Clive out but Gina still on top: Forbes Rich List revealed

As Australia’s mining sector continues to struggle, it appears the country’s wealthiest magnates are being hit where hurts: the rich list rankings.

Forbes 2015 Rich List reveals Clive Palmer has fallen off the coveted annual ranking, with his wealth falling below $US550 million ($A708 million).

Meanwhile, Gina Rinehart has maintained the mantle as Australia’s richest person, despite her fortune slipping from $US17.7 billion last year to $US11.7 billion in the wake of falling commodity prices.

Bill Gates has held the title of the world’s richest person, with a net worth of $US78.7 billion. Warren Buffett is not far off Gates’ heels, with a total wealth of $US70.5 billion.

SmartCompany takes a look at the top five Aussies to appear on this year’s list:

1. Gina Rinehart

The slump in iron ore prices wiped $US6 billion of Gina Rinehart’s fortunes this year, although she is still significantly richer than the other Aussies on this year’s list.

But with falling iron prices and an ongoing legal battle with her children, who are seeking 23.5% of the family business, it remains to be seen if Rinehart will hold onto her vast mining empire.

2. Harry Tribugoff

Property mogul Harry Tribugoff, or “High-rise Harry”, was named Australia’s richest man on this year’s list, with $US5.6 billion wealth.

His development company Meriton is Australia’s biggest apartment builder and has capitalised on the development boom and international interest in Aussie property.

3. Frank Lowy

Cofounder of the Westfield Group, which operates more than 100 shopping centres in Australia, New Zealand and the US, retail mogul Frank Lowy is estimated to be worth $US5billion.

Lowy increased his stake in Westfield Corporation in October last year, signalling a bigger focus on taking his shopping mall overseas.

4. James Packer

Casino king James Packer lost about $US2 billion through falling revenue at his Macau casinos last year, but the 47-year-old is still worth a cool $US4.7 billion.

Last year was a turbulent year for the son of late media mogul Kerry Packer, after he was fined $500 for a fistfight outside his Sydney apartment in May.

5. Ivan Glasenberg

Ivan Glasenberg holds the biggest private stake in the world’s biggest commodity trader, Glencore. While diving prices sliced nearly $US2 billion off his fortune last year, the Swedish local is still worth $US4.4 billion.

Glasenberg has his eyes on a merger with Rio Tinto this year, which could see his fortune and rank on next year’s list climb higher.

World’s richest People (wealth in $US):

Australia’s richest people: