Gina Rinehart Retains Number 1 Spot in Forbes’ Aussie Rich List

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Mining mogul Gina Rinehart retains her spot at the top of Forbes’ Aussie rich list despite falling iron ore prices knocking her wealth down by $2.5 billion to $20.6 billion.

The 2019 edition of Forbes’ Australia top 50 Rich List sees property tycoon Harry Triguboff retain number two placing with a net worth of $US9 billion, while cardboard-box kingpin Anthony Pratt stays third with $US6.8 billion, and retail tycoon Frank Lowy remains fourth with $US6.5 billion.

Forbes said the wealth of 22 Australian tycoons fell since the last list in November 2017, partly because of the Aussie dollar’s 8.7 per cent drop against the US dollar.

Ms Rinehart’s four children, led by eldest daughter Bianca, lost $US1.9 billion, or 38 per cent of their combined estimated wealth to drop from fifth spot on the list to just outside the top 10.

Only Gina Rinehart would make the international top 100 list. Based on last year’s international list she would come in at 96th spot, after being 69th in 2018.

One of the big movers in the Aussie rich list is Clive Palmer, who is back among the nation’s 50 richest people just three years after his Queensland Nickel company folded with debts of $300 million in 2016, causing the loss of hundreds of jobs at its Townsville refinery.

Forbes said Mr Palmer, 64, has an estimated fortune of $US1.8 billion, placing him at number 20 thanks to court-ordered royalty payments from CITIC Pacific Mining’s Sino Iron project in WA.

Of the 23 Australian fortunes, the biggest gain went to Atlassian founders Mike Cannon-Brookes and Scott Farquhar, who are up $US3 billion each. Their $US6.4 billion wealth put them in a tie for fifth place, up five spots, while they are also the youngest on the Aussie rich list at 39 years old.

There are six women in Forbes’ top 50 list, with the country’s second-richest woman, Fiona Germinder, worth $US2.3 billion and in 16th place overall.

 

Australia’s Top 10 Richest People

  • 1. Gina Rinehart $US14.8 billion (Mining)
  • 2. Harry Triguboff $US9 billion (Real Estate)
  • 3. Anthony Pratt $US6.8 billion (Manufacturing)
  • 4. Frank Lowy $US6.5 billion (Shopping Malls)
  • 5. — Mike Cannon-Brooks $US6.4 billion (Software)
  • 5. — Scott Farquhar $US6.4 billion (Software)
  • 7. Andrew Forrest $US4.3 billion (Mining)
  • 8. John Gandel $US4 billion (Shopping Malls)
  • 9. James Packer $US3.6 billion (Casinos)
  • 10. Lindsay Fox $3.5 billion (Logistics, Real Estate)

 

View the full list on Forbes.