Here's How Gina Rinehart Became The Richest Person In Australia
Billionaires are the elites of the world, think of them as the richest clique in the world. This clique is not so easy to get in and for the few in the clique, they are interesting enough to get you curious of how they made their billions. Gina Rinehart is the Richest person in Australia and she’s also among the top richest people in the world. This remarkable woman may have inherited some wealth, but she definitely put in the work to earn the title of the richest person in Austria. What is the source of her wealth? How did she earn this title? How did Gina Rinehart become the richest person in Australia? Let’s unravel her story together!
Georgina Hope Rinehart AO commonly known as Gina Rinehart was born on the 9th day of February, 1954 at St John of God Subiaco Hospital in Perth, Western Australia. Gina Rinehart was born as an only child to Hope Margaret Nicholas and Langley Frederick George Hancock. Her father owned Hancock Prospecting, he was an iron-ore magnate from Australia who was able to keep a high profile in the space of business and politics.
In 1952, just Gina Rinehart’s father discovered the world’s largest iron ore deposit and he was quite famous for this discovery; he was also one time richest person in Australia too. Since Gina was the only child of her father, she was groomed to succeed her father and inherit Hancock Prospecting right from a tender age. Most part of Gina Rinehart’s life was spent within Australia. She had her first education and high school education in Perth. She then proceeded to have her university education in Sydney before she was made to join her father in Hancock Prospecting. This enabled Gina Rinehart to gain lots of experience and knowledge in the Pilbara iron-ore industry.
Gina Rinehart became the Executive Chairman of Hancock Prospecting after she inherited the company from her father upon his death in 1992. Prior to inheriting Hancock Prospecting from her father in 1992, the company was worth about 75 million AUD with lots of financial difficulties, her father also left behind a bankrupt estate but using her knowledge and experience which she had gathered before the death of her father, Gina Rinehart had foreseen the expansion and growth of the company in the next decade to come.
This enabled her to seize the opportunity of the iron-ore boom in the early 2000s and not to mention, she also spotted the vast potentials of the Chinese market and this pushed Hancock Prospecting into becoming a fortunate leading innovator in the iron-ore industry.
This remarkable woman did not only give her inherited iron-ore company a total makeover, she also provided employment to many across Australia. Under her tutelage, Hancock Prospecting transformed from prospecting into miner, more investments in copper, iron-ore, potash, dairy, coal, cattle and even properties. This changed its name to Hancock Group and in her hands, the group grew and became one of the most successful private mining companies in Australia and even in the world at large for the first time in history.
In 1993, just one year after her father passed away, she founded Roy Hill Tenement. Despite owning 76.5% of Hancock Prospecting, one of the things that Gina Rinehart also did differently was to diversify into other areas not directly related to mining in the 2010s. To achieve this, Gina Rinehart started by making large investments in media; 10% stake of Paramount Australia & New Zealand, a major media company in Australia also known as Ten Network Holdings and 18.67% stake in Fairfax Media, she’s also the major shareholder of Fairfax Media. In 2014, Gina Rinehart also diversified into Agriculture by investing in/buying different cattle stations; she first acquired Fossil Down Station for $25 million, and then she acquired a 50% stake in Liveringa station and Nerrima station all in the same year.
In 2016, Gina Rinehart dared to be Oliva by asking for more; she decided to invest in Sirius Minerals, a UK-based mining company. She also owns 10% of Lakes Oil and is currently worth $31 billion. While nursing a vision to develop and add value to Australian food, she acquired the iconic S.Kidman and Co Pastoral Company, this amazing woman has also written and published two books.
This phenomenal woman does a lot of charity but often downsplays her efforts; she is passionate about women’s causes, she owns an orphanage and even oversees the education of poor young girls and has made tremendous effort to help curb human trafficking. In support of those suffering from breast cancer in Australia, Gina Rinehart enforced the use of pink trucks, pink trains and pink largest whims of plants in Australia in Roy Hill Tenement; this was a world first act of humanity that prompted ship owners to paint their ships pink.
Together with Hancock Group, Gina Rinehart has supported several medical, educational, health, sporting and community organisations. She currently serves as a patron for Australia’s internationally renowned Olympic rowing, volleyball, swimming and synchronised swimming teams whose Olympic champions provide significant role models for Australians. Gina Rinehart's success story has gained prominence and recognition worldwide.
This earned her the Prestigious Business Awards from CEO Magazine’s Chairman of the year, Honorary Doctorate Award from Bond University, Lifetime Achievement Award, Mining Awards, International awards from S & P Global Platts and Mines and Money, etc. all these are in addition to so many other lifetime achievements and other awards.
Sources: Forbes, Celebrity Net Worth, Bloomberg
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