Money makers: migrants who build businesses help Australia

By Anthony Keane

Ramneek Wayne is the managing director of North Foundation. Picture: Supplied

Billionaires Frank Lowy and Harry Triguboff are often seen as Australia’s biggest migrant success stories, but many other new Australians are also turning hard work into wealth and business winners.

More than one-third of the nation’s small business owners were born overseas, and 53 percent are second-generation migrants, government figures show. Experts say they add diversity and innovation to Australia’s economy.

Ramneek Wayne, 32, is co-founder of disability support provider North Foundation and migrated to Australia in 2016 with “no money behind me, no family or support network, just a dream big attitude.”

His business began in 2022, had four staff members by March 2023, and late last year held a disability expo attended by hundreds of people.

“I reached my first million-dollar milestone within three months of starting the business and grew the business into $20 million revenue in less than two years – with returns reinvested back in to drive continued growth,” he said.

Ramneek Wayne migrated to Australia in 2016.

“My entry into social services came through observation after witnessing gaps in the system while working as a Centrelink security guard out in Bendigo, Victoria. I saw first-hand the systemic failures that trap vulnerable families, especially those dealing with disability and domestic violence.”

A recent report by the Australian Small Business and Family Enterprise Ombudsman says 13 percent of all small businesses owned by migrants are in health care and social assistance.

The most common businesses with migrant owners are in construction and professional, scientific, and technical services, it says.

Council of Small Business Organisations Australia CEO Luke Achterstraat said many migrants came here with a specific skill set or business idea, and they already leaned towards being entrepreneurial.

“Many have been brought up in family businesses,” he said.

Mr Achterstraat said the “strong link between migration and small business” benefited Australia broadly.

“It means there’s more diversity and different perspectives, and we know that different perspectives generally drive innovation,” he said.

“Ninety percent of innovation businesses are small businesses. It means we are getting new ideas, and innovation is a really important thing for the economy.”

Yasser Zaki, founder and chairman of health care, disability, technology and travel business Tender Love and Care, built his business from a single-site operation to one with more than 1000 employees.

“Coming from Egypt with a steadfast determination not to fail, I faced the complexities of navigating a new business environment with unfamiliar regulations, cultural expectations, and market dynamics,” said Mr Zaki, 43.

Yasser Zaki says it took a decade to build a successful business.

“I don’t define my wealth creation success by the money, but the experience people have from the value we create – seeing those outcomes is my actual success,” he said.

“It took nearly a decade to achieve my current business and financial success. Starting with my initial ventures in 2011, I achieved significant growth by 2016, expanding TLC into a multi-service enterprise that continues to flourish.”

India-born Mr Wayne said his journey from “zero” to business success was exhilarating and full of learning experiences.

“After seeing the hardship endured by my family and the sacrifices they made to give me a better chance at life, failure to succeed was not an option for me,” he said.

Mr Wayne’s top tip for other migrants hoping to build a successful business was to “dream big”.

However, dreams without goals were just dreams, he said.

“You have to execute, which relies on building the right management structure and the right people around you to fill your skills gaps, whether bringing in a CEO, CFO, or finding the right mentor.

“With the right mindset and support, anyone from any background can take control of their financial destiny if they really want to.”

Anthony Keane

Personal finance writer

Anthony Keane writes about personal finance for News Corp Australia mastheads, focusing on investment, superannuation, retirement, debt, saving, and consumer advice. He has been a personal finance and business writer or editor for more than 20 years and also received a Graduate Diploma in Financial Planning.