Premier eFinance: Aussie billionaire Gina Rinehart could soon be world’s richest person.

The relatively unknown Gina Rinehart, Australia’s richest person may soon over take Bill Gates and Carlos Slim to become the world’s richest person.
July 7, 2011 - PRLog -- Rhinehart is currently worth $10.7 billion, which is nowhere close to the net worths of the men she is forecast to overtake. Carlos Slim, currently the richest person in the world, is worth $73.5 billion while Bill Gates is worth $56 billion. But it is her full ownership of Hancock Prospecting, a mining firm that she inherited from her father, which Premier eFinance learned from a Citigroup Global Markets report, will help her reach the top of the rich list.

According to the Citigroup report, three projects that Rinehart's company is in the process of initiating are on its Generation Next, which when they begin, will catapult her on to a list of global resource giants who own some of the largest mining projects globally.

According to Australian business website SmartCompany's Tim Treadgold, Rinehart will soon become the world's richest person: "If Rinehart was a company listed on the (Australian Stock Exchange), and valued using the same 11-times price-to-earnings ratio as Rio Tinto (global miner and Rinehart's partner on a project), she would be worth $30 billion, putting her in the top 10 of the Forbes rich list."

If Rinehart's three new projects perform as well as her current ones, and mineral prices stay high annual profits may easily reach $10 billion. In that case, says the SmartCompany report available to Premier eFinance, Rinehart will get a personal net worth valuation of over than $100 billion, using the Rio Tinto 11-times PE multiple, pushing easily ahead of Slim.

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