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May 27, 2009, 9:25 GMT

Australia's rich don't always get richer

Sydney - It cost much less to get on this year's list of the richest Australians. Plunging stock markets and asset write-downs resulted in 28 fewer billionaires than there were in 2008, business magazine BRW reported Wednesday. Hardest hit was iron ore tycoon Andrew Forrest, down from being the nation's wealthiest man 12 months ago to eighth place in the BRW Rich 200 List, after seeing 7 billion Australian dollars (5 billion US dollars) in personal assets evaporate. Top of the pile was Richard Pratt, the head of the global Visy cardboard empire, with 4.3 billion Australian dollars. Westfield founder and shopping mall mogul Frank Lowy was second followed by property tsar Harry Triguboff. Mining go-getter Gina Rinehart remained the country's richest woman, despite losing 4.3 billion Australian dollars from her treasure chest. BRW editor Sean Aylmer said the stunning statistic was 'just how much money' - 25 billion Australian dollars - was knocked off the combined net worth of the Top 200.

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