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The wealth of Australia’s richest person Gina Rinehart has risen almost 40 per cent in the past year as she pulls well ahead of runners-up Andrew and Nicola Forrest.
Ms Rinehart is now worth $50.48 billion thanks to her Hancock Prospecting mining conglomerate, according to The Australian’s Real 250 list.
She was worth $37.1 billion last year, putting her around where my mining magnate Mr. Forrest and his estranged wife Nicola are sitting this year.
But over the past 12 months, her fortune increased by another $13.4 billion.
The increase in her fortune was mainly due to the performance of her majority-owned Roy Hill iron ore mine in WA’s Pilbara region, which posted a net profit of $2.7 billion in 2023.
That surplus was driven by record iron ore shipments of 63.3 million tonnes, with Ms Rinehart using the surplus announcement to urge governments to cut red tape to enable more mining.
Mining magnate Gina Rinehart (pictured) has seen her wealth increase by more than $13 billion in the last 12 months alone
Rinehart’s majority-owned Roy Hill mine in the Pilbara (pictured) provided much of her wealth
“If we want our standard of living to continue – along with the many thousands of high-paying jobs created by mining and significant benefits to the regions, states and the country more widely – we must have policies that encourage investment and development of Australia’s mineral resources,” said she.
Cash flow at Roy Hill for the last fiscal year was $3.3 billion, of which the company paid $2.25 billion in dividends to shareholders.
It also paid $605million in state and native title royalties and $1.4million in corporate income tax.
Hancock Prospecting, which is owned 76.6 percent by Ms. Rinehart and 23.4 percent by the Hope Margaret Hancock Trust, has about $20 billion on its books.
It has recently bought shares in the lithium industry, notably Azure Minerals and Liontown Resources, betting on increased demand for the mineral used in batteries as the shift to renewable electricity increases.
In addition to several mining projects, the company invests in agriculture through its Hancock Agriculture division, which in recent years has focused on high-value Wagyu beef production.
She has also bought iconic fashion brands Driza-Bone and Rossi Boots.
Driza-Bone’s signature oilskin jackets (pictured) are now made by a company owned by Gina Rinehart
Gina Rinehart (pictured) has recently pushed into lithium shares to ensure an increase in demand for the mineral used in batteries
Mrs Rinehart is one of three women in the top ten of the list of the richest 250.
Nicola Forrest, who shares a $37.17 billion fortune with Andrew Forrest, is tied for second place, while Melanie Perkins and husband Cliff Obrecht of graphic design unicorn Canva share $10.92 billion for tenth place.
Together, the three women control about $100 billion in wealth.
Others in the top 10 include software tycoons Mike Cannon-Brookes and Scott Farquhar, property developer Harry Triguboff, packaging mogul Anthony Pratt and fellow mining magnate Clive Palmer.