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  • Gina Rinehart – The Wealthiest Person on the Planet within the decade?

    June 28, 2011 | Posted by

    She is relatively unknown, but this iron-lady from Australia may very well be the wealthiest person on earth before the end of this decade. In the last one year itself, this mining magnate who inherited her company from her father has managed to double her fortune to $10.3 billion. Thanks to the commodities boom – something that Australia has a lot of and the insatiable appetites of the Asian giants – India and China ; along with Gina’s excellent business sense has put her on track to become the wealthiest in the world.

    If she does manage to achieve the tag, she will also be the first female to become the wealthiest human being on earth. Its fitting for an Australian lady to become the first to hold the title, more so given that we currently have a lady as our Prime Minister and were also one of the first countries in the world to allow women to vote.

    The thing about Ms Rinehart is that unlike competitors , she owns her companies outright and does not have shareholders. This means that despite having a mere $10 billion to her name today as compared to say Carlos Slim (who has $70 billion) , she is poised to overtake him soon.

    If Rinehart was a company listed on the (Australia Stock Exchange) and valued using the same 11-times price-to-earnings ratio as her partner, Rio Tinto, she would be worth $US30bn ($28.65bn), putting her in the top 10 of the Forbes rich list.

    It is possible to see that her coal and iron ore production would allow listed comapnies to generate profits of 10 billion USD. This would easily make her personal valuation of more than a $100 billion USD. This would be possible once the three coal and iron projects that are currently being developed get completed and begin generating revenue.

    Gina was coached by her father from an early age to take over the family’s holdings. However she inherited the company while it was in debt and is credited for turning the fortunes around. Gold diggers – make your way down under to the outback for Ms Rinehart, 57, is currently single (divorced with two kids).

    Barring any major changes in the world order, and given that the price of commodities will continue to rise as people in the developing world continue buying more cars, washing machines and absolutely any modern conveniences at all – be prepared to see this lady peering out at you from everywhere. Just remember where you heard it first – The Rich Times.

    The Australian