Jun 22, 2011

How Gina Rinehart will become the world’s richest person

Gina Rinehart hates the label "Australia’s richest person". So how will she and the rest of the country react when (not if) she ranks as the "world’s richest", as can be forecast using the latest research? asks Tim Treadgold.

Gina Rinehart hates the label “Australia’s richest person”. So how will she and the rest of the country react when (not if) she ranks as the “world’s richest”, as can be forecast using the latest research?

Citigroup Global Markets, a division of the big US banking group Citibank, provided a glimpse into Rinehart’s future in a major report into worldwide resource projects called Generation Next. The 60-page document looks at 400 mining projects around the world classified as “greenfields”, meaning they are not currently in production but are moving through the design and approvals process.

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13 thoughts on “How Gina Rinehart will become the world’s richest person

  1. jungarrayi

    Staggering numbers, yet the mining industry was able to convince the ovine population and press that if the super profits tax came into force they would take their ball and bat and go elsewhere with their projects. And all of this for a plublicity campaign that from memory cost a mere $13M (or was it $20M?).
    I happen to be a geologist, and know that they won’t be taking their ball and bat elsewhere. Australia is a magnificent cricket pitch.
    Continental drift is a very slow process.

  2. j-boy57

    not if a moratorium on coal mining is enacted…
    the inherent ones plans may be thwarted.

  3. Matt Hardin

    Could we not tax her income (and indeed all income in excess of say $500,000) a year at 75%? I have yet to hear any of the ultra rich say anything other than “I don’t do it for the money” and “Money is only a way of keeping score”.

  4. william magnusson

    well if i was GR the first thing i would be doing and with all due respect is to get a personal trainer… not much good being the richest person in the cemetry and it makes good business sense running a company as large as hers .

  5. Michael

    Correct Tim.
    Now watch Fairfax change their tune on Gina any day now.
    She has her sights on Fairfax and I don’t mean a bit of it – the whole f***ing lot!
    Oh to be in the room when she marches Marr & Carlton out the door.
    Watch this space.

  6. Oscar Jones

    jungarrayi- I’m amused by the phoney threat of upping stakes and p**sing off that these characters roll out religiously but could never understand why our hopeless media didn’t investigate these unpatriotic threats.

    Commonsense tells us a void will always be filled as suburbs who have been lucky to see the backs of McDonalds discover when their place is taken by many smaller restaurants usually employing far more people.

    But the idea mine owners could do likewise is a fantasy any government with guts could easily control those who base their ‘HQs’ in tax shelters if they had courage.

    Personally I believe those who issue this threat should be frogmarched to the airport asap.

  7. Barry 09

    She needs all the money , like who would sleep with it for less than a million a time??
    Not counting any LNP Member.

  8. John64

    @Matt Hardin: Because it’s not so much income, it’s asset value. It’s like me saying you’re worth $1 Million simply because you have a home worth $500,000. You have an income (profit) of $50,000 per year. We can do a quick and nasty valuation of that income by multiplying it by 10 to get another $500,000 of ‘net worth’ you’ve got. Throw in a car and a few bits of furniture to round it out and you’re worth well over $1M.

    Now tell me, do you feel “rich”, you dirty disgusting millionaire?

    Besides, something tells me that even if we did tax Gina at 75, 80, 90% tax levels – she’d still be filthy stinking rich and you’d still be whinging about it. And the Government would still under-invest in transport, infrastructure and health-care etc…

  9. jeebus

    It is obscene that any Australian can inherit or generate such vast personal wealth, not by creating something of value to the country, but by extracting something of value – namely the natural resources that are our shared birthright as Australians.

    This broken system has now crowned a new Queen for Australia, and not the modern, benign, British type of royal who exists to engender a sense of national spirit.

    No, this royal is built in the mold of Ayn Rand and follows an ideology called “Objectivism” that casts greed as its highest virtue. In Gina’s utopia, there is no such thing as community or mutual obligation, because society is made up of individual consumers who only act in self interest. Rich people are rich because they deserve to be, poor people are poor because they didn’t work hard enough, and a government exists to protect the property of the rich and keep the poor in their place.

    To that end, Gina has been flooding the airwaves with mining propaganda and buying into the media through Channel 10 & Fairfax. She knows that Australia has a lingering egalitarian culture that must be changed to protect her wealth from government ‘looting’.

    After all, how dare we rob her of the chance to become the richest person in the world.

  10. mikeb

    Makes that filthy rich actress look like a pauper.

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