She has appeared every year since, and became a billionaire in 2006. In June 2011, Citigroup estimated that she was on course to overtake Carlos Slim, the Mexican magnate worth US$74 billion and Bill Gates, who is worth US$56 billion, mainly because she owns her companies outright. [56] Gina Rinehart was appointed to run the trust until the youngest of her four children, Ginia Rinehart, turned 25 in 2011. [41] Rinehart had acquired a 50% stake in Liveringa and Nerrima Stations in 2014 for A$40 million in 2014. Using a price-to-earnings ratio of 11:1 that applied at that time to her business partner, Rio Tinto, the Australian internet business news service, SmartCompany, stated: "It is possible to see Rinehart's portfolio of coal and iron ore production spinning off annual profits approaching US$10 billion", giving her a "personal net worth valuation of more than US$100 billion". [59] The action sought to remove Rinehart as sole trustee. She also was ranked the world's seventh richest woman, with Alice Walton, daughter of the founder of US retail giant Walmart, taking out the top spot with her $US42 billion fortune. Gina Rinehart relied on two deeds signed in 2006 and 2007 which purported to confer broad releases on her two children in exchange for financial benefits granted to them. The company's remaining shares were transferred to a trust for her four children. “It could not have been understood by the parties to the deeds that any challenge to the efficacy of the deeds was to be determined in the public spotlight.”, Bianca Rinehart leaving Federal Court in 2015. Gina Rinehart will take the battle with her children over mining royalties behind closed doors after the High Court agreed on Wednesday that it should not be heard "in the public spotlight". The mining mogul's children were among 10 Australians making their debut on the list, which boasted a record 2208 billionaires whose combined net worth hit US$9.1 trillion. Rinehart is Chairman of Hancock Prospecting, a privately-owned mineral exploration and extraction company founded by her father, Lang Hancock. "Various arbitration proceedings have been commenced as mandated by the deed in order to determine the issue.". [36][37], In 2015, Rinehart was listed as the 37th most powerful woman in the world by Forbes; a decline from her 2014 and 2013 rankings as the 27th and the 16th most powerful woman, respectively. [5], After the death of her father in March 1992, Rinehart became Chairman of Hancock Prospecting Pty Limited (HPPL) and the HPPL Group of companies. Amazon founder Jeff Bezos took out the top spot with a $US112 billion fortune, ahead of Bill Gates ($US90 billion) and Warren Buffett ($US84 billion). Gina retained her ranking of 69 on the global list of billionaires thanks to her US$17.4 billion fortune, which has swelled by more than US$2 billion in the past year following a lift in iron ore prices. Rinehart's net worth dropped significantly over the following few years due to a slowdown in the Australian mining sector; however her fortune remains immense. Gina Rinehart criticises her children for what she says is a lack of appreciation for her efforts to secure trusts for them ‘as they should’ – link to video. Gina Rinehart married twice. It means there are unlikely to be any more damaging headlines around the substantive claim by John and Bianca that Mrs Rinehart was guilty of unconscionable conduct in the management of two family trusts set up by her father, Lang Hancock. Follow SBS News to join in the conversation and never miss the latest live updates. Europe must be selective with lockdowns: ECB officials warn. Mr Forrest and wife Nicola's Minderoo Foundation gave away a record $400 million to charitable causes including cancer research and anti-slavery campaigns in 2017. Musician-turned-tech entrepreneur Richard White and Cotton On founder Nigel Austin were among the wealthiest new Aussie entrants with estimated fortunes of US$1.6 billion and US$1.4 billion respectively. Elsewhere among the 43 Australians on the list, iron ore magnate and philanthropist Andrew "Twiggy" Forrest took a tumble down the rankings as his fortune slipped by about US$1 billion to US$4.4 billion. When Rinehart took over Hancock Prospecting, her total wealth was estimated at A$75 million. He joined the Sydney Morning Herald in 1999 as its technology editor. [14][60][61], In an agreement reached between the parties, the Court granted an interim non-publication order in September 2011. “It is clear that the arbitral clauses, construed in context, include as their subjects the validity claims,’’ the court said in a statement. In the 2010s, Rinehart began to expand her holdings into areas outside the mining industry. The company highlighted the fact it is "among the ranks of Australia's largest corporate taxpayers", with federal and state taxes exceeding $1 billion for the first time this year, at $1.14 billion. [48][49], Since 2010 Rinehart has been actively promoting the cause of development of Australia's north and has spoken, written articles and published a book on this topic. Gina Rinehart", "Down $6b but Gina Rinehart remains richest Australian in BRW Rich 200", "2018 AFR Rich List: Who are Australia's richest people? [30] In February 2012 she increased her stake in Fairfax to over 12 per cent, and became the largest shareholder of the company. They had two children, John and Bianco before divorcing in 1981. Mr White's software company WiseTech Global, which has 7000 customers in 25 countries, has seen its share price soar since listing on the ASX in 2016, thanks to a series of acquisitions and higher earnings. During 2012, BRW claimed Rinehart was the world's richest woman, surpassing Wal-Mart owner Christy Walton.[71].
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