Friday, March 13, 2009

Try Not To Weep : Australia's Mega-Billionaires Now Only Multi-Billionaires

How much of the many billions lost by Australia's richest businessmen was actual, quantifiable wealth anyway? Most of it was imaginary, speculation, fake. It never existed, so if it's gone, does it really matter at all? Not so much when you've still got a billion or two left. For now.

From The Australian :

Just 10 Australian citizens made the Forbes rich list of US-dollar billionaires this year, down from 14 in 2007, with their total fortunes slashed by more than half.

The biggest loser has been iron ore miner Mr Forrest, who has seen the value of his stake in Fortescue Metals Group slump from $US6.5billion to $US1.9billion, causing him to slip from 145th on the list to 376th.

Westfield Group founder Frank Lowy also took a king hit, with his fortune plummeting from $US6.4billion to $US2.7billion.

He is followed by casino owner James Packer, worth $US2.5billion and iron ore heiress Gina Rinehart with $US1.9billion.