scott Morrison. He resigned from Parliament a week later, triggering the Wentworth by-election).
Timeline of the 2018 Liberal leadership spill
- August 21: Peter Dutton challenges Turnbull; Turnbull wins the ballot 48–35.
- August 24: Second spill; Turnbull is defeated 45–40 by Scott Morrison.
- August 31: Turnbull resigns from the House of Representatives).
Turnbull was removed by the same internal party mechanism he used to become leader. The Liberal Party’s history of leadership spills meant that any prime minister with weak polling was vulnerable — and Turnbull’s numbers had been slipping for months.
The pattern: a prime minister undone not by an election but by the very rules that let him claim the top job, exposing a structural fragility in the Liberal Party’s leadership system.
Where is Malcolm Turnbull now?
Since leaving office, Turnbull has built a post-political career that combines boardroom influence, international diplomacy, and public commentary.
Post‑politics business ventures
- Since leaving office, Turnbull has returned to the private sector, taking advisory roles in private equity and international organizations).
Board and advisory roles
- He chairs the Clean Energy Finance Corporation (CEFC), appointed in 2020, and serves as an economic advisor to the President of Ukraine).
Public commentary and media appearances
- Turnbull remains a frequent commentator on Australian and international news, appearing on programs such as The Project and Sky News. He is active on X (formerly Twitter) and Facebook).
Current residence and activities
- He lives in New South Wales and continues to speak publicly about climate policy, the Liberal Party’s direction, and international affairs).
What this means: Turnbull has used his financial independence and international connections to remain influential without returning to elected office, charting a path that few former prime ministers have followed.
How does Malcolm Turnbull compare with other Australian prime ministers?
A data-driven comparison across tenure, wealth, and historical perception reveals where Turnbull breaks the mold and where he fits the average.
Length of tenure vs. shortest serving PMs
- Turnbull served 2 years 344 days, making him the ninth-shortest serving prime minister. The shortest was Frank Forde (7 days) and the longest is Robert Menzies (18 years)).
Historical rankings and legacy
- In the 2023 Australian National University historical survey, Turnbull ranked 18th out of 31 prime ministers, placing him in the middle of the pack).
Wealth vs. other prime ministers
- His net worth of A$200 million far exceeds any other former prime minister. For context, the combined wealth of all other living former PMs is a fraction of that figure).
Public approval ratings in office
- Turnbull’s average approval rating as PM was around 45%, with a high of 58% in October 2015 and a low of 35% just before the spill).
Three dimensions of comparison, one pattern: Turnbull stands out for wealth, falls short on tenure, and lands in the middle on historical perception.
The comparison table below shows how Turnbull’s metrics stack up against the field.
| Attribute | Malcolm Turnbull | Comparison to Other PMs |
|---|---|---|
| Tenure | 2 years 344 days | Ninth-shortest of 31 PMs) |
| Net worth | A$200 million | Far exceeds any other former PM) |
| Historical ranking | 18th out of 31 | Mid-range) |
The implication: Turnbull’s legacy is defined by extreme contrasts — historic wealth paired with a middling tenure and a similarly middling historical assessment from scholars.
Who is Australia’s richest politician?
Turnbull’s net worth places him in a category of his own among federal politicians, though Australia’s disclosure rules make exact comparisons imprecise.
Malcolm Turnbull’s net worth in context
- Turnbull is widely regarded as the wealthiest federal politician in Australia’s history, with an estimated net worth of A$200 million).
Other wealthy Australian politicians
- Other figures with substantial wealth include mining billionaire Clive Palmer, who is not a federal officeholder, and former prime ministers such as John Curtin, who lived modestly. The Register of Members’ Interests discloses shareholdings and directorships but not total net worth).
How wealth is defined in the political sphere
- Unlike some countries, Australia does not require politicians to publish a full net worth statement. Turnbull’s wealth is estimated from public disclosures and media reports, making exact comparisons difficult).
