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# 50 Gina Rinehart $27.4B

Random fact: Father's lobbying to overturn iron ore export ban took 10 years.


Rinehart is chairman of Hancock Prospecting, a closely held company that owns stakes in and collects royalties from iron ore mines. The West Perth, Australia-based company's assets include the Roy Hill mine, which began production in 2015. Hancock also has investments in agricultural properties across Australia.

As of :
Last change -$582M ( -2.1%)
YTD change +$3.43B ( +14.3%)
Biggest asset Hancock Prospecting
Country / Region Australia
Age 68
Industry Commodities
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Gina Rinehart's net worth of $27.4B can buy ...

troy ounces of gold
barrels of crude oil

... and is equivalent to ...

of the GDP of the United States
of the total wealth of the 500 richest people in the world
of the top 100 U.S. college endowments
of the top 200 U.S. executives’ total awarded compensation
of U.S. existing home sales
times the median U.S. household income

Latest News

Net Worth Summary

Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Rinehart's fortune is derived from her control of Hancock Prospecting, a closely held mining business.

The group is the holding vehicle for most of her family's business interests. These include royalty rights that guarantee less than 1.25% of the annual revenue generated by some of the Hamersley Iron ore mines operated by publicly traded Rio Tinto.

The closely held company has a 50% interest in the Hope Downs mine in a joint venture with Rio Tinto, and undeveloped coal projects in Queensland.

The business is valued using its reported financials for the year ended June 30, 2021, and the average enterprise value-to-sales and price-to-book value multiples of two publicly traded peer companies Rio Tinto and Vale.

Livestock held by the group is valued separately based on the value disclosed in Hancock's financials results.

A liability is included to reflect the provision for dividend payments to a family trust. The dividends cannot be paid until the dispute is resolved, according to an Oct. 31, 2019 statement from the company.


Family: Widowed, 4 children

Gina Rinehart is chairman of Hancock Prospecting, a company founded by her father Lang Hancock. In 1952, two years before she was born, Hancock, a pastoral farmer and bush pilot, flew over the outback in a small plane and while dodging a storm spotted a deep red color on the walls of a Pilbara river gorge. He suspected the scarlet streams of rock that ran for miles were oxidized iron.

Hancock explored and collected ore samples that he later found were superior to that used in US steel mills, but at the time, the government claimed Australia's mineral resources were limited and had banned iron ore exports. He lobbied to lift the ban and staked claims to the richest deposits, striking a deal with Rio Tinto in the 1960s that entitled him to a perpetual royalty stream for some of the iron ore mined in the Pilbara. He also promoted cross-country railways to ship ore and coal, and pushed the development of ports on both sides of the country.

Rinehart assumed control of the business when her father died in 1992. The estate she received was bankrupt and, in her early years as chairman, growth opportunities were limited because many of the assets had already been sold or mortgaged. She secured new exploration licenses in 1993 and began drilling to determine the feasibility of a new mining project called Roy Hill. When China's economy began to boom in the mid-2000s, demand and prices for iron ore rose, and by 2010 she’d attracted investment from South Korean steelmaker POSCO to help develop Roy Hill. The operation made its first shipments in 2015.

Rinehart expanded into media and agriculture, more recently reducing her interests in one and increasing them in the other. She resigned from the board of Ten Network Holdings in 2014 and the following year sold a 15% stake in newspaper business Fairfax Media. The sale of S Kidman & Co, Australia’s biggest agricultural property, to Rinehart and a Chinese partner, was approved by the Australian government in December 2016. The A$386.5 million ($290 million) deal included pastoral leases across Western Australia, the Northern Territory, Queensland and South Australia.

A dispute erupted with two of her four children in 2012 concerning a family trust, which received widespread attention in the local media. She was accused of secretly pushing back the vesting date of the trust -- which holds 23.5% of Hancock -- and of acting with "gross dishonesty," according to a March 2012 media report. The case, which involved issues of control and capital gains taxes, ended in 2015 when the New South Wales Supreme Court appointed one of her daughters as trustee.

  • 1952 Father Lang Hancock spots oxidized iron from his plane.
  • 1954 Georgina born in Perth to Hancock and wife Hope Margaret Nicholas.
  • 1973 Gina Hancock marries Greg (Milton) Hayward. They have 2 children.
  • 1982 Gina marries Frank Rinehart. They later have 2 children.
  • 1985 Hancock, then 76, marries his housemaid Rose Lacson, 36.
  • 1992 Rinehart starts legal action vs. ex-stepmom over dad's death, estate.
  • 2015 Loses legal battle with two children over family trust.
  • 2015 Rinehart sees first shipment of iron ore leave Roy Hill mine.