Fortescue Metals Group Ltd
(ASX:FMG) chief Andrew Forrest has dropped from the top spot as Australia’s richest person.
Forbes Magazine announced Hancock Prospecting boss Gina Rinehart has now taken the title. Mrs Rinehart is the first woman to be named Australia's richest person.
According to Forbes, her wealth has risen $7 billion in the past year. Mrs Rinehart saw her forture skyrocket to $9 billion last year because of exports to China and rising iron ore prices.
The number of Australian billionaires rose from 13 to 20 in the past year.
Fortescue generated a net profit of $682 million in the twelve months to 30 June 2010.
