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February 4, 2011
It is almost 20 years since the mining magnate Lang Hancock died. Today his daughter, Gina Rinehart, is officially Australia's richest person and the first woman to hold the position.
While James Packer has diminished his father's fortune, she has far eclipsed hers.
The list of the top-20 richest Australians
While James Packer has diminished his father's fortune, she has far eclipsed hers.
The list of the top-20 richest Australians
The Chinese helped, with their appetite for iron ore. The collapse of James Packer's fortune - though still worth $4.4 billion, and ranked third behind Andrew ''Twiggy'' Forrest - did not hurt either.
But nothing can detract from the fact Mrs Rinehart more than trebled her worth in a year. The US magazine Forbes estimates her fortune at $US9 billion. As much as Silvio Berlusconi's, who ranked a louche 74 on last year's list of world billionaires.
But nothing can detract from the fact Mrs Rinehart more than trebled her worth in a year. The US magazine Forbes estimates her fortune at $US9 billion. As much as Silvio Berlusconi's, who ranked a louche 74 on last year's list of world billionaires.
The University of Sydney economics student - once divorced, once widowed - made almost $700 million in revenue from the first year of her joint venture with Rio Tinto in the Pilbara. In the 2008-09 financial year, Hancock Prospecting made a record $225 million profit - equal, almost, to her father's entire fortune when he died, even after adjustments for inflation.
Recently she has made headlines for her raids on media companies - including on Fairfax Media, publisher of the Herald. More quiet has been the offensive she has lately begun on her father's legacy.
Recently she has made headlines for her raids on media companies - including on Fairfax Media, publisher of the Herald. More quiet has been the offensive she has lately begun on her father's legacy.
Most of his iron ore holdings were lost or sold before she took over, her company says. Royalties from his deal with Rio Tinto went on debts and the deposit now making so much money was then a ''few drill holes'' - the man, when he died, was bankrupt, the company says.
''When Mrs Rinehart became chairman it was very difficult to do the investment and work required with substantial debts and liabilities to pay and even the office building mortgaged,'' Hancock Prospecting said in a recent statement. ''There was no 'inherited money' to fund Hope Downs [deposit]; significant moneys had to be borrowed to do so.''
The dispute bubbled over into a open letter late last year, directed at the journalist Tim Treadgold's suggestion she was riding the ''same flatbed truck'' her father drove.
''Silly attacks on people to divert attention from the real world issues,'' she wrote, ''won't help Australia.''
The net worth of Australia's richest 40 people rose by 40 per cent in the past year, to a combined wealth of $68.4 billion.(sourced:www.smh.com.au)
''When Mrs Rinehart became chairman it was very difficult to do the investment and work required with substantial debts and liabilities to pay and even the office building mortgaged,'' Hancock Prospecting said in a recent statement. ''There was no 'inherited money' to fund Hope Downs [deposit]; significant moneys had to be borrowed to do so.''
The dispute bubbled over into a open letter late last year, directed at the journalist Tim Treadgold's suggestion she was riding the ''same flatbed truck'' her father drove.
''Silly attacks on people to divert attention from the real world issues,'' she wrote, ''won't help Australia.''
The net worth of Australia's richest 40 people rose by 40 per cent in the past year, to a combined wealth of $68.4 billion.(sourced:www.smh.com.au)
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