Rinehart Still Australia’s Richest Despite Losing A Third Of Wealth Due To Plunging Iron Ore Prices, Clive Palmer Drops From Forbes’ 50 Richest List

RTXYABG (1280x906) — A couple looks at the painting 'The Banquet of Gina and Ginia' by artist Warren Lane at the Bald Archy Prize exhibition in Sydney April 6, 2013. The portrait depicting Australia's iron ore magnate Gina Rinehart eating a chocolate cake as her daughter Ginia looks on won the 2013 Bald Archy Prize. REUTERS/Daniel Munoz REUTERS/Daniel Munoz

Despite losing a third of her wealth due to plunging iron ore prices, Gina Rinehart continues to dominate Australia’s 50 richest people, according to the newly released Australia’s 50 Richest List by Forbes. Clive Palmer wasn’t lucky. The list no longer regarded him as a billionaire.

The list said Rinehart’s net worth fell by US$6 billion (A$7.6 billion) because of the tumbling iron ore prices in the world market. Yet, with still US$11.7 billion, she’s still by far richer over her fellow Australian billionaires.

Rinehart isn’t the only one to experience a shedding of her wealth. Even fellow miners Andrew Forrest and Clive Palmer felt it because of the worldwide decline in the demand for steel, particularly in China. However, Palmer’s wealth was so affected that the Forbes Australia’s 50 Richest List eventually dropped him off. His estimated wealth has fallen below US$550 million.

The net worth of Forrest, Fortescue Metals’ founder, likewise shrunk by $US2.1 billion to $US5 billion, only that it wasn’t as much as Palmer’s. Forrest dropped from fifth to tenth on the list.

The massive drop in the wealth of Australia’s richest confirm the effects of the worldwide decline in the demand for steel as well as drop in iron ore prices. Another factor was the depreciation of the Australian dollar against the U.S. dollar. From US$101.15 billion in 2013, Forbes said the collective worth of Australia's 50 richest people was only $US89.3 billion in 2014.

Australia’s richest people