- Write by:
-
Friday, October 30, 2020 - 12:26:16 PM
-
530 Visit
-
Print
Mining News Pro - Pilbara iron ore mining magnates Gina Rinehart and Andrew Forrest have taken the top two spots in The Financial Review Rich List in 2020.
Rinehart’s worth shot up by 109 per cent compared with last year’s list, to a record $28.89 billion, cementing her as Australia’s richest person.
Forrest is now worth $23 billion, up from $7.99 billion on last year’s list, as he, Rinehart and other iron ore miners bask in a surge in demand for iron ore from China as the nation progresses infrastructure projects.
A total of 12 rich listers had direct exposure to Western Australia’s mines, doubling their collective wealth to almost $80 billion.
Western Australia increased its billionaires to 21 from 19 last year, reflective of its industries flourishing despite the COVID-19 pandemic.
Mining was also responsible for Tasmania welcoming its first billionaire in 2020, as Elphinstone Group mining services company founding owner Dale Elphinstone increased his wealth from $814 million to $1.08 billion.
The Financial Review described 2020’s Rich List as “one of the most turbulent years the Rich List team has ever encountered.”
“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,” Rich List co-editor Julie-anne Sprague said.
“They have taken advantage of shifting demands within the economy, driving overall wealth to new highs.”
Australia’s top five richest people was rounded out by Rinehart, Forrest, manufacturing billionaire Anthony Pratt (worth $19.75 billion), property giant Hui Wing Mau ($18.06 billion) and technology chief executive Mike Cannon-Brookes ($16.93 billion).
Short Link:
https://www.miningnews.ir/En/News/606779
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
Iron ore’s reset to around $100 a ton is indicative of a broader reshaping of China’s commodities markets that favors ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
Nippon Steel intends to pursue its proposed acquisition of US Steel and wants its “deep roots” in the United States to ...
Nigeria will only grant new mining licences to companies that present a plan on how minerals would be processed locally, ...
No comments have been posted yet ...