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AusBN | Australian Business Network | Gina Rinehart retains top spot on Forbes’ Australian rich list

Gina Rinehart retains top spot on Forbes’ Australian rich list

Mining mogul Gina Rinehart has been named as Australia’s richest person by Forbes, with an estimated wealth of US$14.8 billion.

Rinehart retained her position at the top of Forbes’ Australia top 50 Rich List despite falling iron ore prices knocking her wealth down by $1.8 billion since the last list was compiled in November 2017.

Forbes placed property tycoon Harry Triguboff behind Rinehart in second with a net worth of $9 billion, while manufacturing mogul Anthony Pratt stayed third with $6.8 billion followed by retail tycoon Frank Lowy with $US6.5 billion.

Forbes said the wealth of 22 Australian tycoons fell since the last list in November 2017, partly as a result of the Australian dollar’s 8.7% drop against the US dollar. In addition, Rinehart would be the only Australian to make the international top 100 list.

Perth-born Rinehart is chairman of Hancock Prospecting, a privately-owned mineral exploration and extraction company founded by her father Lang Hancock. She is also Australia’s third largest cattle producer, with a portfolio of properties across the country.