Finance Finance News Rinehart loses $6 billion as iron ore prices plummet

Rinehart loses $6 billion as iron ore prices plummet

Twitter Facebook Reddit Pinterest Email

Australia’s richest person Gina Rinehart has seen a third of her wealth disappear thanks to the plummeting iron ore price, according to the Forbes Australia’s 50 Richest List.

How Australia squandered the mining boom
Rinehart’s regulation demands

While Rinehart’s net worth fell by US$6 billion (A$7.6 billion), with US$11.7 billion she is still by far Australia’s richest person.

Forbes says Ms Rinehart and fellow miners Andrew Forrest and Clive Palmer have all taken hits to their wealth due to a worldwide decline in the demand for steel, particularly in China.

Clive Palmer has been knocked off the top 50 list altogether.

James Packer also took a multi-billion dollar hit, losing to $2 billion thanks to weaker gambling revenue in Macau. He is now Australia’s fourth richest person with $4.7 billion.

Property developer Harry Triguboff was second on the list with $5.6 billion, while Westfield founder Frank Lowy was third, with $5 billion.

Only four women made the list.

– with AAP

View Comments