For the sixth year running, Gina Rinehart holds the crown as Australia’s wealthiest individual, according to the 2025 Financial Review Rich List.
Her estimated fortune fell by $2 billion to $38.11 billion, reflecting a challenging year for iron ore prices and the mining sector overall.
The combined wealth of the country’s top 10 richest dropped 9.2 per cent to $202 billion, down from $222 billion in 2024, with mining moguls like Clive Palmer and Nicola Forrest also seeing declines due to the softer commodity market.
Mining and property continue to dominate Australian wealth
Despite recent setbacks, mining remains the largest sector for wealth creation, accounting for $141.3 billion of the total Rich List valuation.
Property follows closely, valued at $125.8 billion. The list’s second-richest is property developer Harry Triguboff, whose net worth rose to $29.65 billion.
Anthony Pratt and family hold third place with $25.85 billion, followed by Scott Farquhar at $21.42 billion and Clive Palmer at $20.12 billion.
Canva founders Melanie Perkins and Cliff Obrecht ranked sixth with $14.14 billion.
The overall number of billionaires in Australia increased to 161 from 150 last year, with New South Wales home to the largest share at 81, followed by Victoria with 55.
Shifting rankings reflect personal and market changes
This year’s list also highlights the impact of personal circumstances on wealth rankings.
Atlassian co-founder Mike Cannon-Brookes fell out of the top 10 amid his separation from Annie Cannon-Brookes, while mining billionaire Andrew Forrest dropped to 11th place, overtaken by his wife Nicola Forrest at ninth.
Female representation on the list edged up slightly, from 41 to 42, with Margaret Dymond, owner of engine oil manufacturer Penrite, the only new female entrant among 10 debutants.
Rich List editor Yolanda Redrup pointed to the growing threshold for entry, with the minimum net worth required now $747 million, compared to just $10 million when the list debuted in 1983.
Among the new faces, fund manager Michael Dorrell, co-founder of Stonepeak, emerged as the highest-valued self-made debutant with $13.9 billion, placing him seventh overall.
The list also features a record 16 billionaires with fortunes exceeding $10 billion.
Meanwhile, media and construction magnate Kerry Stokes boosted his net worth by over $1 billion to $12.7 billion, securing the 10th spot.
Redrup emphasised that behind these numbers lie years of persistent effort and strategic growth, underscoring that becoming a Rich Lister remains a challenging milestone.
The Top 10 (worth a collective $202 billion)
1. Gina Rinehart – $38.11 billion – Mining
2. Harry Triguboff – $29.65 billion – Property
3. Anthony Pratt & family – $25.85 billion – Manufacturing
4. Scott Farquhar – $21.42 billion – Technology
5. Clive Palmer – $20.12 billion – Mining
6. Melanie Perkins and Cliff Obrecht – $14.14 billion – Technology
7. Michael Dorrell – $13.85 – Investment
8. Ivan Glasenberg – $13.3 billion – Mining
9. Nicola Forrest – $12.83 billion – Mining
10. Kerry Stokes – $12.69 – Media
The full Rich List will be available on www.afr.com and will appear in a special edition of The Australian Financial Review Magazine in this Friday’s Financial Review.