Gina Rinehart
Gina Rinehart, chairwoman of Hancock Prospecting. Photo courtesy of Hancock Prospecting |
Mining magnate Gina Rinehart retained the top position but saw her net worth declining 15% to US$24.6 billion amid weaker iron ore prices and mounting regulatory pressures affecting her privately held Hancock Prospecting, according to the latests update by U.S. magazine Forbes.
A longtime rare earths investor, Rinehart raised Hancock’s holding in U.S.-based MP Materials to 8.4% in November.
The daughter of iron ore prospector Lang Hancock took over and revived his struggling company Hancock Prospecting and became its executive chairwoman in 1992.
The company’s flagship holding is the Roy Hill mining project, which began shipping ore to Asian markets in 2015.
Rinehart has since expanded into rare earth minerals and the gas industry. She is also the country’s second-largest cattle producer, with ranching properties spread nationwide.
In Forbes’ annual updates of the world’s richest people, Rinehart’s net worth peaked in 2024 at $30.8 billion.
Harry Triguboff
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Harry Triguboff, managing director of Meriton. Photo courtesy of Meriton |
Harry Triguboff, managing director of property developer Meriton, strengthened his standing as Australia’s second-richest person, with his wealth climbing 20% to $22.6 billion.
His net worth was boosted as his Sydney-based company Meriton Properties stepped up its push into Queensland’s Gold Coast market.
Born in China to Russian parents, he migrated to Australia during his teenage years. He built his fortune by focusing on higher-density housing in Sydney, the country’s largest city, where standalone houses had long been the dominant form of living.
Apartment-focused developer Meriton maintains a major footprint in Sydney and also operates extensively in southeast Queensland.
Triguboff was among the earliest Australian developers to recognize the potential of apartment living at a time when most buyers preferred single-family houses.
Andrew Forrest
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Andrew Forrest, chairman of Fortescue. Photo courtesy of Fortescue |
Mining billionaire Andrew Forrest rose two spots to third place after a share-price gain at iron ore producer Fortescue Metals Group increased his fortune by $4 billion to $20.1 billion.
Optimistic about gold, the chairman of Fortescue more than doubled his interest in Greatland Gold to nearly 19%.
Forrest established Fortescue in 2003, building it into an iron ore heavyweight that is now repositioning itself as a green energy powerhouse.
He and his wife Nicola co-founded the Minderoo Foundation, a philanthropic organization with an AUD9.6 billion endowment that supports causes ranging from gender equality and climate action to Ukraine’s reconstruction.
Forrest and Nicola announced their separation in July 2023 after more than 30 years of marriage.
Cliff Obrecht & Melanie Perkins
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Cliff Obrecht & Melanie Perkins, co-founders of Canva. Photo courtesy of Canva |
Design software firm Canva reached a peak valuation of $42 billion in August, lifting cofounders Cliff Obrecht and Melanie Perkins to fourth place.
The Sydney-based husband-and-wife team now hold a combined net worth of $15.1 billion, up nearly one-third from a year earlier.
The pair launched Canva in Sydney in 2013 with cofounder Cameron Adams, though early investors were skeptical because of the company’s location. The freemium platform has since grown to 260 million monthly active users.
Obrecht and Perkins have pledged to donate more than 80% of their shareholding to the Canva Foundation for charitable purposes.
Anthony Pratt
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Anthony Pratt, chairman of Visy Asia-Pacific. Photo by USDA/Lance Cheung via Wikipedia |
In the fifth place is Anthony Pratt with a net worth of $11.5 billion, up 40% from last year. He serves as executive chairman of Visy Asia-Pacific, a packaging and recycling group.
The business was founded in Melbourne in 1948 by his grandfather and later expanded by his late father, Richard Pratt.
Anthony also owns Pratt Industries, based in Atlanta, which is the largest manufacturer of corrugated cardboard in the United States.
His sisters, Heloise Pratt and Fiona Geminder, are also shareholders in Visy and are billionaires. Pratt donated more than $10 million to President Donald Trump’s 2024 campaign.
Australia’s 50 wealthiest individuals increased their combined fortunes by $11 billion to reach $254 billion this year, helped in part by a 9% rise in the Australian dollar over the past year.
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