BRW announces 2013 BRW Rich 200; Gina Rinehart remains Australia’s richest woman; #2 is Frank Lowy and coming in at #3 is James Packer

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RICH 200_Cover final 2013.jpgAfter riding the resources boom into the top spots of the Rich 200, the country’s mining magnates have taken hits to their wealth in 2013 and allowed some BRW Rich List veterans to take starring roles in the 30th anniversary edition of the BRW Rich 200.

 

The biggest fall has been felt by the richest Australian of all time: Gina Rinehart. Rinehart retains her firm grip on the top spot despite the fall in her wealth to $22.02 billion from $29.17 billion last year.

All of the five biggest falls on the 2013 BRW Rich 200 (on both dollar value and proportional bases) are from the mining sector.

 

Among them are Fortescue Metals Group’s Andrew Forrest, who is down $2.23 billion to $3.66 billion and political aspirant Clive Palmer, down to $2.2 billion from $3.85 last year.

Says Andrew Heathcote,Rich 200 editor: “It’s been a tough year for the miners, with falling commodity prices and concerns about the Chinese economy weighing heavily. But strong equity markets have allowed some of the best-known members of the list to boost their fortunes and regain some ground on the miners.”

 

A former number one, Frank Lowy, moves from third last year to second on the 2013 BRW Rich 200 after gaining about $400 million. His $6.87 billion valuation is underpinned by some modest growth at his shopping centre business Westfield Group.

 

One of the big movers on this year’s BRW Rich 200 is James Packer. His wealth has risen to $6 billion from $5.21 billion on the back of strong growth in his gambling interests taking him to the #3 spot.

 

Anthony Pratt has had another good year at #4 on the BRW Rich 200. The family-owned flagship business Visy continues to achieve strong results here and Pratt’s US-based box making business Pratt Industries is growing quickly.

 

Last year’s number two, Ivan Glasenberg – CEO of Glencore Xstrata – falls to fifth spot on the BRW Rich 200 this year. His wealth is down to $5.61 billion from $7.40 billion last year.

 

Thirty-year list veteran Harry Triguboff has boosted his wealth to $4.95 billion from $4.85 billion last year. He is ranked #6.

 

The highest ranked debutant this year is Chinese-based property developer Hui Wing Mau whose $4.82 billion fortune pushes him into 7th position on the 2013 BRW Rich 200. Mau is chairman of the Hong Kong-listed Shimao Group and has built a property empire on the back of China’s property boom.

Hui Wing Mau is reflective of a growing trend on the Rich 200.

Says Heathcote: “The 30th Rich 200 provides an opportunity to look back at how the list has changed and one of the clear trends is that Australian wealth has become more global.

“There are 16 members of the list based overseas and, as always, the Rich 200 features many great migrant stories, with members who were born in Nepal, China, Malaysia and throughout Europe.”

 

John Singleton, whose ugly spat with horse trainer Gai Waterhouse has created weeks of headlines, has finally got some good news. He is up $35 million on last year to $355 million and #135 on BRW’s Rich 200.

 

The most notable departure from this year’s list is Nathan Tinkler. This year, he falls below the $235 million cut-off for the Rich 200.

 

There are 14 women on this year’s Rich 200. Yenda Lee, from the Bing Lee retail empire, joins the BRW Rich 200 after previously appearing on BRW’s Rich 50 Families list.

In the 30th anniversary year, BRW’s editorial team reviewed the combined list of brilliant business people – 977 names – who have qualified for the Rich 200 over the past three decades to choose the greatest entrepreneur: Kerry Stokes.

Best known for his role as chairman of the Seven Network, Stokes is one of only 19 business people to feature on every list since 1984, when his personal wealth was estimated at $30 million. Today, he has a business empire worth an estimated $2.47 billion and the title of Australia’s 12th richest person.

He stands out not just for his incredible rags-to-riches story, but for his ability to pick two of the great trends in Australian wealth in the last three decades: media and mining.

This year, BRW has also compiled the top “30 moments from the past 30 years” of the Rich 200. Kerry Packer features prominently; he dominated the list for many years and built the basis of a family fortune that continues to feature prominently.

 

Top of the “30 Moments List” is Packer selling his Channel Nine stations to Alan Bond in 1987 before regaining control three years later. It was a moment that spawned one of the most memorable lines in the history of Australian business: “You only get one Alan Bond in your lifetime.”

 

Top 5

Gina Rinehart $22.02 b Resources

Frank Lowy $ 7.40 b Property

James Packer $6.00 b Gambling, investment

Anthony Pratt & family $5.95 b Manufacturing, investment

Ivan Glasenberg $5.61 b Resources

Residences

New South Wales 61

Victoria 52

Queensland 28

Western Australia 19

Overseas 16

South Australia 6

Tasmania 2

Australian Capital Territory 1

Industries

Property 52

Services 25

Resources 20

Investment 25

Retail 27

Rural 11

Technology 9

Manufacturing 10

Entertainment 5

Construction 2

Media 5

Transport 3

Wholesaling 2

Energy 1

Biotechnology 1

Telecommunications 2