Iron ore grip on Australia’s rich list

Resources billionaire Gina Rinehart has been named Australia’s wealthiest person for a third consecutive year, followed closely by fellow Western Australian and iron ore magnate Andrew Forrest.

Ms Rinehart and Mr Forrest were among a cohort of 18 Western Australians by residence on the Australian Financial Review’s Rich List 2022, though that total rises to 23 when including former residents or those that made their fortune in the state.

Ms Rinehart’s fortune lifted from $31.06 billion in 2021 to $34.02 billion with the help of a $7.3 billion profit from her Pilbara powerhouse, Hancock Prospecting.

Iron ore mining business Roy Hill Holdings, which is held within the broader Hancock Group, reported $10.1 billion in annual revenue on the back of high iron ore prices.  

At number two was multi-hyphenate businessperson Andrew Forrest, whose $30.72 billion valuation is largely driven by dividends paid by Fortescue Metals Group.

Revenues from the Forrest’s diversified investment business Tattarang increased to approximately $5 billion, as previously revealed to Business News, with investments spanning agribusiness, fashion and property.

Originally from Perth though now based in Sydney, husband and wife duo Melanie Perkins and Cliff Obrecht came in at number 8 with a fortune of $13.80 billion, derived from the success of their design platform Canva.

Not far behind was Seven Group Holdings majority shareholder Kerry Stokes, whose $6.99 billion valuation makes him the 11^th richest person in Australia.

Angela Bennett, the Perth-based daughter of mining entrepreneur Peter Wright, was ranked at number 20 at $5.03 billion.

His granddaughters Alexandra Burt and Leonie Baldock were estimated to be worth $4.22 billion.

Industrial landholder Michael Hodgson featured at 34 on the list, followed by Laurence Escalante at 35 for his $3.04 billion wealth amassed from Virtual Gaming Worlds revenue.

Gina Rinehart’s four children, John Hancock, Ginia Rinehart, Bianca Rinehart and Hope Rinehart Welker were included as individuals on the ranking, with a cumulative wealth of approximately $9.1 billion.

Mineral Resources founder Chris Ellison is estimated to be worth $1.75 billion, earning him a spot at number 70.

Son of the late John Roberts, the founder of construction company Multiplex, is believed to be worth $1.62 billion.

Perth-based automotive engineer and businessperson Ralph Sarich was two spots behind at 76 with a valuation of about $1.57 billion.

Prominent WA prospector Mark Creasy grew his wealth from $857 million last year to $1.53 billion for 2022, putting him at 83.

The list estimates the Buckeridge family’s BGC derived wealth at $1.48 billion.

Also included in the list were APM Human Services duo Megan Wynne and Bruce Bellinge, property businessperson Andrew Roberts, Neil Rae and family, mining investors Tim Goyder and Kerry Harmanis and Rhonda Wyllie and family.