Even if mining magnate Gina Rinehart lost $965 million in 2012 and is no longer the world's richest woman, with $17 billion in her treasure chest, she is still Australia's richest person.

The almost $1 billion cut from her net work was because of declining iron ore prices in the global market, plus a loss from her legal battle with another billionaire, Stan Perron.

The second placer, Ivan Glasenberg, the chief executive of Glencore International, a mining and trading company, has $10 billion less money with an estimated net worth of $6.7 billion.

He is followed by James Packer, with a net worth of $6 billion. Mr Packer's ascent to third place represents the upward movement of gamblers over miners. Mr Packer owns Crown Limited, a casino empire.

Here are the remaining 47 other wealthiest Australians.

4. Frank Lowy - $5.3 billion

5. Andrew Forrest - $4.8 billion

6. Harry Triguboff - $4.6 billion

7. Anthony Pratt & family - $4.5 billion

8. John Gandel - $3.5 billion

9. Kerr Neilson - $2.5 billion

10. Paul Ramsay - $2.4 billion

11. David Hains - $2.3 billion

12. Stanley Perron - $2.1 billion

13. Kerry Stokes - $2 billion

14. Lindsay Fox - $1.95 billion

15. Leslie Wilson & family - $1.6 million

16. Michael Hintze - $1.55 billion

17. Leonard Bukeridge - $1.4 billion

18. Langley Walker - $1.20 billion

19. Solomen Lew - $1.16 billion

20. Robert Ingham - $1.15 billion

21. John Van Lieshout - $1.04 billion

22. Len Ainsworth - $1.03 billion

23. Paul Salteri & family - $1 billion

24. Raymond Barro & family - $990 million

25. Alan Rydge - $980 million

26. Robert Ell - $960 million

27. Robert Oatley - $940 million

28. Gerald Harvey - $930 million

29. David Teoh - $910 million

30. Angela Bennett - $900 million

31. Clive Palmer - $900 million

32. Maurice Alter - $890 million

33. Brett Blundy - $840 million

34. John Kahlbetzer - $820 million

35. Richard Smith - $790 million

36. Morry Fraid & family - $780 million

37. Paul Little - $780 million

38. Chris Wallin - $780 million

39. Terry Snow - $760 million

40. Bruno Grollo & family - $740 million

41. Gregory Poche - $740 million

42. Bruce Mathieson - $730 million

43. Reg Rowe - $720 million

44. Ralph Sarich - $710 million

45. John Grill - $700 million

46. Lloyd Williams - $700 million

47. Con Makris - $660 million

48. Christopher Morris - $640 million

49. Travers Duncan - $630 million

50. Bruce Gordon - $620 million

Ousted from the list, who was in 26th place in 2011, is miner Nathan Tinkler whose fortune dwindled down from $801.27 million. He was on the brink of becoming a billionaire in 2012 after the merger of his Aston Resources with Whitehaven Coal, but like iron ore, coal prices also dipped, causing a drop in Mr Tinkler's ranking. Because of his debt of $700 million, he is fending off various creditors and has lost his company jet.

Besides her wealth, Ms Rinehart creates controversy when she speaks because of her advice to Aussies how to become rich.

Ordinary Aussies dismiss her ideas because they are aware that her wealth was mainly inherited from her rich dad, Lang Hancock, although she has done her part in further growing the family empire now being threatened by her celebrated legal feud with three of her estranged adult children.

RELATED STORIES