Gina Rinehart tops WA's rich list

To read any publication’s ‘Rich List’ can be an overwhelming experience. Forbes’ alone takes a good half-day to get through. But to read the summary of 50 of Western Australia’s wealthiest individuals, pulled together by the state’s sole daily paper, proves to be an awesomely jaw-dropping affair.

Not only does reading up about these billionaires’ insane profits make the mind boggle while the rest of the free world appears to be bearing the brunt of a major recession, but to then discover that some Rich Listers complain about being named, as it could lead tax officials to their doors, shifts your thinking from the surreal to the sublime.

It seems that with money, responsibility does not necessarily come. If it did, the combined wealth of this year’s lot – some 46 billon dollars – might be channelled into some good like, say, saving a third-world country’s people from poverty and starvation.

Deep-and-meaningfuls aside, let’s dig into the financial figures to tell you who made the top 10.

Of course, Gina Rinehart fills the top spot, worth a reported $9.79billion in 2014. Note, that’s almost a quarter of the total of this year’s richest combined. Rinehart’s riches arrive mainly from iron ore royalties and other mining avenues, and big Gina has China to thank for being our biggest importer.

At number two sits Andrew Forrest, also a major capitalist of iron ore, with a nice side in cattle to keep the tills ringing. He’s worth $3.94b this year.

Fighting over third place are the Hancock hairs, with iron ore prospector Lang Hancock’s grandchildren now coming into the 24% trust once held tightly by their matriarch (the aforementioned Gina). In the latest news of Australia’s most tragic family feud, the West Australian reports that “Mrs Rinehart’s two eldest children John Hancock and Bianca Rinehart want control of the Hope Margaret Hancock Trust (worth $2.58b) while younger sisters Hope Welker and Ginia Rinehart have sided with their mother”. Most of the glitter lining that money will come from Rio Tinto royalty streams as well as stakes in Hope Downs and Royal Hill projects.

Away from the resources industry (but quite possibly using a lot of mined stuff to build with), the holders of positions four and five in this year’s list can thank property and construction for their riches. The Buckeridge heirs are worth a combined $2.79b and sit tight at number 4, while ageing property tycoon and Toyota distributor Stan Perron flounces amid $2.64billion. Stan’s main difference to other property honchos is that much of his investment is in interstate land and building.

Speaking of national treasure, at number 6 gathers the Roberts family – investors in aviation (and a huge share of property), while media mogul Kerry Stokes holds firm at number 7. It must be a lucky number for Stokes, because it’s also the name of the network he bought and sold between recessions, resulting in his making a killing. Indeed, the man has survived several recessions, stock market crashes and global financial crises to emerge as this nation’s most durable media baron.

Rounding out the top 10 are the Wright heirs at number 8 ($2.41b – from iron ore royalties – just when you thought they might be running dry), Ralph Sarich at number 9 ($1.17b mainly from property development), and Chiu Chi Wen and family (just short of a billion, for sprucing up shopping centres and office blocks).

So there you have it. In sum, it seems to hit the big-time in WA you’ve got to either be digging up minerals from the earth, laying bricks and mortar on top of it, or televising all the bullshit that goes in between.  Antonino Tati