Mining magnate Gina Rinehart has again been crowned Australia’s richest person, as a surge in iron ore prices boosted her personal net worth to $34 billion.
Of the 200 richest, as many as 137 are now considered billionaires – including the youngest 25-year-old Robert Ferguson ever rich-wealthy who built a cryptocurrency and gaming platform with his brother James.
A full list of the top 10 richest Australians can be found at the bottom of the article.
The biggest winners were those active in iron ore, real estate and technology, with the aggregate wealth of the top 10 richest people accounting for 40 percent of the entire Rich List.
Rich List co-editor Julie-anne Sprague said this year’s list showed there were opportunities for younger – and older – Australians to earn obscene amounts of money.
“This year’s Rich List has the widest gap between the country’s youngest and oldest entrepreneurs, proving that age is not a barrier to wealth creation. Of the 13 new people on the list, seven are 40 years old or younger,” she said.
“There are some notable departures this year, as rising inflation and interest rates are dampening investors’ appetites for growth stocks. Some of the bigger names to fall off the list include Zip Co’s Larry Diamond, whose net worth has fallen from $598 in the past year. million to less than $70 million.
“While some fortunes fall, others bounce back. Graham Turner of Flight Center and his wife Judy Turner, who run their Spices Retreats, are back on the list after a two-year hiatus.”
There have also been movements within the top 10 in the past 12 months.
Andrew “Twiggy” Forrest came in at number two, as iron ore prices lifted his personal wealth to $30.72 billion.
He was followed by the tech gurus in Mike Cannon-Brookes ($27.83 billion) and Scott Farquahr ($26.41 billion), while cardboard king Anthony Pratt was named the fourth richest in the country with a personal wealth of $24.3 billion.
Despite spending approximately $100 million in the 2022 federal election, Clive Palmer also had a strong presence on the list, with a personal net worth of $19.55 billion at number seven.
Palmer’s wealth largely stems from a lucrative royalty deal signed by Chinese mining giant CITIC in 2006, which was also propelled on the tide of rising iron ore prices.
Rich List co-editor Michael Bailey said an interesting facet of this year’s list was the recent stratospheric growth of technology stocks, which then saw their fortunes reverse in just weeks.
“It was fascinating to watch the Rich List roller coaster ride this year, with fortunes based on software growing exponentially and then falling just as dramatically as the Rich List was completed,” he said.
“Technologists have joined the miners as a new source of volatility on the list.”
Australia’s 10 Richest People*
1. Gina Rinehart – $34.02 billion (versus $31.06 billion) – Resources, Agriculture
2. Andrew Forrest – $30.72 billion (versus $27.25 billion) – Resources
3. Mike Cannon Brookes – $27.83 billion (versus $20.18 billion) – Technology
4. Scott Farquhar – $26.41 billion (versus $20 billion) – Technology
5. Anthony Pratt and family – $24.30 billion (versus $20.09 billion) – Manufacturing
6. Harry Triguboff – $21.25 billion (vs. $17.27 billion) – Real Estate
7. Clive Palmer – $19.55 Billion (out of $13.01 Billion) – Resources
8. Melanie Perkins and Cliff Obrecht – $13.80 billion (vs. $7.98 billion) – Technology
9. Ivan Glasenberg – $12.20 Billion (vs. $7.39 Billion) – Resources
10. Frank Lowy – $9.27 Billion (vs. $8.51 Billion) – Real Estate
*The Financial Review Rich List 2022
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