Rinehart Australia’s richest
- Publishing Date
- 03 Feb 2011 12:54pm GMT
- Author
- Mining Journal
Gina Rinehart has supplanted Fortescue Metals Group Ltd boss Andrew Forrest as Australia’s richest person, according to Forbes Asia.
Ms Rinehart, chairman of Hancock Prospecting Ltd, watched her fortune rise to A$9 billion last year, an increase from A$2 billion a year earlier. The daughter of mining magnate Lang Hancock can thank rising iron-ore prices and increased production for the substantial boost.
Forbes said: “Her fortune looks set to keep rising quickly. As well as her iron operations, she’s developing two coal projects with an estimated total value of A$15 billion.”
Despite falling one spot, Mr Forrest also enjoyed a jump in value, moving from A$4.1 billion to A$6.9 billion in the past year.
Moving out of Forbes’ Australia’s '40 Richest' list are coal miners Paul Fudge and Clive Palmer, both falling under the A$570 million level.
Forbes predicted Mr Palmer would rejoin the billionaire ranks if he decided to float his company, Resourcehouse Ltd, during 2011.
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