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Summary
- Mining magnate Gina Rinehart is Australia’s richest person, with her wealth doubling to $29 billion over the past 12 months.
- Ms Rinehart’s wealth has been bolstered by robust iron ore demand from China and jumped 109% year-on-year.
- The collective wealth of the top 200 wealthiest Australians increased by 24% in 2020 to $424 billion despite the COVID-19 pandemic.
During the COVID-19 pandemic, Australia’s rich have become more affluent. Australian mining magnate Gina Rinehart has once again topped the AFR rich list 2020, having seen her wealth double in just one year. Ms Rinehart’s personal wealth stood at $28.89 billion, up by 109% over the previous year.
Top five names from AFR’s 2020 rich list
- Gina Rinehart- $28.89 billion
- Andrew Forrest- $23 billion
- Anthony Pratt & family- $19.75 billion
- Hui Wing Mau- $18.06 billion
- Mike Cannon-Brookes- $16.93 billion
Gina Rinehart gets back on top of the Rich List
Gina Rinehart is well-known in the Australian mining and agricultural industries. She is also a leading figure in the country’s Olympics efforts and has received the rare honour of an order of merit from the Australian Olympic organisation for her contribution.
Her wealth jumped 109% year-on-year from $13.8 billion to $28.89 billion. The sharp increase was aided by robust iron ore demand from China.
Ms Rinehart’s residence in Perth’s Dalkeith comprises three properties in a cluster, a strip of land next door as well as an adjoining empty block that is for sale with a $9 million price guide.
Besides, she owns two adjoining riverfront properties in Brisbane’s Hawthorne of almost $18 million bought in 2014.
Andrew ‘Twiggy’ Forrest was second on the AFR list for 2020. Mr Forrest has a personal net worth of $23 billion. The former CEO of Fortescue Metals lately bought R.M. Williams and witnessed his wealth increase as much as $500 million in just seven days.
According to AFR, Forrest’s wealth almost tripled, rising from $7.99 billion to $23 billion, rising him from 8th spot to second.
Anthony Pratt, the Executive Chairman of Visy Industries, and his family are at the third position with a combined net worth of $19.75 billion.
The collective net worth of the Top 200 wealthiest Australians rose by 24% to $424 billion in 2020, despite the COVID-19 pandemic, which has affected the world economy. Australia now has 104 billionaires. Seven out of the list of 104 have a net wealth exceeding $10 billion.
(NOTE: Currency is reported in Australian Dollar unless stated otherwise)