Andrew Forrest is also seeing his wealth increase rapidly due to soaring iron ore prices, but travel bumps take a hit
Australia’s rich got richer during the coronavirus pandemic, as rising iron ore prices bolstered Gina Rinehart’s wealth and brought her back to the top of the annual rich list of the Australian Financial Review
The total wealth of Australia’s richest 200 people rose 24% over the past year, to $ 424 billion, even as the country slipped into recession and unemployment rose skyrocketing due to pandemic
And iron ore prices, which rose from around $ 80 per tonne at the end of last year to a high of over $ 125 last month, have dramatically increased the wealth of what l AFR has dubbed the « ore-ligarchs » including Rinehart and Fortescue Metals founder Andrew Forrest
Rinehart’s net worth more than doubled from $ 13.81 billion to $ 28.89 billion, taking her from second to first on the rich list while Forrest nearly tripled from $ 7.99 to 23 billion dollars and propelling it from eighth to second place, AFR said
The huge increases in the wealth of the two iron ore tycoons pushed last year’s No.1 – King of Packing Anthony Pratt, to No. 3, although his fortune also increased – from $ 15 57 to $ 19 75 billion
Hui Wing Mau, chairman of Shimao Property Holdings, a real estate developer in mainland China, finished fourth at $ 18.06 billion, down from $ 1039 billion last year
People whose fortunes come from internet shopping also did well in the year of the pandemic, with Nick Molnar, the co-founder of the controversial buy-now-pay-later company Afterpay, passing from 194th on the list last year to 50th this year
However, the shutdown of the tourism, travel and education sectors wiped out the fortunes of some of the mainstays on the list
The owners of the Graham « Skroo » Turner theft center, Bill James and Geoff Harris were exiled from the list for the first time since the early 90s when they were at $ 1.3 billion were stripped of the wealth of Alan Rydge, president of the hotel and tourism operator Event Hospitality and Entertainment
Australia, Gina Rinehart, Australian Financial Review, Financial Review Rich List, Andrew Forrest, Harry Triguboff
World News – UA – Gina Rinehart returns to top of rich list AFR as a pandemic is kind to the ‘ore-ligarchs
SOURCE: https://www.w24news.com
