US-based magazine Forbes released on Thursday its collection of Australia's richest and listed as number one is mining magnate Gina Rinehart, with a current net worth of $US9 billion.

The distinction effectively makes her the richest woman in the country and her big jump from last year's tally enabled her to get past previous number one Andrew Forrest, now number two and currently worth $US6.9 billion, which is an improvement from his previous net fortune of $US4.1 billion.

Despite his actual worth surge, Forrest was still dethroned by Rinehart as the latter amassed a whopping fortune of $US7 billion in the past year to capture the top position.

Rinehart has an ongoing partnership project with global mining giant Rio Tinto Ltd in Western Australia's Pilbara region, which according to Forbes, was her major money-making machine that more than tripled her $US2 billion worth in 2009 to its 2010 level of $US 9 billion.

As the country's first richest woman, Forbes said that Rinehart's fortunes are only expected to soar with the increasing market prices of iron ore and the accelerated production capacity of Rio Tinto's Pilbara mining sites.

Also, Rinehart is currently developing two coal projects in Queensland that could further push up her personal wealth and spring her way ahead of the others.

Rinehart multiplied the wealth he inherited from his father, Long Hancock, who died in 1992 and over the years she pushed for Hancock Prospecting to invest deeply on the iron ore mining activities in Pilbara, which evidently paid off.

Also sharing the spotlight in the distinguished list are media mogul James Packer at number three with worth of $US4.4 billion, Westfield boss Frank Lowy at number four with worth of $US 4.3 billion and property magnate Harry Triguboff with worth of $US3.4 billion.

Forbes said that Australia now counts 20 billionaires on its richest circle and all the 40 persons listed represent a combined net worth of $68.4 billion, which is a jump of 40 percent from the previous year's collection.