Despite $2 Billion Loss Due to Plummeting Iron Ore Prices, Mining Magnate Gina Rinehart Is Still Number 1 on BRW Rich 200 List
By Vittorio Hernandez | June 27, 2014 10:01 AM EST
Despite losing $2 billion in the last 12 months due to plummeting iron ore prices, mining magnate Gina Rinehart is still Australia's richest person and topped the 2014 BRW Rich 200 list released on Thursday.
Her fortune is down to $20.01 billion from $22.02 billion a year ago. Nevertheless, Rinehart's wealth is thrice that of Anthony Pratt, the second richest person in Australia and the chief executive officer of Pratt Industries.
On third place is Crown CEO James Packer with an estimated wealth of $7.19 billion, while fourth placer is Frank Lowy of Westfield Group with a wealth of $7.16 billion.
There are now 14 women on the billionaires' list from only 6 in 1984. To be included in the list, one must have a minimum $250 million wealth, which was only $10 million in 1984. The average wealth of those in the list zoomed to $968 million from $29 million and average age also increase to 64 from 56.
Stricken off the list is Wotif.com founder Graeme Wood after he failed to reach the $250 million benchmark due to falling shareprices and a series of shares sales. Five were also delisted because of death, including Perth developer Len Buckeridge and Harvey Norman co-founder Ian Norman.
Here is the top 10 list.
1. Gina Rinehart - $20.01 billion
2. Anthony Pratt - $7.64 billion
3. James Packer - $7.19 billion
4. Frank Lowly - $7.16 billion
5. Ivan Glasenberg - $6.62 billion
6. Hui Wing Mau - $6.35 billion
7. Andrew Forrest - $5.86 billion
8. Harry Triguboff - $5.5 billion
9. John Gandel - $4.08 billion
10. Kerr Neilson - $3.35 billion.
Rinehart's billions comes from Hancock Prospecting, a mining company that her father, Lang Hancock, founded. However, the Rinehart family is currently divided after three of Gina's adult children filed a lawsuit seeking her removal from the family trust which has a value of $5 billion.
Gina has stepped down, but insists on appointing an independent trustee to replace her, while eldest daughter Bianca wants to take her place. The case is still ongoing.
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