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Published 22 May 2013 14:58, Updated 27 May 2013 10:01
A tumultuous year for iron ore prices has taken its toll on the nation’s wealthy, none more so than mining heiress Gina Rinehart who’s had more than $7 billion wiped off her personal fortune over the past 12 months.
According to the 2013 BRW Rich 200, Rinehart’s wealth shrank $7.15 billion to $22.02 billion, with the nation’s richest woman losing more than just a bundle. The fall takes Rinehart out of contention for world’s richest woman, a title she claimed in 2012 when she was worth a staggering $29.17 billion.
Rinehart isn’t the only mining billionaire who’s felt a squeeze. The miner to fare worst is Nathan Tinkler, who didn’t make the cut for theRich 200 in 2013 even though he was valued at $915 million a year ago and at $400 million in September when the BRW Young Rich was released.
A series of debt problems and falling asset values pushed Tinkler below the $235 million cut-off for the 2013 list.
The chief executive of newly merged mining and commodities heavyweight GlencoreXstrata, Ivan Glasenberg, is down from second to fifth after a lower share price erased $1.79 billion of his wealth, leaving him with a still-handsome $5.61 billion fortune.
Taking Glasenberg’s place as Australia’s second richest person is Rich 200 stayer Frank Lowy, whose fortune rose $400 million to $6.87 billion. Lowy is one of 18 people who has appeared in the Rich 200 every year of its 30-year run.
Old money in general played a solid game over the past 12 months, with eight of the 18 long-time Rich listees finishing the year with greater personal wealth than when it started.
The country’s biggest private developer of residential apartments and another 30 year Rich veteran, Harry Triguboff, lifts his wealth to $4.95 billion from $4.85 billion last year and rises one position to sixth. Solomon Lew bounces back after a few tough years for the retail sector lifting his wealth to $1.70 billion from $1.15 billion in 2012.
Total wealth of the Rich 200 is down $4.4 billion to $17.6 billion, but this is mainly due to decrease in Rinehart’s fortune.
There are 14 women on this year’s Rich 200, two less than last year. One of those to depart is Queensland based work services entrepreneur Therese Rein.
One of the best performers this year is James Packer who’s growing gambling and hospitality business boosted his wealth to $6.00 billion from $5.21 billion last year.
Anthony Pratt & family move from fifth to fourth with $5.95 billion after good performances at their paper and packaging businesses.
Chinese-based property developer Hui Wing Mau makes one of the biggest debuts of all time. He joins the list in seventh position after BRW uncovered his Australian citizenship was, which makes him eligible for the Rich 200.
Hui is one of 16 list members to be based overseas, up from 14 last year.
Other standout performances include private hospitals owners Paul Ramsay. His wealth rose by $1.04 billion to $2.70 billion after strong share price growth by Ramsay Health Care.
Retailer Gerry Harvey has also proven a few people wrong by lifting his wealth to $1.44 billion from $1.10 billion last year.
|Rank||Name||Fortune $m||Change since 2012|
|1||Gina Rinehart||22,020||down $7,150 million|
|2||Frank Lowy||6,870||up $400 million|
|3||James Packer||6,000||up $790 million|
|4||Anthony Pratt & family||5,950||up $500 million|
|5||Ivan Glasenberg||5,610||down $1,790 million|
|6||Harry Triguboff||4,950||up $100 million|
|7||Hui Wing Mau||4,820||DEBUT|
|8||John Gandel||3,700||up $350 million|
|9||Andrew Forrest||3,660||down $2,230 million|
|10||Christopher Wallin||2,800||down $980 million|
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