Ore growth puts Twiggy on top
FORTESCUE Metal Group’s founder Andrew ‘‘ Twiggy’’ Forrest has been propelled to the top of a national execut i ve rich l i st, t hanks t o China’s insatiable appetite for Australian iron ore
Mr Forrest is the nation’s wealthiest executive with shareholdings valued at $ 6.23 billion, up from $ 4.79 billion last year, according to BRW magazine.
The annual BRW Executive Rich List names the 200 richest executive directors and senior managers of Australia’s 500 biggest publicly listed companies.
It is based on ordinary shares shareholdings in the companies they manage.
Fortescue’s chief executive traded places with last year’s number one, media baron Rupert Murdoch.
The News Corporation chief executive’s shareholdings were $ 5.68 billion, down from $ 5.96 billion previously.
The wealth of the 200 executives on the list has increased by nearly 75 per cent. Nearly half of the business managers ran resources or mining companies, supporting the theory of a resources boom-led two-speed econ- omy. ‘‘ The prevalence of miners on this year’s list demonstrates the changing shape of our share market,’’
BRW said. ‘‘ There has been a lot of talk lately about a two-speed economy and this year’s list supports this.’’
Mr Forrest topped the overall rich list in 2008 before his wealth was hit by the global financial crisis.