Forbes magazine reveals its list of Australia’s 10 richest people

The numbers are in and it’s probably no surprise that WA mining and agriculture magnate Gina Rinehart has once again been crowned Australia’s richest person.

But what may come as a shock is that she’s not quite as wealthy as she was last year — or even two years ago — according to Forbes.

The magazine on Thursday estimated her net worth at $US29 billion ($46.2b) — but that was down 4 per cent from $US30.2b last year, and $US30.6b the year before that.

But, then again, Mrs Rinehart does go on the occasional spending spree to expand her privately held Hancock empire, including into markets that expose her to lithium and other electric vehicle battery metals.

She also paid out more than $1.1b for Mineral Resources’ Perth Basin gas assets late last year — just as shares in the Chris Ellison-led miner were tanking as he became embroiled in a tax dodge scandal.

“In recent years, Rinehart has been stepping up investments in natural gas through a series of strategic acquisitions by Hancock Energy,” Forbes said.

“Her purchases included the energy assets of troubled mining firm Mineral Resources, whose founder Chris Ellison is one of three drop-offs from this year’s list.”

Sadly, Ellison didn’t crack the top 50 this year. The last spot on that list was taken by Cotton On founder Frank Austin with a net worth of $US975 million.

Forbes noted that overall it was a bumpier year for mining fortunes that have long dominated the top ranks of Australia’s 50 richest, with iron ore coming off stellar highs and lithium prices still in the doldrums, despite some early signs it could stage a minor recovery.

Coming in next on Forbes’ list was east coast property magnate Harry Triguboff, who reclaimed second spot after a five-year absence with a net worth of $US18.8b, up from $US16.2b last year.

“Amid a strong rental market, Triguboff’s Meriton Group is expanding its build-to-rent residential portfolio with a slate of new constructions,” Forbes said.

Atlassian founders Mike Cannon-Brookes and Scott Farquahar took out the third and fourth spots, respectively, and are both up one spot from a year ago.

Cannon-Brookes is worth $US18.3b while Farquhar falls just short of the bronze with $US17.9b.

They are the biggest gainers on the list this year, adding more than $US4b each to their net worth.

Shares in Atlassian, which says it has 300,000 customers around the world, rose after it reported a one-fifth rise in revenue to $US1.3b in the most recent quarter. The tech company will enjoy even more global exposure this year after it revealed on Wednesday it had become the title sponsor for Formula 1’s Williams Racing.

WA iron ore billionaire Andrew Forrest slipped to fifth spot, which Forbes blamed on a fall in Fortescue’s share price. It’s down almost 31 per cent over the past year.

“His wealth, shared with his estranged wife Nicola, shrank by $US5.4b — more than anyone in the ranks — to $US16.1b,” Forbes said.

Rounding out the top 10 were:

• Canva founders, and husband and wife team, Cliff Obrecht and Melanie Perkins at sixth with $US11.5b;
• WiseTech’s Richard White with $US10.1b at seventh, despite a rough year for the tech mogul who has been caught up in a series of legal disputes that have exposed intimate details about his personal life;
• Packaging king Anthony Pratt at eighth with $US8.7b;
• Bianca Rinehart and siblings with $US8b, earning them ninth spot; and
• Property developer Frank Lowy at 10th with $US7.9b.

And just in case all of the above didn’t make you feel even worse about the state of your own personal finances, you’ll be delighted to hear that Forbes reckons the collective wealth of its list of Australia’s 50 richest rose to $US243b — up nearly 10 per cent from a year ago.