AFTER a year in the wilderness, or at least outside the top three, iron ore magnate Andrew “Twiggy” Forrest has been propelled back to pole position on the Australian rich list compiled by US magazine Forbes, knocking mate James Packer from the top spot as resurgent Chinese growth boosted his on-paper worth.
According to Forbes, Mr Forrest’s wealth has jumped to $US4.1 billion ($4.5bn), from $US1.65bn in May 2009, as shares in his company, Fortescue Metals Group, were boosted by strong Chinese demand for iron ore.
Mr Forrest, named by Forbes as the country’s richest man in 2008 with a $US6.6bn fortune, sank to fifth place in 2009 as the global financial crisis buffeted commodities markets and his on-paper wealth.
Mr Packer slipped to third spot on the latest rankings, despite his wealth rising from $US3.1bn to $US3.5bn. Given that the Australian dollar has risen 21 per cent in the period, however, Mr Packer’s Australian dollar wealth slipped from $4.2bn to $3.9bn.
Despite a huge boost in demand for Australia’s major mining exports over the past year, not all of the nation’s wealthy miners performed well.
Seven Network boss Kerry Stokes lost the mantle of billionaire, dropping from ninth place last year to 22nd this year as his fortune slipped from $US1bn to $US780m. According to Forbes, last month’s announcement that Mr Stokes planned to merge Seven with his private Westrac mining truck company revealed an unexpected Westrac debt load of $US900m.
Forbes was also unimpressed by Clive Palmer’s claims to be Australia’s richest man. Some reports have put a value of up to $16bn on his assets. “Palmer told Forbes Asia . . . his assets are worth billions. They could be — one day — but there’s still a lot of uncertainty,” Forbes said.
He was dropped from 29th place to 36th and his wealth valued at $US600m. Last May, BRW named Anthony Pratt and his family as the nation’s richest, with a fortune of $4.3bn.
Forbes, which did not lump family members’ wealth together, put Mr Pratt in eighth position with $US1.95bn.
Illustrating the extent of the turnaround in the nation’s economy and the Australian dollar in the past year, the total net worth of Australia’s 40 richest people jumped 45 per cent to $US48.8bn.
Gina Rinehart remained Australia’s richest woman, and in seventh place on the overall list, with her fortune rising from $US1.5bn to $US2.5bn.
Westfield boss Frank Lowy kept second place as his wealth rose from $US2.8bn to $US3.6bn.
Source: The Australian
