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).

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Netflix NT drama series Territory to debut in October

Netflix NT drama series Territory to debut in October

Netflix is set to launch its next blockbuster Australian drama seri...

American Express to pay $8m fine over inappropriate targeting of co-branded David Jones credit cards

American Express to pay $8m fine over inappropriate targeting of co-branded David Jones credit cards

American Express Australia (Amex) has been ordered to pay an $8 mil...

Results from Juukan Gorge show 47,000 years of Aboriginal heritage destroyed in mining blast

Results from Juukan Gorge show 47,000 years of Aboriginal heritage destroyed in mining blast

Aboriginal and Torres Strait Islander readers are advised this arti...

From Michael Hill to Adore Beauty, retailers rise on positive sales results

From Michael Hill to Adore Beauty, retailers rise on positive sales results

A handful of retailers including jeweller Michael Hill Internationa...