World's wealthiest woman grows $1M richer ea 30min

[Deleted]

By all accounts she's not a very nice woman...

finance.ninemsn.com.au/newsbusiness/aap/8472192/gina-rinehart-makes-1m-every-half-hour

Gina Rinehart grows $1 million wealthier every half hour.
Family financial squabbles have done nothing to stop her relentless rise as the richest woman in Australia, and now the world.

Her $29 billion mining fortune is $3 billion greater than Christy Walton's, the widow whose inherited wealth springs from the US retail giant Wal-Mart.

Rinehart has ridden Australia's resources boom like no one else, her wealth ballooning by an unparalleled $18.87 billion in the past year, according to BRW magazine's annual rich list.

That equates to $1,077,0540 every 30 minutes of every day.

The gargantuan increase flows from foreign investment in new projects, increased production and a recovery in the iron ore price over the past six months, BRW says.

And much more could be on the way.

"If the demand for natural resources remains strong, additional multi-billion mines are almost inevitable," said BRW Rich List editor Andrew Heathcote.

"There is a real possibility that Rinehart will become not just the richest woman in the world but the richest person in the world."

That title is currently held by Mexican telecommunications mogul Carlos Slim Helu, with $69 billion.

"A $100 billion fortune is not out of the question for Rinehart if the resources boom continues unabated," said Heathcote.

Three of Rinehart's four children - John Hancock, Bianca Rinehart and Hope Welker - launched a lawsuit against their mother last September in a bid to oust her as trustee of the multibillion-dollar family trust established by her late father Lang Hancock.

Unlike many wealthy heirs, Rinehart has not just maintained her fortune but multiplied it many times over.

When she made her debut on the rich list after her father's death in 1992, her net wealth was estimated at $75 million.

Now she is worth 386 times as much.

[WOT?*]

And on what basis can the kids oust her if she's successfully overseeing the family fortune? Greed and power-grabbing isn't a valid basis.

[Maggie]

May 23, 2012 1:17:20 GMT -5 WOT?* said:

And on what basis can the kids oust her if she's successfully overseeing the family fortune? Greed and power-grabbing isn't a valid basis.

It's not much different to how she got it off her father's second wife....she also wants to underpay imported workers, just becuase they are foreign (Aust has a high number of skilled labour working in the mine due to a skill shortage, and as far as most people are concerned, and is also current law, they must be paid the same as an Aust worker).

[Deleted]

May 23, 2012 1:17:20 GMT -5 WOT?* said:

And on what basis can the kids oust her if she's successfully overseeing the family fortune? Greed and power-grabbing isn't a valid basis.

That's what I wondered too.

[wise_rita]

I love all this Aussie news you come up with, Maggie.

Where does she live, do you know?

DAMN I need to get into the mining industry!

[marie427]

I know she doesn't get along with her family well at all but I would be willing to be adopted by her.

[niemand88f]

May 23, 2012 1:17:20 GMT -5 WOT?* said:

And on what basis can the kids oust her if she's successfully overseeing the family fortune? Greed and power-grabbing isn't a valid basis.

I think it's more that she is trying to prevent them from inheriting anything from her, and also from the trust that her father set up for them- so keeping them from their rightful inheritance. She claims they're irresponsible etc, but who raised them like that?

abcnews.go.com/blogs/business/2012/03/billionaire-doesnt-want-holidaying-kids-to-inherit/
"Lang Hancock set up the Hope Margaret Hancock trust for his grandchildren, John Hancock, Bianca Rinehart and Hope Rinehart-Welker before he died in 1992. The trust is in their name.
The children are suing their mother, arguing that she should be removed from the position of trustee after behaving ”deceitfully” and with “gross dishonesty.” According to court documents obtained by ABC News, Rinehart warned her children that, lest they make her trustee, they could face capital tax gains up to $142 million, which would lead to bankruptcy.

The children’s suit alleges that she gave them less than one business day to make the decision and that she threatened “not to act in the best interests of the beneficiaries (children) unless the beneficiaries signed a deed that contained such terms.” In the agreement the children feel they were forced to make, Rinehart extended her control of the trust until 2068. The youngest of the three kids would be 83 at that point and Rinehart would be 114.

The $2.4 billion fortune the Rinehart kids were expecting to inherit last year could have had an income of up to $250 million a year."