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Summary
- Gina Rinehart has topped the AFR Rich List for the second year in a row, aided by surging iron ore price.
- In the last two years, Mrs Rinehart has more than doubled her net worth, which currently stands at a whopping AU$31.06
- The mining magnate is also the biggest landholder in Australia, owning approximately 9.2 million hectares of land.
The Australian Financial Review (AFR) announced the 39th edition of Australia’s Rich List last week, with miners cementing their way at the top. Ms Gina Rinehart, for the 2nd consecutive year, has put on the crown of the wealthiest person in Australia, followed by Mr Andrew Forrest. A boom in the price of iron ore has seen Gina Rinehart and Andrew Forrest retain their respective spots on the 2021 Rich List.
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AFR’s Rich List ranks the 200 wealthiest people in Australia and is released every year. This year witnessed the top 200’s collective wealth rising to new heights during the COVID-19 pandemic.
READ MORE: Australia Rich List 2021: Gina Rinehart grabs the top spot for the second year on the trot
Source: © Ximagination | Megapixl.com
Gina Rinehart - The mining magnate
Gina Rinehart is a prominent figure in the Australian mining and agricultural businesses. Besides, she is an important figure in the country’s Olympics efforts and the leading single non-government contributor to the Olympic efforts in Australian history.
Since joining Hancock Prospecting Group in 1992 as an Executive Chairman, Ms Rinehart has transformed the Company into a successful industry leader and employed several people across Australia’s outback.
Some of her achievements include the mega Roy Hill project development and the exploration and development of four significant iron ore mines at Hope Downs.
ALSO READ: 10 Mining stocks under AU$1.00
Australia’s biggest landholder besides being the wealthiest
With a personal net wealth of over AU$31 billion, the richest Australian is also the country’s biggest landholder. As per Guardian Australia, Ms Rinehart owns over 9.2 million hectares of land or ~1.2% of Australia’s entire landmass.
Despite the enormous landholding, the financials of Hancock Prospecting show that the cattle business is much less lucrative compared to the major source of income of the Company, i.e., iron ore.
DO WATCH: Is Australia’s property market on the cusp of a boom?
Rising iron ore price amid a boom in steel demand – A boon for Ms Rinehart
The increasing iron ore prices, driven by growing demand for steel in China and the uncertainties surrounding Australia-China trade relations, have helped Ms Rinehart add over AU$2 billion to her wealth and retain the top spot.
ALSO READ: Iron ore rally eases on China’s pledge to limit emissions
