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LEADERSHIP QUOTE OF THE DAY (19 May 2012): To manage a system effectively| you might focus on the interactions of the parts rather than their behaviour taken separately. - Russell L. Ackoff

SUCCESS

Australia's Richest

Georgina Rinehart, who inherited her father's ailing mining company in 1992 and slowly turned it around, saw her fortune rise from $2 billion to $9 billion in 2010/11, thanks to rising iron ore prices and increased production.

As well as expanding her iron ore operations, she's developing two coal projects with an estimated total value of $15 billion.

The recent move by South Korean steel giant Posco to acquire 15 per cent of Mrs Rinehart's Roy Hill iron ore project in the Pilbara means her estimated personal wealth is set to grow to at least $20 billion this year, double last year's $10bn estimate.

The net worth of Australia's 40 richest was $68.4 billion, up 40% from our last list in March 2011.

The country now has 20 billionaires, up from 13 last year. Health care entrepreneur Paul Ramsay (No. 14) joined the billionaires' club; investor Stan Perron (No. 20) rejoined it; and a closer look at No. 9 David Hains' holdings boosted him well above the $1 billion mark. The strength of the Australian dollar is also goosing fortunes in U.S. dollar terms. In 2010 the Australian dollar rose more than 13% against the greenback, hitting parity in November.

Check the full list of Australia's richest here

Also See: her sights on Fairfax

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