Mining magnate Gina Rinehart has once again claimed the top spot on The Australian Financial Review’s 2025 Rich List, marking her sixth consecutive year as the nation’s wealthiest individual. Despite a slight decline in her net worth to $38.11 billion—down six per cent from the previous year—Rinehart’s mining empire continues to dominate the Australian resources sector.
The dip in Rinehart’s fortune can be largely attributed to fluctuations in global iron ore prices, which temporarily dented the valuation of her flagship company, Hancock Prospecting. However, the financial year data reveals that the company has remained resilient, posting a robust $14.7 billion in revenue, up from $13.2 billion in FY2023. Profits also saw a notable uptick, rising from $5 billion to $5.6 billion, reinforcing Hancock’s position as Australia’s largest privately-owned mining company.
Strategic Growth Despite Market Shifts
A significant factor contributing to Hancock Prospecting’s enduring success is its diversification strategy and focus on long-term growth. Roy Hill, the company’s 70 per cent-owned iron ore venture, played a critical role by delivering record shipments in 2024, underlining the mine’s capacity to weather pricing volatility while scaling production.
In a bid to future-proof the business, Rinehart has also ventured into the clean energy transition space. Earlier this year, Hancock joined forces with Chilean mining giant Sociedad Química y Minera de Chile to acquire lithium explorer Azure Minerals. The move underscores the company’s intention to capitalise on the growing demand for battery metals, particularly lithium, which is crucial for electric vehicles and renewable energy storage.
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Adding further diversification to its portfolio, Hancock secured two onshore gas assets from Mineral Resources in a deal worth up to $1.1 billion. This acquisition marks a strategic pivot into the energy sector, as demand for domestic gas remains steady in the Australian market.
Sector Titans Continue to Influence the National Economy
Rinehart is not alone in representing mining’s stronghold on the country’s economic elite. Former Glencore CEO Ivan Glasenberg holds the eighth position on this year’s Rich List, with a personal fortune of $13.3 billion. Although he officially retired from Glencore in 2021, his wealth remains closely tied to the multinational commodities giant, where he still holds a significant equity stake.
Australia’s richest woman #Gina_Rinehart has teamed up with Chinese firm #Shanghai_CRED to bid for the the #Kidman&Co offering A$365m Deal. pic.twitter.com/130HWtgbIF
— TorOption (@TorOptionEN) October 11, 2016
Also notable is Nicola Forrest, who made the list at number nine with a net worth of $12.83 billion. Her inclusion this year—despite a substantial 24 per cent drop in her wealth—is linked to the 2024 division of assets following her separation from mining billionaire Andrew Forrest. Nicola retained a sizable stake in Fortescue Metals Group and remains an active director of the couple’s investment vehicle, Tattarang.
The Forrests, along with Rinehart and Glasenberg, continue to highlight the generational wealth and influence entrenched within Australia’s mining dynasties.
Mining’s Enduring Influence on National Wealth
The 2025 AFR Rich List is yet another reminder of mining’s pivotal role in shaping the Australian economy and wealth distribution. While sectors such as technology and finance have made gains in recent years, the resources industry remains a powerhouse, especially in Western Australia, where iron ore, lithium, and gas operations drive billions in annual exports.
The resilience of companies like Hancock Prospecting also demonstrates how traditional mining firms are adapting to changing market conditions. By embracing critical minerals and clean energy opportunities, Australia’s mining elite are not only preserving their fortunes but also positioning themselves at the forefront of the global energy transition.
Industry Outlook
Looking ahead, the performance of major commodities—especially iron ore and lithium—will continue to influence the wealth of mining billionaires. With global demand for electric vehicles and infrastructure surging, critical minerals are poised to offer fresh avenues of growth for companies like Hancock and Fortescue.
However, the industry must also contend with geopolitical uncertainties, regulatory challenges, and environmental scrutiny, all of which could affect valuations and future investment strategies.
Despite these complexities, the message from the 2025 Rich List is clear: mining remains one of the most lucrative and resilient sectors in Australia. As long as companies continue to adapt and innovate, the country’s richest individuals are likely to have dirt—rich in resources—under their fingernails.
