Kathmandu, May 27

Nepal-born Shesh Ghale and his wife Jamuna Gurung expanded their wealth by 58 million Australian dollars (Rs 4.5 billion) to 586 million Australian dollars in 2016, becoming the 105th richest persons of Australia.

Their ranking in Australia’s rich list, however, fell six and five notches, respectively, shows the 33rd edition of the BRW Rich 200 list, which features 200 wealthiest Australians every year based on their net worth.

In 2015, Ghale, who is also president of the Non-Resident Nepali Association, was ranked 99, while Gurung was ranked 100 in Australia’s rich list.

Ghale and Gurung founded the Melbourne Institute of Technology (MIT) private education business in the mid-1990s, after arriving in Australia from Nepal, says BRW, adding, “The business has grown rapidly, as has the couple’s commercial property portfolio. They refurbished the formerly asbestos-riddled Argus Building, now MIT’s new headquarters.”

Gurung is the managing director at MIT, focusing on business and marketing, while Ghale is the chief executive officer and looks after the finances, says BRW. The couple also owns hotels in Europe and Nepal.