Gina Rinehart now richer than many poor countries

Thursday, May 24, 2012
Gina Rinehart.

Gina Rinehart — mining tycoon and Australia’s richest person — is now also the world’s richest woman. Last year, her wealth grew by $18.87 billion to $29.17 billion. Her wealth grew $52 million a day or $1 million every 30 minutes.

It means that for every second that passed in 2011, Rinehart made more ($598) than a minimum wage earner made in a week ($589.30).

Rinehart’s fortune is now so big, if she spent $1 million a year her money would last for 29,170 years. It would take a minimum wage earner about 950,000 years to reach Rinehart’s bank balance

Rinehart’s personal wealth is more than two times greater than the gross domestic product (GDP) of Cambodia, population 14.5 million. She has about 41 times more than the GDP of East Timor, population 1.3 million. She has more than the GDPs of Haiti and Bolivia put together (combined population 20 million).

She could buy up the economies of the world’s 10 poorest nations, and still have about $22 billion left over.

One in seven people — or 1 billion people around the world — do not have enough to eat. Rinehart could feed them all for a year.

Last year alone, Rinehart made $1.5 billion more than was spent on the entire NSW health system ($17.3 billion). She made 18 times more than was allocated to the federal government’s climate change department. She made 70 times what the federal government will spend to improve education and training for young Aboriginal Australians.

BRW Magazine said on May 24 that Rinehart’s rise in wealth “is unparalleled”. It said Rinehart might soon become the world’s richest person: “A $100 billion fortune is not out of the question for Rinehart if the resources boom continues unabated.”

Despite her huge fortune, Rinehart is convinced she pays too much tax. Her tax lobby group ANDEV (Australians for Northern Development and Economic Vision) campaigns to cut taxes on mining industry profits and lower payroll and income tax.



From GLW issue 924

Comments

All you need is love. That

All you need is love. That much i know to be true. This wealthy young lady definitely is on the dark side. It is what fortune does to us unfortunately. She is cruel, however I do not believe that throwing stones will make a difference since our comments matter not to her and her kind. They lack kindness and understanding as many of us do. Never forget, people are only rich because we allow them to. We believe it. What was that phrase? let them eat cake?

INCOME FOR NATION

Why, can I ask, isn't the Australian Federal Government utilising our natural resources for the betterment of the entire nation! By mining these resources on behalf of all Australians rather than granting the already wealthy the opportunity to become even wealthier, we could provide jobs for Australians, reduce taxes, be more competitive on the global resources market, and have a lot left over to build our country's much needed infrastructure, which is currently being paid for by struggling mums and dads through taxes.

But that would make too much sense wouldn't it?

The relatively small investment required by the Federal Government to do just that would pale in comparison to the obviously potential earnings made for the the betterment of ALL Australians not just 1.

and i remember?

I remember Kerry Packer saying he only payed only paid $2.70 tax and was boasting and proud of it ,during bottom of the harbour inquiry , The money australia should have got was then spent building gambling dens to further ruin our country.

Minerals of Australia should

Minerals of Australia should be shared by all natural born Australians. How much money has she contributed to the Aboriginals of Australia for the betterment of their lives considering these people owned the land that they are mining. Who gave her father the blanket authority to mine this land.

Can she sleep at night? What kind of soul does she have?

Gina RINEHART

she is only doing what you or i would do in the same position, good on her for manageing her wealth well. us australians tend to knock our tall poppie"s, go gina

Genia ryian Hart

she want to tack over the mider macking tham nothing but mouth peces of mining indersty
pomting cllimet chang dennilsiom her racest ante imrghtion vews holding demricy to ransiom if you had a acout in Bamudia with miolouns you did,t clame you go to jale for taxs avshion so whay can she get free ride on back of working class we ned to bring her dowan by nashnoilising the minig sectior and de raling her gravy train we ned a free midear. by sam bullock

Its so sad

When I see this sort of greed it makes me so sad. How much is enough. Its all a game to these people and the money means absolutely nothing, its just a score. They loose the sight of what they are reaping from the economy and make a lot of noise when a government asks or excpects them to pay a fair share. I sort of understand what happened in Russia and China many years ago, the people had enough and went after people like this and changed the goverments to communism. It may happen one day, again and the overly greedy wealthy people may just end up against a wall, sadly.

Whos country is it

I believe the minerals of this country belong equally to all Australian citizens and we should all benefit from them. Gina Rinehart should be payed for her part in digging them up although I dint think she would last very long with a shovel. It is just pure greed and she should be ashamed of herself.

yes but..

how much tax did she pay last year?