26/05/2010 - 13:35

Rinehart and Twiggy in BRW Rich List

26/05/2010 - 13:35

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Gina Rinehart and Andrew Forrest have both made the top five of BRW's Rich List, worth an estimated $4.75 billion and $4.24 billion and sitting in second and fourth positions respectively.

Gina Rinehart and Andrew Forrest have both made the top five of BRW's Rich List, worth an estimated $4.75 billion and $4.24 billion and sitting in second and fourth positions respectively.

Ms Rinehart's rise from number four last year was reportedly thanks to increased production at her privately owned mines and rising commodity prices and helped to increase the total wealth of women on the list by $2.6 billion to $11.6 billion.

Fortescue Metals Group's Andrew Forrest's increased wealth from $2.38 billion last year was due to his company's improved share price since the global financial crisis.

Twiggy and Ms Rinehart have good company in the list of Australia's wealthiest 200 people, with Westfield shopping centre property tycoon Frank Lowy sitting in the top spot, estimated to be worth $5.04 billion.

An extra $21 billion was added to the value of Australia's top 200 wealthiest people in the year to mid-May to a total of $135.8 billion, according to BRW's latest Rich 200 list.

The top earners all boosted their fortunes, although media and casino mogul James Packer and mining giant Clive Palmer were placed outside the top five due to smaller increases in their wealth.

Liberal backbencher Malcolm Turnbull remains the nation's wealthiest politician, well ahead of his nearest rival, Prime Minister Kevin Rudd.

Mr Lowy's fortune rose by $840 million to $5.04 billion, taking him to the top of BRW's Rich 200 list for the first time after several years at number two.

The number of women in the top 200 rose from 13 to 16.

Last year's top earner, Anthony Pratt, slid to third, with the head of the cardboard packaging company Visy worth $4.6 billion.

Despite recent public criticism of his business prowess, Mr Packer's fortune gained $1.1 billion to $4.1 billion, placing him sixth on the list, the same as in 2009.

Mr Palmer fell from fifth to seventh despite adding $480 million to his wealth for a total of $3.92 billion.

Mr Stensholt said a 16 per cent rise on the Australian share market in the year to May was a major factor in the rising fortunes.

"Notwithstanding the recent talk about the Resources Super Profit Tax, the resources sector had a very good year, too," he said.

"Demand from China is very high, and from other places. Despite the current threats, a lot of projects have ramped up and production is going ahead."

Mr Turnbull was the only politician on the list at 197 with a fortune worth $186 million.

The former opposition leader's value takes the average wealth of Liberal members of parliament to $4.9 million, well above the average wealth of Labor MPs of $1.7 million.

Mr Rudd is the second richest politician, primarily due to his wife Therese Rein's business ventures, worth $56 million.

The youngest person on the list is 34-year-old mining and horse racing entrepreneur Nathan Tinkler.





 

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