World’s richest woman is no longer a Walton, or even an American

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?

36 comments Add your comment

Barbara Moore

May 23rd, 2012
1:13 pm

Get a good attorney, file an LLC, Living Will, or some other legal-eze documents to pacifiy your children with their own wealth. Then take an extended vacation from all the turmoil; see how the other half contends with these situations. And Good Luck!

What is Wealth?

May 23rd, 2012
1:54 pm

I don’t believe that anyone will ever read this post, but as I don’t really say things like this, this seems to be the only forum for me to ask this question that has been rolling around in my head for years. I am a middle aged 40 year old man, who like everyone else longs to be wealthy. But then I wonder. Who is “richer” a man like myself that earns or inherits millions/billions of dollars and feels the intense joy of getting some of those materialistic things you have longed for all your life, or any other person in the world that feels that same exact level of joy from getting a piece of bread, or a roof to shelter the rain, or someone mentally disabled that feels that same level of joy from a hug or a bit of candy? I believe the feelings, the core emotion and joy is the same in both situations. BUT the person who gets that meal, or candy seems to have more of a constant of this emotion whereas the millionaire soon finds out in most cases that what they previously thought was a strong network of family and friends crumble, and they soon are either replacing their old family and friends with wealthier ones or building a network of people that are basically paid to provide emotional happiness? Possibly a very narrow and naive view but just a thought.

Mark

May 23rd, 2012
2:03 pm

After you have all the money and toys, you can then prove to yourself what you suspected – real wealth, like love, is a state of mind based on the intangible, not the tangible.

say what?

May 23rd, 2012
2:04 pm

Is this the same lady who took control of her children’s trust fund and refuses to give it back. She claims that she does not think they are “fit” to manage their own money. She stated that they are terrible children who think money grows on trees. Well she raised them.

Megawatt

May 23rd, 2012
2:07 pm

Your right WIW. Comes no joy in unearned largess.

Silverchief

May 23rd, 2012
2:10 pm

Adopt Me !!!

Korte

May 23rd, 2012
2:12 pm

Great thought “what is wealth”. I agree. I feel one persons saddest moment is just as equal as another persons saddest moment. E+E=E experience + event = emotion. Experiences are subjective and can be controlled, we for the most part are placed within an event. These alway equal an emotion, happy, sad, angry, etc. The magnitude of the emotion is in my opinion a farce. When people exclaim “i am very happy” is irrelevant. Simply state “I am happy”. Happy is its own emotion. When I see a friend, I am happy. When I get a bonus at work, I am happy. It’s all the same. If “what is wealth” gives me a million dollars, I am extatic. I think many people would be better off if they would be happy with their present state and not allow themselves to think that they need to be “happier” with more money, better toys, hotter spouses, etc. my 2 cents

is that a word?

May 23rd, 2012
2:14 pm

mary

May 23rd, 2012
2:23 pm

Anyone who says there’s no joy in unearned largess has never really had unearned largess. Free money from generous family members is awesome.

DublDawg

May 23rd, 2012
2:34 pm

1. Have the offspring eliminated.

2. Adopt me.

3. Open more mines and sell the output to China and anyone that wants it.

ginormous

May 23rd, 2012
2:39 pm

Wasn’t it added to OED last year? you know, with manscaping, sexting, and OMG?

CT in CP

May 23rd, 2012
2:42 pm

They say money can’t buy happiness, but I’m willing to risk it.

franklamar

May 23rd, 2012
2:46 pm

i think in life we all will have some problems,so knowing that i would rather have the money to go along with the problems.

Sonia Velez

May 23rd, 2012
2:50 pm

I think money does buy happiness but that much money could pose a problem. I am a retired woman who is having difficulty paying for medication or even affording to go to the doctor so I don’t go. My house is going on the auction block next month…..believe me, I do think money could buy me peace of mind at least and happiness in the long run. I believe that having a lot of money could give you an opportunity to help those less fortunate and that in turn makes one happy.

Blah! Blah!! Blah!!!

May 23rd, 2012
3:00 pm

Amen Korte!!!!! I agree 110 %. Life is all about what one makes it, some of the most miserable people in the World are in the top 10 %.

CJ

May 23rd, 2012
3:19 pm

I’m also up for adoption–though, I will be more than happy with a fourth.

Captain Jack

May 23rd, 2012
3:22 pm

Take all you can, give nothing back.

M

May 23rd, 2012
3:35 pm

“Only broke people say money can’t buy happiness.”

