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WA Rich List 2019: Humble car magnate John Hughes’ wealth takes a tumble in tough times

Daniel MercerThe West Australian
John Hughes at his Victoria Park showroom. He is celebrating 50 years of his dealership.
Camera IconJohn Hughes at his Victoria Park showroom. He is celebrating 50 years of his dealership. Credit: Steve Ferrier

John Hughes is not your typical magnate.

Since his wealth peaked four years ago at the height of efforts to list his privately run car dealership on the stock exchange, Mr Hughes’ net worth has fallen dramatically.

Then, Mr Hughes’ personal fortune was valued at $342 million, placing him at 28th in the rankings of The West Australian’s WA Rich List.

The 83-year-old is now worth about one-third less, precipitating his tumble down to 38th position in the latest Rich List.

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But rather than shy away from the reversal, Mr Hughes was insistent the truth be told, saying he had nothing to hide in a year his business celebrates its 50th anniversary.

Rich List 2019: It’s free with The West Australian next Thursday

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“I would rather be known as someone who was there and isn’t now because I’m humble,” Mr Hughes said.

“I’m a very grounded person. But it’s true. You can’t hide from the truth and my value has diminished.”

According to Mr Hughes, his slide has been caused by what he describes as the toughest trading conditions he had seen since he starting a car retailing business in Victoria Park that has grown to be the biggest independent dealer in WA.

Not only was competition between operators as cut-throat as it had ever been, a crackdown by the corporate regulator on lending by car dealers had hit earnings.

Mr Hughes is philosophical, saying business is still turning over and his landholdings are “considerable”. What’s more, he said setbacks provided an impetus to improve the way he did things and regain lost ground.

“I want people to realise ‘well, John Hughes was there once, but he’s not where he was, but he’ll get back there again’,” he said.

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