The 72-year-old property developer bought Canberra Airport for $65 million in 1998 with a 99-year-year lease, a transaction the Australian Financial Review has described now as "clearly a bargain", although there had been early doubters.

In January, the ACT government announced Singapore Airlines would start flying to Canberra via Singapore and Wellington in New Zealand, a coup for both Andrew Barr's government and the airport.

Mr Snow's wealth is estimated by BRW at $685 million, up from $617m last year.

In 2014 he was as high as 65 on the Rich List but, while his wealth has continued to grow, so has that of other rich-listers.

There are a record 53 billionaires and 19 debutants on the 2016 Rich List, published in The Australian Financial Review Magazine on Friday.

Number one on the list was property developer Harry Triguboff, owner and head of Meriton Group, with wealth of $10.62 billion. It's the first time he has topped the list, although he's featured in all 33 versions since its inception in 1983.

He takes over from mining billionaire Gina Rinehart; it's the first time Mrs Rinehart has not been number one since 2010.

Each year the Rich List catalogues Australia's 200 wealthiest citizens.