Rinehart still Australia’s richest despite losing A$2 billion

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SYDNEY: Mining magnate Gina Rinehart had A$2.01 billion (US$1.89 billion) wiped off her fortune in the past year but remains Australia’s wealthiest person, an annual rich list showed yesterday.

The tycoon, head of resources giant Hancock Prospecting, saw her wealth slump due to a falling iron ore price but she still topped the respected BRW Rich List at A$20.1 billion.

Earlier this year Rinehart, among the richest women in the world, secured a US$7.2 billion funding package for her massive Roy Hill iron ore mine in Western Australia that will help feed Asian steel demand.

The deal was the biggest of its kind in the world and her wealth is expected to rise strongly next year when the project starts shipping its first ore, Business Review Weekly said.

Number two in the rich stakes with A$7.6 billion was the head of global paper and packaging giant Visy Industries, Anthony Pratt, whose saw his wealth jump nearly A$2.0 billion.

Gaming tycoon James Packer also had a good year in third, with his fortune swelling more than A$1.0 billion to A$7.2 billion thanks to a strong performance by his Crown casinos empire.

This helped offset an estimated A$100 million divorce settlement.

Westfield shopping centre tycoon Frank Lowy – one of 18 people to appear on the top 200 list every year of its 30-year run – dropped to fourth from second despite making an extra A$288 million.

Ivan Glasenberg, chief executive of mining and commodities heavyweight GlencoreXstrata, rounded out the top five. — AFP