Twitter The highly controversial $6.4-billion coal mine project between India's GVK Power & Infrastructure, and Hancock Coal owned by Gina Rinehart, the world's richest woman, in Queensland state has been given environmental approval by the federal government of Australia.
The almost $1 billion cut from her net work was because of declining iron ore prices in the global market, plus a loss from her legal battle with another billionaire, Stan Perron.
The second placer, Ivan Glasenberg, the chief executive of Glencore International, a mining and trading company, has $10 billion less money with an estimated net worth of $6.7 billion.
He is followed by James Packer, with a net worth of $6 billion. Mr Packer's ascent to third place represents the upward movement of gamblers over miners. Mr Packer owns Crown Limited, a casino empire.
Here are the remaining 47 other wealthiest Australians.
4. Frank Lowy - $5.3 billion
5. Andrew Forrest - $4.8 billion
6. Harry Triguboff - $4.6 billion
7. Anthony Pratt & family - $4.5 billion
8. John Gandel - $3.5 billion
9. Kerr Neilson - $2.5 billion
10. Paul Ramsay - $2.4 billion
11. David Hains - $2.3 billion
12. Stanley Perron - $2.1 billion
13. Kerry Stokes - $2 billion
14. Lindsay Fox - $1.95 billion
15. Leslie Wilson & family - $1.6 million
16. Michael Hintze - $1.55 billion
17. Leonard Bukeridge - $1.4 billion
18. Langley Walker - $1.20 billion
19. Solomen Lew - $1.16 billion
20. Robert Ingham - $1.15 billion
21. John Van Lieshout - $1.04 billion
22. Len Ainsworth - $1.03 billion
23. Paul Salteri & family - $1 billion
24. Raymond Barro & family - $990 million
25. Alan Rydge - $980 million
26. Robert Ell - $960 million
27. Robert Oatley - $940 million
28. Gerald Harvey - $930 million
29. David Teoh - $910 million
30. Angela Bennett - $900 million
31. Clive Palmer - $900 million
32. Maurice Alter - $890 million
33. Brett Blundy - $840 million
34. John Kahlbetzer - $820 million
35. Richard Smith - $790 million
36. Morry Fraid & family - $780 million
37. Paul Little - $780 million
38. Chris Wallin - $780 million
39. Terry Snow - $760 million
40. Bruno Grollo & family - $740 million
41. Gregory Poche - $740 million
42. Bruce Mathieson - $730 million
43. Reg Rowe - $720 million
44. Ralph Sarich - $710 million
45. John Grill - $700 million
46. Lloyd Williams - $700 million
47. Con Makris - $660 million
48. Christopher Morris - $640 million
49. Travers Duncan - $630 million
50. Bruce Gordon - $620 million
Ousted from the list, who was in 26th place in 2011, is miner Nathan Tinkler whose fortune dwindled down from $801.27 million. He was on the brink of becoming a billionaire in 2012 after the merger of his Aston Resources with Whitehaven Coal, but like iron ore, coal prices also dipped, causing a drop in Mr Tinkler's ranking. Because of his debt of $700 million, he is fending off various creditors and has lost his company jet.
Besides her wealth, Ms Rinehart creates controversy when she speaks because of her advice to Aussies how to become rich.
Ordinary Aussies dismiss her ideas because they are aware that her wealth was mainly inherited from her rich dad, Lang Hancock, although she has done her part in further growing the family empire now being threatened by her celebrated legal feud with three of her estranged adult children.
The highly controversial $6.4-billion coal mine project between India's GVK Power & Infrastructure, and Hancock Coal owned by Gina Rinehart, the world's richest woman, in Queensland state has been given environmental approval by the federal government of Australia.