With $78 million in the bank, Erica Baxter is the richest Australian woman under 40, according to business magazine BRW.

The former model and one-time-singer split from husband billionaire James Packer in 2013.

At No.31 on the 2015 BRW Young Rich List, the 38-year-old is the highest ranked woman.

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The annual rich list tracks the wealth of the richest Australians aged 40 and under who self-made and not inherited their wealth.

Baxter made her first appearance on the BRW list in 2013, with a wealth of $40 million. However, last year her wealth grew to $73 million following her divorce from Packer.

Miranda Kerr makes the rich list with $29 million in total wealth. Kerr sits at No.79 overall and is the fifth-richest woman on the list.

On top of her modelling and numerous endorsement deals, Kerr runs a successful cosmetics company, KORA Organics.

Melanie Perkins, 28, the founder of graphic design tool Canva is the second-richest woman with $60 million.

Not far behind Perkins is Michelle Strode ($55 million) thanks to Invoice2go, the invoicing app she founded with her husband Chris Strode.

Erin Deering, founder of swimsuit brand Triangl, is the fourth-richest young female Australian with $36 million.

There are eight women in total on the rich list, two more than last year.

The richest young Australian is Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, who have amassed $2.1 billion in combined wealth with their enterprise software group.

The BRW Young Rich list has been running annually since 2003 and will be published on BRW.com.au from Friday.

BRW top 5 richest Australians under 40:
1/2. Mike Cannon-Brookes and Scott Farquhar – $2.3 billion – Technology
3. Paul Blackburne – $536 million – Property
4/5. Dave Greiner and Ben Richardson – $502 million – Technology

BRW top 5 richest Australian women under 40:
1. Erica Baxter – $78 million
2. Melanie Perkins – $60 million
3. Michelle Strode – $55 million
4. Erin Deering – $36 million
5. Miranda Kerr – $29 million