When people dream of the global elite, they often imagine the richest, most successful members of the upper echelon of society. Yet what many people don’t understand is that there’s more to being rich than just having a large amount of money. It’s also about what you do with your wealth—so in this post, we’ll explore how Australia’s richest woman Gina Rinehart spends her riches.
She famously told Australians to stop becoming jealous of her wealth and “spend less time drinking, or smoking and socializing.”
Rinehart has a unique perspective on wealth. In 2010, she famously told Australians to stop becoming jealous of her wealth and “spend less time drinking, or smoking and socializing.”
In response to a question about the mining tax, Rinehart said that she was disappointed in Australia’s economy because it didn’t have enough wealthy people who could invest in new businesses. Instead, she said that the majority of Australians were living off the government and “drinking or smoking and socializing.”
Rinehart’s father Lang Hancock left her a fortune when he died in 1992.
Australia’s richest woman Gina Rinehart is often described as the richest person in Australia.
She’s the 140th richest person in the world, with a net worth of $17.4 billion (£11.4bn).
Her father Lang Hancock left her a fortune when he died in 1992. He was a mining magnate and one of Australia’s most famous entrepreneurs, who built up more than 20 companies over his lifetime including gold mining firm Hancock Prospecting Pty Ltd (HPPL), which Gina inherited along with full ownership of West Australian Newspapers Holdings Ltd (WAN).
The mining magnate is the richest woman in Australia, with a net worth of $11.7 billion.
The mining magnate is the richest woman in Australia, with a net worth of $11.7 billion, according to Bloomberg. She ranks as the 140th richest person in the world and is one of only two Australian billionaires on Forbes’ list of 100 Richest People in Technology (the other is Andrew Forrest). Her wealth has grown steadily since 2013 when it was estimated at $5 billion; this year she overtook L’Oreal heiress Liliane Bettencourt to become France’s wealthiest person.
Rinehart’s company Hancock Prospecting Pty Ltd owns more than 18 percent of Hancock Coal Limited, which operates coal and iron ore mines across Australia and employs more than 6500 people. The company also owns cattle stations that cover an area larger than Belgium—a total area about half that size again of Belgium! In 2017 Gina made headlines when she told ABC Radio National host Fran Kelly “No”: her father never discussed his time working for BHP or how much money he made from being involved in their operations—a claim disputed by historian Don Watson who wrote an article titled Gina Rinehart: Australia’s Billionaire Philanthropist?
Since her father died, Gina Rinehart has more than tripled her fortune.
After her father’s death, Gina Rinehart inherited his estate and several mining assets. The most valuable of these assets were the Hope Downs mines in Western Australia, which had been jointly developed by Hancock Prospecting and Rio Tinto (RTP).
Gina Rinehart bought out Rio Tinto’s stake in Hope Downs in order to take full control of the business, then struck a deal with Peabody Energy Inc. (BTU) to sell half of its coal from the mine for $5 billion USD. In August 2010, Gina Rinehart sold her remaining stake in Hancock Prospecting for about US$4 billion USD to Alpha Coal Investment Holdings Pty Ltd., which she founded four months prior to acquire shares from Rio Tinto Group Ltd., Mitsubishi Corp., Sinosteel Group Co., China Shenhua Energy Co.; Coal India Limited and Buru Energy Limited will also be buying into the company soon after it was listed on stock exchange under public ownership
Forbes estimates Rinehart’s net worth at about $11.7 billion, making her the wealthiest woman in Australia and the 140th richest person in the world.
Forbes estimates Rinehart’s net worth at about $11.7 billion, making her the wealthiest woman in Australia and the 140th richest person in the world. She is also considered to be the richest person in Australia and one of the richest people in the world.
Rinehart has increased her fortune from $3 billion to $11 billion
Gina Rinehart, Australia’s richest person and the 140th richest person in the world, is worth $11 billion. That’s a lot of money. How did she get it?
For one thing, her father gave her a huge chunk of his fortune when he died in 1992—a whopping $1 billion (see: Black Sheep Inheritances). Then there were two other inheritances from other relatives that added up to another $2 billion (see: What Happens When You Die?). But all together, she has increased her fortune from $3 billion to $11 billion.
Conclusion
Let us also take a moment to remember that Gina Rinehart is just one of Australia’s richest individuals, and we have yet to explore the spending habits of other billionaires on our list. Stay tuned for more updates soon, as we continue to unearth the mysteries behind Australia’s wealthiest people.