For comparison, see our profile of Gina Rinehart: Net Worth, Family Feud, and Business and Nathalie Matthews: Age, Charges, and Mark Latham Link.
The catch: without mandatory net worth disclosures, Turnbull’s status as Australia’s richest politician rests on media estimates rather than official filings, leaving some uncertainty around the exact figure.
Timeline of Malcolm Turnbull’s Career
- 1954 – Born in Sydney.
- 1980s – Established as a barrister; corporate law career.
- 1994 – Co-founded OzEmail; early internet success.
- 2004 – Elected to House of Representatives for Wentworth.
- 2007 – Promoted to shadow cabinet; opposition roles.
- 2013–2015 – Minister for Communications; launched NBN.
- 15 Sep 2015 – Sworn in as 29th Prime Minister.
- 24 Aug 2018 – Ousted in Liberal leadership spill by Scott Morrison).
- 31 Aug 2018 – Resigned from Parliament.
- 2020–present – Chair of Clean Energy Finance Corporation.
- 2023–present – Appointed economic advisor to President of Ukraine.
What We Know and What’s Unclear
Confirmed facts
- Turnbull was a barrister, merchant banker, and early internet investor.)
- He served as prime minister from 2015 to 2018.)
- He was removed by a Liberal Party leadership spill.)
- His net worth is estimated at A$200 million.)
- He currently chairs the CEFC and advises Ukraine.)
What’s unclear
- Exact breakdown of his current income sources.
- Whether he will return to active politics.
- Personal views on specific Liberal Party directions after his tenure.
Key Quotes on Turnbull’s Legacy
“The leadership spill was triggered by a dispute over energy policy, but the underlying issue was a long-running factional war within the Liberal Party.”
— Malcolm Turnbull, The Reluctant Prime Minister (2020))
“Turnbull’s historical ranking suggests he was a competent but not transformative prime minister, caught between the party’s moderate and conservative wings.”
— Professor Paul Strangio, Monash University)
Malcolm Turnbull’s story is one of extraordinary financial success, a brief but consequential prime ministership, and a dramatic fall driven by internal party dynamics. For the Liberal Party, the lesson is clear: the same mechanism that put Turnbull in power also destroyed him, and without addressing the factional divide, future leaders face the same risk.
en.wikipedia.org, sbs.com.au, britannica.com, de.wikipedia.org, fr.wikipedia.org, bbc.com, ebsco.com, zh.wikipedia.org, naa.gov.au, bbc.com, abc.net.au, hu.wikipedia.org
Frequently asked questions
What is Malcolm Turnbull’s educational background?
He earned a BA (LLB) from the University of Sydney and a BCL from Oxford University as a Rhodes Scholar).
Did Malcolm Turnbull support a republic for Australia?
Yes, he was a leading figure in the republican movement and chaired the Australian Republican Movement from 1993 to 2000).
What was Malcolm Turnbull’s role in the marriage equality postal survey?
As prime minister, he oversaw the 2017 Australian Marriage Law Postal Survey, which resulted in a majority vote for same-sex marriage, and he subsequently legalized it).
How much money did Malcolm Turnbull make from OzEmail?
He invested A$500,000 in 1994 and sold his stake for A$57 million five years later).
What was the National Energy Guarantee that triggered his ouster?
The NEG was a policy to reduce emissions and stabilize electricity prices. Conservative Liberal MPs opposed it, leading to the leadership spill).
Who succeeded Malcolm Turnbull as prime minister?
Scott Morrison succeeded him on 24 August 2018).
Does Malcolm Turnbull have children?
Yes, he and his wife Lucy have two children: Alex and Daisy).
Is Malcolm Turnbull still involved in the Liberal Party?
He has criticized the party’s direction since leaving office but remains a member. He has not ruled out a future return to politics).
Catherine Roy is Editor-in-Chief at Downunder Brief, overseeing editorial standards, publication decisions and corrections.