Richest person in Australia is a woman who dropped out of college

Gina Rinehart, the daughter of the late noted iron ore explorer Lang Hancock, is the richest person in Australia.

With a net worth of $30.5 billion, the 68-year-old executive chairman of mining giant Hancock Prospecting currently stands as the 46th richest person in the world, according to Forbes.

Here we look at the mining magnate’s career and controversial life.

Gina was the only child of Lang and Hope Hancock. She was very close to her father growing up. Even when she was young, Lang took her to business meetings around the world.

Gina attended the University of Sydney, but she did not complete a degree, which lasted only a year at the university because “she objected to the lectures of a leftist economics professor and found that she had nothing in common with her classmates,” said Gina. The New Yorker.

Despite her penchant for privacy, Gina became controversial over the years due to the legal battle she waged to get her father’s estate.

After Lang died in 1992, Gina and her stepmother, Rose Lacson, a former maid, fought in court for 11 years over Hancock’s wealth.

Gina accused Rose of murdering her father, and she had kept several of his organs as evidence for a future murder case. Meanwhile, three months after Hancock’s death, Rose married his best friend, William Porteous.

In 2003, after a two-year investigation, it was determined that Hancock had died of natural causes.

Gina inherited Hancock Prospecting in 1992. In 2006, she became Australia’s first female billionaire.

In 2015, Gina lost control of a $5 billion family trust to her daughter after a four-year legal battle with her own children, John Hancock and Bianca Rinehart.

The two alleged that their mother had mistakenly transferred valuable mining assets from one trust to another trust in which Gina had a significant financial interest.

Despite the controversies, Gina has remained one of the richest in the world.

Today, Hancock’s greatest asset is the Roy Hill mining project, which began shipping to Asia in 2015.

Apart from the mining business, Gina has other business ventures. According to Forbes, she is also the second largest livestock farmer in Australia.


GettyImages-468992138

Photo: by Matt King/Getty Images

Leave a Comment