Rinehart’s staggering increase in wealth
Mining magnate Gina Rinehart is still Australia's richest person, having doubled her wealth to $29 billion in the past year.
Ms Rinehart topped the Australian Financial Review Rich List for 2020.
Her wealth, which jumped 109 per cent year-on-year, has been bolstered by strong iron ore demand from China. Just 12 months ago, the head of WA company Hancock Prospecting was worth $13.8 billion.
Second on the list for 2020 was Andrew 'Twiggy' Forrest, boasting a personal net worth of $23 billion.
The former CEO of Fortescue Metals recently purchased R.M. Williams and saw his wealth grow as much as $500 million in just one week.
Executive chairman of Visy Industries, Anthony Pratt, and his family, came in third with a combined net worth of $19.75 billion.
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Property tycoon Hui Wing Mau came in next with more than $18 billion, and the youngest in the top five, 40-year-old tech entrepreneur Mike Cannon-Brookes, co-founder of Atlassian, came in fifth place with a personal net worth of almost $17 billion.
The top 200 richest Australians increased their collective wealth by 24 per cent in 2020 to $424 billion, despite this year's pandemic which ravaged the economy.
"It's been one of the most turbulent years the Rich List team have ever encountered," AFR Rich List co-editor Julie-anne Sprague said.
"At the start of the pandemic many of the fortunes of the nation's wealthiest were crumbling, but they have proven to be exceptional business builders.
"They have taken advantage of shifting demands within the economy, driving overall wealth to new highs."
Australia now has 104 billionaires, including seven people with wealth exceeding $10 billion.
AFR'S RICH LIST 2020
1. Gina Rinehart - $28.89 billion
2. Andrew Forrest - $23 billion
3. Anthony Pratt & family - $19.75 billion
4. Hui Wing Mau - $18.06 billion
5. Mike Cannon-Brookes - $16.93 billion
Originally published as Ginehart's staggering increase in wealth