Australia's Clive Palmer is not the only mining
magnate whose fortune has been hit by tumbling commodity prices. Palmer’s estimated
wealth has fallen below $550 million, the cut off for the latest Forbes
Australia list, as the value of his coal and iron ore assets fell. The plunging
commodity prices have knocked him off Australia’s Top 50 Rich List.
Gina Rinehart’s wealth dropped by $6
billion, however she still remains the country’s richest person with a net
worth of $11.7 billion.
Fortescue Metals founder Andrew Forrest
dropped from fifth to tenth on the list, as his net worth shrunk by $2.1
billion to $5 billion.
Australia’s mining royalty has taken
a hit from a worldwide decline for the demand for steel, particularly in China,
according to Forbes.com. “The drop in iron ore prices and the Australian
dollar’s 6.5 per cent depreciation against the US dollar were among the factors
that impacted many of the richest,” it said. The collective worth of Australia’s
50 richest people was $89.3 billion in 2014, down from $101.15 billion a year
earlier.
A real estate boom, partly driven by
soaring interest in Australian real estate from Asian buyers, boosted the
wealth of property tycoons.
Sydney developer Harry Triguboff
rose to second on the list as his fortune more than quadrupled to $5.6 billion.
Known as “Highrise Harry” for developing more than 60,000 apartments
throughout his career, Mr Triguboff is the founder of Australia’s biggest
apartment builder Meriton.
Westfield shopping centre tycoon
Frank Lowy is the third richest Australian, adding $400 million to his net
worth, to $5 billion.
Casino mogul James Packer is fourth
despite falling revenue from Crown’s Macau casino interests wiping $2 billion
from his net worth.
Ivan Glasenberg, who holds the
biggest private stake in mining giant Glencore, was also hit by the commodity
price downturn, but is ranked fifth with a net worth of $4.4 billion.
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