Yahoo Finance Fall from the top: Gina Rinehart slips down 6 places on the billionaire rich-list
Australian mining giant Gina Rinehart has fallen down six spots on the global billionaire rich-list in 2019, but her US$15.2 billion (AU$21.5 billion) still makes her the richest person in Australia.
Rinehart now places 75th on Forbes list of the world’s richest 100 billionaires, down from 69th place last year.
Most of her wealth comes from Australia’s iron ore industry, after she inherited her father’s bankrupted iron-ore estate.
She’s also Australia’s third-largest cattle producer.
What has taken the wind out of her sails?
She’s involved in a costly litigation with two of her children over their wealth.
Meanwhile, her net worth has take a hit from the relative slow-down in the Australian mining boom.
But, on home ground, she still comes out on top as Australia’s richest person, ahead of developer Harry Triguboff, software billionaires Mike Cannon-Brookes and Scott Farquhar and packaging king Anthony Pratt.
And she’s well ahead of James Packer, who has a relatively measly AU$5.1 billion to his name.
Controversial politician, Clive Palmer is the 1281st richest billionaire in the world who has just AU$2.54 billion.
Who is Gina Rinehart?
Rinehart cuts a controversial figure in the Australian business landscape, having previously told Australians they need to work harder to compete with African labourers who will accept less than $2 a day in pay.
She’s also received criticism for suggesting Australians should limit their drinking, socialising and smoking in order to get ahead.
“If you’re jealous of those with more money, don’t just sit there and complain; do something to make more money yourself – spend less time drinking, or smoking and socialising, and more time working,” she argued in a piece for Australian Resources and Investment magazine in 2012.
“Become one of those people who work hard, invest and build, and at the same time create employment and opportunities for others.”
More recently, Rinehart took aim at claims that she was an “heiress”, rather than a self-made billionaire.
“It is unfortunate men like to think a female can’t be successful, must have inherited, however Mrs Rinehart worked exceptionally hard, dedicating her adult life to the company group, and has made the company very successful, and is looked up to as an Australian role model by many women and young people,” her media team told the Sydney Morning Herald late last year.
Rinehart has also described herself as Australia’s “greatest taxpayer”, last year releasing accounts showing her company, Hancock Prospecting paid $860 million in tax in the 2018 financial year.
Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.
Now read: Melbourne rejects new Apple flagship store in Fed Square
Now read: Kylie Jenner is the youngest self-made billionaire ever, at just 21
Now read: Why women are asking for permission to spend as little as $343
