The combined wealth of Australia’s 50 richest people has climbed nearly 10% to A$243 billion ($152.92 billion) in the past 12 months, Forbes said on Thursday, with mining magnate Gina Rinehart topping the list again.
Forbes said technology executives capitalised on the sector’s continued growth, while mining fortunes were bumpier in the last year due to falling commodity prices and rising costs.
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Gina Rinehart poses in Western Australia in this undated handout photo obtained January 23, 2018. Photo by Reuters |
Rinehart, who controls Hancock Prospecting, saw a 4% decline in her wealth to A$29 billion but retained her title as the country’s richest person.
Her purchases in the past year included the energy assets of troubled mining firm Mineral Resources, whose founder Chris Ellison dropped off Forbes’ 2025 list following decade-long tax evasion scandal.
Rinehart has been lobbying Australia’s centre-left Labor government and its conservative coalition to adopt industrial and resource policies inspired by U.S. President Donald Trump in the lead-up to a national election due by May.
She has also been pictured at Trump’s election victory party.
Property tycoon Harry Triguboff reclaimed the second spot after a five-year gap, with his net worth rising to A$18.8 billion.
Forbes said strong demand for rental housing in Australia allowed Triguboff’s Meriton Group to expand its build-to-rent residential portfolio with a slate of new constructions in the past year.
Atlassian co-founders Mike Cannon-Brookes (A$18.3 billion) and Scott Farquhar (A$17.9 billion) saw the largest gains, adding over A$4 billion each as shares of their software firm surged.
Andrew Forrest rounded out the top five, after Fortescue Metals Group’s stock tumbled by more than a third, cutting his wealth by A$5.4 billion to A$16.1 billion.
