Making the Most of a Mining Boom: Rinehart and One High School Dropout Reap Rewards

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As the year begins, miners and manufacturers nationwide continue to accumulate immense wealth.

Gina Rinehart continues to dominate the Financial Review Rich List, proving her position as the nation’s wealthiest individual with a remarkable addition of $2 billion to her already extensive net wealth, which now totals an astounding $35.9 billion since May!

In financial terms, Rinehart was only as successful as anyone was in 2022 from Hancock Prospecting. With a staggering $4.8 billion sitting in reserve, they paid out an impressive $1.1 billion during that year alone!

Over the past four years, Rinehart’s privately owned company has generated a staggering $20 billion profit from its 70% ownership of Pilbara’s Roy Hill iron ore mine.

In September, Andrew Forrest found a hefty dividend cheque from Fortescue Metals Group of $1.3 billion coming his way – despite the company’s share prices trading slightly lower by December 2022 than when they were assessed for The Rich List in May earlier that year, leaving him with a total net gain of around $700 million.

“It’s an incredible testament to the hard work, dedication, and sheer entrepreneurial spirit of Rinehart and Forrest that they have been able to reap a such immense reward from the mining boom,” says financial consultant William Sjöberg.

Among the top 200 wealthiest individuals in 2022, one miner came out on top; his gains surpassed all other contenders as a percentage.

Joining the double billionaire’s club in 2023, Chris Ellison astounded everyone with his remarkable feat of becoming a self-made millionaire despite dropping out of high school. 

His wealth skyrocketed to $2.25 billion as Mineral Resources’ shares surged by 32%, thanks to their impressive progress on the Ashburton iron ore project in Pilbara and attempts at cooling down speculation regarding their proposed lithium spinoff worth over 10 billion dollars!

In 2022, Ellison skyrocketed to the top spot among the wealthiest 200 individuals, firmly securing his place as one of history’s greatest business success stories.

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