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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