Aussie woman Gina Rinehart will become world’s richest person
29 Jun 2011
London: Gina Rinehart, an Australian business woman is predicted to become the world's richest person, a media report said on Tuesday. Rinehart, who inherited a debt-ridden mining company from her father 20 years ago, has seen her fortune more than double in the past year thanks to a commodities boom.
At the current pace, she is on course to overtake Carlos Slim, the Mexican magnate worth $74 billion, and Microsoft chairman Bill Gates, who is worth $56 billion.
Citigroup estimates she is on course to overtake Carlos Slim and Bill Gates mainly because she owns her companies outright and has no shareholders.
Using the 11-times price-to-earnings ratio, ''It is possible to see Rinehart's portfolio of coal and iron ore production spinning off annual profits approaching $10 billion,'' giving her a ''personal net worth valuation of more than $100 billion.''
Gina, the daughter of mining magnate, Lang Hancock, is the heiress of Hancock Prospecting.
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