Australia’s richest person Gina Rinehart has seen a third of her wealth disappear thanks to the plummeting iron ore price, according to the Forbes Australia’s 50 Richest List.

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While Rinehart’s net worth fell by US$6 billion (A$7.6 billion), with US$11.7 billion she is still by far Australia’s richest person.

Forbes says Ms Rinehart and fellow miners Andrew Forrest and Clive Palmer have all taken hits to their wealth due to a worldwide decline in the demand for steel, particularly in China.

Clive Palmer has been knocked off the top 50 list altogether.

James Packer also took a multi-billion dollar hit, losing to $2 billion thanks to weaker gambling revenue in Macau. He is now Australia’s fourth richest person with $4.7 billion.

Property developer Harry Triguboff was second on the list with $5.6 billion, while Westfield founder Frank Lowy was third, with $5 billion.

Only four women made the list.

– with AAP