Andrew Forrest named wealthiest Australian in Forbes rich list

Iron ore baron Andrew Forrest has stolen James Packer’s crown as the richest man in the country, after his net worth jumped a massive 149% during the past year backed by rising commodity prices and demand, the latest Forbes Australia’s 40 Richest list reveals.

Other notable entrants include property giant Harry Triguboff with $3 billion and Paul Fudge, who joined the list for the first time after selling an exploration permit to Origin Energy last year for $466 million, with a fortune of $580 million.

The Forbes’ Australia’s 40 Richest list, reveals the total net worth of the top 40 was $48.8 billion, a 45% increase from $33.7 billion last year.

Entrants on the list, which is measured in US dollars, were also helped out by the strong Australian dollar, which has managed to gain about 21% during the last 12 months and currently stands at US90c. Economists suggest low interest rates in the US will keep the dollar strong for some time, giving some promise for the rich.

Frank Lowy, who owns the Westfield retail chain, came in second place with $3.6 billion – a 30% increase from last year’s list. Packer dropped to third with a $3.5 billion fortune, despite an increase from $3.1 billion.

The list features 13 billionaires, including newcomer Michael Hintze at 12th thanks to his $7 billion London-based hedge fund and a net worth of $1.1 billion. Retailer Solomon Lew at 13th with $1 billion after his Premier Investments acquired Just Group.

Retail king Gerry Harvey was once again on the list with his net worth of $1 billion, reaching 11th place.

Other new entrants included horse breeder David Hains at 27th place with $690 million and Aristocrat founder Len Ainsworth at $691 million.

Some on the list have returned after an absence of over 12 months, including real estate investor Lloyd Williams at 35th with $610 million, along with construction entrepreneur Bruno Grollo scraping in at 40th and the reclusive Greg Poche at $700 million in 26th.

The richest woman on the list was once again iron ore giant Gina Rinehart with her fortune gaining 33% to $2 billion, putting her in 7th.

Some entrants have seen their fortunes decline, with media giant Kerry Stokes ranking only 22nd with a $780 million fortune. Real estate investor Stanley Perron saw his fortune drop to $890 million from $950 million due to writedowns, reaching 18th place.

Seven names dropped from the list, including waste management entrepreneur and former billionaire Terry Peabody, with the minimum net worth growing 50% within the last year to $560 million.

Forbes said the list was calculated by including family fortunes. The top 10 were:

1. Andrew Forrest – $US4.1 billion
2. Frank Lowy – $US3.6 billion
3. James Packer – $US3.5 billion
4. Harry Triguboff – $US3 billion
5. John Gandel – $US2.4 billion
6. Kerr Neilson – $US2.2 billion
7. Gina Rinehart – $US2 billion
8. Anthony Pratt – $US1.95 billion
9. Leslie Alan Wilson – $US1.55 billion
10. Lindsay Fox – $US1.5 billion