How Australia’s Richest Billionaires Made Their Money

Surmounting the challenge of a weaker currency, Australia’s 50 richest tycoons are collectively better off from a year ago. They added $9 billion, or around 4%, to take their combined wealth to $222 billion.

Fortunes drawn from iron ore, an export mainstay, remain unshakeable at the top. Mining magnate Gina Rinehart held onto her long-standing position as the country’s richest person, though her wealth dipped slightly to $30.2 billion. In recent months, Rinehart has been busy dealmaking to expand her interests in lithium, the metal used in EV batteries.

In second place with $21.5 billion is mining baron Andrew Forrest, who, in keeping with his green agenda, has reportedly committed to producing 14 gigawatts of clean energy by 2030. Forrest’s wealth is now listed as a family fortune to reflect the interests of his wife Nicola, from whom he separated last year. A month before their split, they donated Fortescue shares worth $3.4 billion to their foundation.

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