12:04 pm May 23, 2012, by Fran Jeffries
The world’s richest woman is from Down Under and she makes $1 million every 30 minutes of every day, according to an ABC News story.
Mining and media magnate Gina Rinehart’s $29 billion fortune surpassed Wal-Mart widow Christy Walton’s cash pile by $3 billion.
Rinehart has capitalized on Australia’s resources boom like no-one else; her wealth ballooning up $18.87 billion in the past year, according to BRW magazine’s annual rich list.
When she debuted on the list after her father’s death in 1992, her net wealth was estimated at $75 million. Since then she’s multiplied that some 386 times.
The ginormous increase flows from foreign investment in new projects, increased production and a recovery in the iron ore price, BRW reported.
And she’s just going to get richer. ”If the demand for natural resources remains strong, additional multi-billion mines are almost inevitable,” BRW Rich List editor Andrew Heathcote said. “There is a real possibility that Rinehart will become not just the richest woman in the world, but the richest person in the world.”
But all that wealth hasn’t inoculated Rinehart from turmoil of the worst kind — within the family.
She’s been fighting a nasty court battle against three of her children over control of some of the family money, but BRW says this has so far had little impact on her personal wealth.
Any advice for Ms. Rinehart?
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