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 25^th on the list with a net worth of $2.1 billion, while Malaysian-born, Australia-based Kie Chie Wong was 27^th with $2 billion thanks to his large investment in Fortescue Metals Group.

Angela Bennett, the daughter of late iron ore prospector Peter Wright, was 34^th 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 33^rd place with a fortune of $1.59 billion.

Prospector Mark Creasy was 48^th 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.