Asia-Pacific News

Australia's rich don't always get richer

May 27, 2009, 9:25 GMT

Sydney - It cost much less to get on this year's list of the richest Australians. Plunging stock markets and asset write-downs resulted in 28 fewer billionaires than there were in 2008, business magazine BRW reported Wednesday. Hardest hit was iron ore tycoon Andrew Forrest, down from being the nation's wealthiest man 12 months ago to eighth place in the BRW Rich 200 List, after seeing 7 billion Australian dollars (5 billion US dollars) in personal assets evaporate. Top of the pile was Richard Pratt, the head of the global Visy cardboard empire, with 4.3 billion Australian dollars. Westfield founder and shopping mall mogul Frank Lowy was second followed by property tsar Harry Triguboff. Mining go-getter Gina Rinehart remained the country's richest woman, despite losing 4.3 billion Australian dollars from her treasure chest. BRW editor Sean Aylmer said the stunning statistic was 'just how much money' - 25 billion Australian dollars - was knocked off the combined net worth of the Top 200.

Asia-Pacific News

Australia's rich don't always get richer

On the Web

Your Talkback on this Story

Similar articles

Latest Headlines in Asia-Pacific

Older Talkback

Like M&C on Facebook

Viral Web

In Monsters and Critics

Corporate

The Fine Print