Gina Rinehart is no Longer Australia’s Richest Person. Who Is?

Gina Rinehart slipped from the top position in the Forbes Australia’s rich list in 2016. She has been taken over by another woman, Blair Parry-Okeden, who is of American origin but has been a long-time Australian resident.

Rinehart has lost the No. 1 spot in the Forbes list for the first time in the past five years. The net worth of US$8.8 billion (AU$12.5 billion) has made Parry-Okeden the richest person of the nation, while Rinehart lost the spot because for having US$8.5 billion (AU$12.1 billion), which was less than the former’s net worth.

Forbes said that the reason behind the loss of net worth of Rinehart by US$3.2 billion (AU$4.6 billion) from 2015 to 2016 was the downing iron ore prices and a legal ruling that affected her shares in Hancock Prospecting. Parry-Okeden grew up in Hawaii and moved to her ex-husband’s native nation Australia. She has recently been confirmed as an Australian citizen.

Forbes confirmed that after the death of the Forbes rich list-topper’s mother in 2007, a quarter of US media conglomerate Cox Enterprises was transferred to Parry-Okeden as an inheritance. Cox Enterprises is the third-largest cable TV company in America.

Parry-Okeden was one of the six new names that entered the contest. Other new entrants included 7-Eleven billionaires Russ Withers and Beverley Barlow, clothing chain founder Nigel Austin and vitamin mogul Marcus Blackmore. The list of new nominations also had two split debuts from Gretel Packer, who separated from brother James Packer after division of family wealth and Judith Neilson, ex-wife of investment guru Kerr Neilson. The best was to see the number of women on the list double in 2016 to eight from four in 2015.

Undoubtedly, the strike that Rinehart received was the largest in terms of dollars, but the hit was maximum hard for iron ore miner Andrew Forrest’s wealth that prompted a fall of net worth to 41 percent, making him slip to No. 22 from 12.

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