Rinehart's net worth stands at A$30.6 billion.
Rinehart's daughter Bianca Rinehart and siblings were in fourth place with a net worth of $12.5 billion.
In second place was fellow iron ore magnate Andrew Forrest with an estimated fortune of $21.7 billion.
Clive Palmer was 25th on the list with a net worth of $2.1 billion, while Malaysian-born, Australia-based Kie Chie Wong was 27th with $2 billion thanks to his large investment in Fortescue Metals Group.
Angela Bennett, the daughter of late iron ore prospector Peter Wright, was 34th with an estimated wealth of $1.55 billion.
There were two new mining entrants to the list.
Mineral Resources founder and managing director Chris Ellison debuted on the list in 33rd place with a fortune of $1.59 billion.
Prospector Mark Creasy was 48th with an estimated net worth of $1.02 billion.
While Creasy has invested in iron ore developer CZR Resources, he is the only mining billionaire on the list who hasn't earned the bulk of his fortune from the steel-making commodity.