Seventeen of Australia’s richest 250 people built their wealth upon the mining sector, with Hancock Prospecting’s Gina Rinehart leading the cohort with $13.12 billion.
Rinehart, sitting at number two in the list, was outclassed by the king of paper, packaging and recycling and owner of Pratt Industries Anthony Pratt by a mere $20 million, according to the list published in The Weekend Australian.
Andrew Forrest of Fortescue Metals Group meanwhile came in at eighth position with $7.34 billion.
Glencore’s chief executive Ivan Glasenberg ($6.76 billion), the holder of the largest individual stake in Glencore according to Forbes, is also lined up behind ‘Twiggy’ in ninth position.
The list’s commentary reveals many of Australia’s wealthiest 250 have made their fortunes in industries such as transport and mining, before diversifying into residential and commercial property investments.
Clive Palmer (13th) as an example builds his business empire on Mineralogy and a solid property portfolio to boast a net worth of $4.51 billion, sidestepping Bianca Rinehart (14th) by a trifling $10 million.
The list was curated and edited by wealth expert John Stensholt and a global team of researchers and journalists.
“Love them or hate them, so many people love to read about the rich. And we’ve had unprecedented cooperation with Australia’s wealthy elite for the list,” Stensholt said.
“There are stories that delight and inspire, and tales of overcome setbacks, losing it all and then making it back again.”
Other mining magnates included in the list are Chris Wallin of QCoal (31st) with $2.18 billion, Sam Chong of Jellinbah Resources (75th) with $1.21 billion and Chris Ellison of Mineral Resources (143th) with $691 million.
The entire fortune of Australia’s wealthiest 250 is valued at $318.33 billion, with each member having an average of $1.27 billion. There are 96 billionaires, 15 people aged 40 and under, and 27 females in the list.
The study has been compiled by using publicly available information. Public shareholdings are calculated on share prices up to February 15 2019, and property values and purchase prices have been derived from several public sources. Price companies are valued using profit margins and various earnings ratios of comparable stock market listed competitors.