CommBank CIO rich enough to buy own island



blog Just how rich is Commonwealth Bank chief information officer Michael Harte? Rich enough to buy his own mediterranean island, according to Ninemsn, which today detailed the executive’s attempt to buy the island of Budelli off the coast of Italy. Sadly, things haven’t all gone well Harte, after the locals objected. The site reports (we recommend you click here for the full article):

“An Italian politician has collected 85,000 signatures protesting the sale of the tiny island of Budelli, famous for its sandy pink beaches, to the CBA’s chief information officer Michael Harte for €2.94 million ($4.34 million).”

Guess that’s what often happens when foreign interests swoop in to pick up pristine pieces of the local environment. Well, we’re sure Harte will find other targets to spend his legitimately gotten gains on. Perhaps he could take a stab at buying a stake of Queensland’s Double Island off Sean Howard, the founder of OzEmail, who picked up the piece of tranquility for a mere $4.5 million in 2000. Or there’s always superyachts and holiday mansions in the South of France. Not bad pickings for an executive who kicked off his career at New Zealand’s Massey University by reportedly specialising in “partying and playing rugby”. Of course, as we’ve previously argued, Harte is worth every cent.

Image credit: Commonwealth Bank


  1. Where do you think iiNet’s Malone has gone after cashing in a bunch of his shares – but he seems he might be going to buy a mountain.

    He would scoff at $4.34 million.

  2. Always wonder how is one person worth that much.. Still could be worse, he could be kicking around a ball and making that money.

  3. that’s one of the effects of a free market economy and capitalism. everyone is worth what someone is willing to pay them, not what we think they are worth (in sport or business or whatever).

  4. Alot of people are ‘rich’ enough to buy own island. You can get them from as little as $5000, e.g. Panama.

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