By Ram Khatry, Sydney
26 May 2016
Shesh Ghale and Jamuna Gurung, co-founders of Melbourne Institute of Technology (MIT), have once again secured respectable positions on the BRW rich list.
With $586 million as their net worth, the philanthropic couple has been ranked 105th on the BRW Rich 200 List 2016. This marks $58 million gain over their 2015 fortune of $528 million.
Last year, they had ascended 51 positions on the prestigious rich list to occupy the 99th place (Mrs Ghale 100th). They posted a joint fortune of $335 million in 2014. However, by the time BRW published the 2015 list, the high-achieving Ghales had already added another $193 million – in a matter of 12 months.
Speaking to southasia.com.au from New Zealand where he was due to attend the regional conference of the Non-Resident Nepali Association (NRNA), Mr Ghale indicated that he was not fussed about the five positions he lost since last year’s rich list was announced.
“Many factors that are beyond your control can contribute to this, such as others doing better than you or even new debuts,” the ever-humble educational tycoon briefly explained when asked how he felt about his ranking.
As the president of NRNA, Mr Ghale spends considerable time in leading the global organisation. More recently though, he has been closely and intimately involved in the post-earthquake reconstruction operations in Nepal which was devastated by a 7.8 magnitude earthquake on April 25 last year.
When asked if these philanthropic engagements cost him his business growth and opportunities in recent years, the CEO of one of the largest educational enterprises in the continent quickly said he had ‘no regrets’ over the time spent on philanthropy and NRNA leadership.
“Most of my time, energy and focus for the last three years have been on NRNA, Nepal and on some philanthropic work we have started. But no regrets,” he added.
Under Mr Ghale’s leadership, NRNA is in the process of building an entire village in Gorkha district of Nepal, near the epicentre of April 25 earthquake. To be developed as a ‘model village’, the ambitious project will see the construction of some 573 homes for people directly affected by the monster earthquake.
The couple emigrated to Australia in early 1990s as international students but later ended up co-founding the MIT. Currently, Mr Ghale is the CEO of the MIT Group while Mrs Ghale heads the business and marketing of the renown education provider which is located at the historic Argus Building in Melbourne. They also own elite commercial properties in Melbourne CBD and are currently in the process of building a 200-room boutique hotel, 500 apartments and retail space overlooking the iconic Flagstaff Gardens.