~ Floyd “Money” Mayweather

Atlanta Mom

May 23rd, 2012
3:52 pm

The law of diminishing returns applies to money, just as it applies to desserts. It’s good to have some base amount, but after that , it matters less and less.

The Unknown Truth

May 23rd, 2012
3:55 pm

I thought Ann Chambers Cox was worth far more than $29 billion.

What’sthe latest estimate on her?

Carlos

May 23rd, 2012
4:08 pm

Her family made money the old fashioned way – pushing out the aboriginal population and taking advantage of the vast natural resources of the land. Ladies and gentlemen, I present your Job Creators!

redhep

May 23rd, 2012
4:22 pm

Why are we allowed to comment on stupid stories like this, but not on ones that affect our lives the most, such as black on White crime and black corruption in da nastee ATL?

I wonder

May 23rd, 2012
5:30 pm

I wonder why some people always refer back to race.

I wonder if it is because they are deeply saddened with where they are are in their lives and long to blame someone else for their shortcomings.

I wonder if it is because they get a shameful thrill of saying hateful things because they themselves have emotional issues.

I wonder how people go from a topic of rich people to race.

I wonder….

Rick in Grayson

May 23rd, 2012
6:04 pm

Can’t Obama and the Democrats find a way to TAX her? That wealth needs to be re-distributed!
It is blatantly unfair that she should hold such wealth while US citizens who have made a lifetime of bad decisions coupled with a non-existent work ethic should have to suffer the indecencies of welfare.

4xtra

May 23rd, 2012
6:09 pm

what in the WORLD does RACE have to do with this story?
Some of yall make the most stupidest comments online.
I can see why you guys have no friends …..
No one wants to be bothered with you

Crippked

May 23rd, 2012
6:10 pm

Enter your comments here

Crippked

May 23rd, 2012
6:12 pm

PEOPLE WHO HAVE MONEY ARE: THE MORE YOU HAVE THE MORE YOU WANT.
NOT THE MORE YOU NEED. GREED BECOMES AN ISSUE. LOOKS LIKE THE CASE
ABOVE.

resno2

May 23rd, 2012
6:13 pm

Rick in Grayson… give them time. While she is from Down Under, they are our Allies, and some left wing nutjob Congressman will try to pass some kind of bill to penalize her, and take our fair share.

Dr. H.

May 23rd, 2012
7:35 pm

Advice? Have the children killed and then the hitmen killed. Pay the second round of hitmen a nice sum and set them up on plantations in central Africa (or the Australian outback may be a better choice given her home). Really, the happiness brought to you by the power of money is worth far more than any happiness children bring.

Emilia

May 24th, 2012
4:03 am

Now that you are the richest…what next?

Nothing if not investing more and more in other most valuables…

Invest in poor, you can as well be the richest among the poor not only among the riche.

If there isn’t poor in your country there’s in other countries.

Note:
“There is no richest in the mist of the poor”.

A. S. Mathew

May 24th, 2012
8:23 am

The happiest and richest person on earth is a person who can laugh and content in life every day. We all have the wrong assumption that a person worth billions is happy, but 99% of them are totally miserable-swallowing dozens of pills to sleep. The idol of wealth is a man-made or woman-made
diety, it can fly away at any time, and that simply gives us fake scores. If these very rich people could use their wealth to wipe the tears of the crying and hungry world, their wealth can bring them joy and satisfaction in life. How many trillions have disappeared from the world now? If the current economic crisis can’t teach us certain valuable spiritual lessons of the reality of life, then we are totally blinded. When I watch the miserable faces of some of the rich friends I have, now I feel like I am richer than them, with far lesser things of this world than them.

Jeanine

May 24th, 2012
9:02 am

Well, how do the kids figure it is THEIR money when she’s the one who earned it? Unfortunately she probably raised them with a sense of entitlement…

Guest

May 24th, 2012
9:27 am

It’s easy to hit a triple when you’re born on third base.

ABART

May 24th, 2012
9:33 am

Damn greedy little urchins need to earn their own money. Im sick of this new generation of entitled brats! Go work for it, sheesh!!!

john Kazior

May 24th, 2012
10:31 am

i think 5 million is alot of money put it in the bank and live on the interrest that would suit me fine life would be awhole lot better and easyer Buy some property in a few nice places you would worry about whos gunna take it from you But life would be nice 5 mil is alot of money!!!!!!!!!

S

May 26th, 2012
4:59 am

Money can’t buy happiness, it can only make you comfortable.