Mining magnate Gina Rinehart has become Australia’s richest person after her net worth jumped 109 per cent to nearly $29 billion.
Mining magnate Gina Rinehart has become Australia’s richest person after her net worth jumped 109 per cent to nearly $29 billion.
It comes about two weeks after the Hancock Prospecting owner became the first woman to take out the top award at Australia’s largest mining forum, Diggers & Dealers.
Ms Rinehart is also the owner of Hancock subsidiary Atlas Iron, which is on track to developing two new mines in Western Australia’s Pilbara region.
Her net worth sits $6 billion above that of Andrew Forrest – the widest margin between richest and second-richest Australian since Ms Rinehart topped the Australian Financial Review Rich List in 2014.
Twelve of Australia's 200 rich-listers had direct exposure to WA iron ore mines, AFR said, with their collective wealth more than doubling to $80 million.
Mr Forrest is the former chief executive and current chair of Fortescue Metals Group.
His wealth grew from nearly $8 billion in 2019 to $23 billion in 2020.
Mr Forrest was at one stage adding $500 million per week to his fortune, AFR said.
He recently purchased handcrafted boot manufacturer and retailer R.M. Williams for a reported $190 million through his private Tattarang business, which he jointly owns with wife Nicola Forrest.
Former top rich-lister Anthony Pratt, who is the current chair of Melbourne-based cardboard company Visy Industries, dropped to third spot despite his fortunes having risen over the year.
Mr Pratt had close to $16 billion in 2019 and nearly $20 billion in 2020.
Other rich-listers included businessman and Mineralogy owner Clive Palmer, who had a net worth of $9.2 billion in 2020, making him Australia’s eighth-richest person.
Seven West Media’s Kerry Stokes was in 10th spot, with a fortune of $6.3 billion.
Australia’s 200 richest have collectively raised their wealth by 24 per cent to $424 billion, AFR said.
The nation now has a record 104 billionaires, while the cut-off to make the AFR Rich List now sits at an all-time high of $540 million.
Australian Financial Review 2020 Rich List - top 10
- Gina Rinehart $28.89 billion
- Andrew Forrest $23 billion
- Anthony Pratt & Family $19.75 billion
- Hui Wing Mau $18.06 billion
- Mike Cannon-Brookes $16.93 billion
- Scott Farquhar $16.69 billion
- Harry Triguboff $14.42 billion
- Clive Palmer $9.18 billion
- Frank Lowy $8.3 billion
- Kerry Stokes $6.26 billion
