Gina Rinehart, Australia's richest person, added $2 billion to her net worth since May, bringing her total to $35.9 billion, according to the latest Australian Financial Review Rich List. Her private company, Hancock Prospecting, made nearly $20 billion in profit over the past four years, driven by soaring commodity prices.
Fellow mining magnate Andrew 'Twiggy' Forrest also saw his wealth grow, receiving a $1.3 billion dividend from Fortescue Metals Group in September. Mineral Resources managing director Chris Ellison increased his fortune by $600 million, a 32 per cent rise.
The mining sector flourished as demand for iron ore and coal remained strong, with company profits rising by $10.2 billion to $81 billion in the June quarter alone. Energy companies also benefited from the Russian invasion of Ukraine, which pushed up share prices.
In contrast, technology giants suffered heavy losses. Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar each lost about $16 billion, reducing their wealth from $26 billion to $17 million—a drop of over 30 per cent. The company blamed slow growth in paying customers and rising interest rates for the decline.
Ms Rinehart's year was not without controversy. She withdrew a $15 million sponsorship deal with the Australian netball team after indigenous player Donnell Wallam raised concerns about racist comments made by Ms Rinehart's father, Lang Hancock. Ms Rinehart criticised the athletes for 'virtue signalling', saying politics had no place in sport.
