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Rinehart, Murdoch pushed global wealth of top richest people

Media mogul Rupert Murdoch.
Media mogul Rupert Murdoch. AAP

THE world's 100 richest people got even richer last year, building their collective wealth to $US1.9 trillion.

But the fortunes of the two Australians to make the cut - Gina Rinehart and expat Rupert Murdoch - were mixed.

Rinehart, Australia's richest person, dropped one rung to rank 39th on the Bloomberg Billionaires Index, with her $US18.6 billion fortune falling 8%, or $US1.6 billion - partly due to softer iron ore prices last year, and partly due to losing investments in media companies including Ten Network and Fairfax Media, owner of The Age.

Ten and Fairfax shares fell 56% and 29% respectively last year, and Rinehart lost an estimated $150 million on her substantial stakes in each company.

By contrast Rupert Murdoch's wealth jumped by $US2.9 billion to $US10.7 billion, courtesy of a 44% rise in the value of his News Corporation shares as the company rebounded from the 2011 phone-hacking scandal that led to the closure of the News of the World in Britain, and investors reacted positively to the proposal to spin off the company's publishing assets from the profitable Fox Group, as News will be renamed.

 

Read more at Brisbane Times
 

Topics:  gina rinehart money rupert murdoch wealth


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