PALMER OFF FORBES RICH LIST

PALMER OFF FORBES RICH LIST

GOLD Coast mining magnate and politician Clive Palmer has dropped off Forbes' list of the top 50 richest Australians.

The federal member for Fairfax missed this year's cut-off of $690 million, set by 50th-placed Flight Centre founder Geoff Harris.

Forbes says falling iron ore prices affected Palmer and several others.

"The drop in iron ore prices and the Australian dollar's 6.5 per cent depreciation against the US dollar were among the factors that impacted many of the richest," it says.

Palmer, who donates his political salary to charity, ranked 50th in Forbes' previous list, with an estimated worth of nearly $700 million at today's rates. However, at that time Business Review Weekly estimated his worth at $1.55 billion.

According to Forbes, the collective worth of Australia's 50 richest men and women in 2014 was about $113 billion, down from $128 billion in 2013.

Hancock Prospecting chair Gina Rinehart remains on top of the list, with a net worth of $14.8 billion, followed by property tycoon Harry Triguboff ($7.1 billion), Westfield co-founder Frank Lowry ($6.4 billion), Crown Resorts chair James Packer ($6 billion), and Glencore CEO Ivan Glasenberg ($5.6 billion).

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