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Rinehart loses $7 bn but still Australia's richest

22 may 2013, 14:30
Mining magnate Gina Rinehart had Aus$7 billion (US$6.8 billion) wiped off her fortune in the past year but remains Australia's wealthiest person, AFP reports citing an annual rich list.

Rinehart, heiress to an iron ore prospecting empire built in Australia's resources-rich west, led the respected BRW Rich 200 list for a third year in a row with a personal fortune of Aus$22.02 billion.

But she also lost more money than anyone else thanks to plunging iron ore prices, giving up a quarter of her estimated wealth from last year of Aus$29.17 billion.

That means she lost more than Aus$19 million every day in the last 12 months, and takes her out of contention for world's richest woman, a title she claimed in 2012 from Wal-Mart heiress Christy Walton.

Rinehart was not the only mining billionaire to feel the squeeze with Ivan Glasenberg, chief executive of newly-merged mining and commodities heavyweight GlencoreXstrata, down from second to fifth.

His fortune was put at Aus$5.61 billion, some Aus$1.79 billion lower than last year due to a falling company share price.

The Business Review Weekly magazine, known as BRW, said the five biggest falls this year were by mining industry figures, dragging down the value of the whole list.

Westfield shopping centre tycoon Frank Lowy moved up from third to second, making an extra Aus$400 million to be worth Aus$6.87 billion. Lowy is one of 18 people who has appeared in the Rich 200 every year of its 30-year run.

One of the best performers was James Packer whose growing gambling and hospitality business boosted his wealth to Aus$6.00 billion from Aus$5.21 billion to put him in third, the list showed.

Visy recycling group chairman Anthony Pratt rounded out the top five.

Men still dominate the BRW list with just 14 women among the top 200. Total wealth of the top 200 was down Aus$4.4 billion to Aus$17.6 billion, but this was mainly due to the slump in Rinehart's fortune.

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