A big drop, but Rinehart is still richer than everyone else29/04/2019 - Author: admin - Comments are closed
The richest of the rich.Gina Rinehart’s personal wealth has shed a staggering $7 billion in the past 12 months, but even her losses exceed the total wealth of Australia’s next richest person, according to the BRW Rich 200 list, released on Thursday.
The mining magnate easily retained her position as Australia’s richest individual, with total wealth estimated at $22.02 billion, down from $29.17 billion last year. However, the $7.15 billion drop sustained by the mining magnate surpassed the total wealth of the man in second place, shopping centre developer Frank Lowy. His total wealth was up $400 million this year to $6.87 billion.
Mr Lowy replaced commodities heavyweight Ivan Glasenberg in second place on the list after the chief executive of the newly merged GlencoreXstrata shed $1.79 billion, to drop to $5.61 billion and fifth.
Mr Lowy is one of 18 people who has appeared in the Rich 200 every year of its 30-year run.
Conspicuous by his absence from the Rich 200 is Nathan Tinkler, the coal mining tycoon who was beset by a series of debt problems and falling asset values that devalued last year’s listing of $915 million to a paltry-by-comparison $235 million.
Another to depart the list is Therese Rein, the Queensland-based work services entrepreneur and wife of federal politician Kevin Rudd. Her absence reduces the number of women in the Rich 200 to 14, down from 16 last year.
Making one of the biggest debuts in the history of BRW’s Rich 200 List is Hui Wing Mau, a Chinese-born property developer who resides in Hong Kong, but whom BRW discovered was educated at the University of South Australia and holds Australian citizenship.
The 62-year-old is one of China’s largest real estate developers, with more than 70 projects in progress, rising to seventh on BRW’s list with an estimated wealth of $4.8 billion.
He is one of 16 list members to be based overseas, up from 14 last year.
Old money in general played a solid game over the past 12 months, with eight of the 18 long-time Rich 200 listees finishing the year with greater personal wealth than when it started.
The country’s biggest private developer of residential apartments and another 30-year Rich 200 veteran, Harry Triguboff, lifted his wealth to $4.95 billion from $4.85 billion last year and rises one position to sixth.
Solomon Lew bounced back after a few tough years for the retail sector, lifting his wealth to $1.70 billion from $1.15 billion this year.
One of the best performers this year is James Packer, whose growing gambling and hospitality business boosted his wealth to $6 billion from $5.21 billion last year.
Anthony Pratt and family move from fifth to fourth with $5.95 billion after good performances at their packaging business.
Other standout performances include private hospitals owner Paul Ramsay. His wealth rose by $1.04 billion to $2.70 billion after strong share price growth by Ramsay Health Care.
Retailer Gerry Harvey has also proved a few people wrong by lifting his wealth to $1.44 billion from $1.10 billion last year.
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