The awards were announced at a gala in Perth on Friday night ahead of the WA Day public holiday in Western Australia today. The event also doubled as Mark McGowan's final engagement as WA premier.

Rinehart also won the 2023 Business Award, beating out other finalists, Artrya founder John Barrington and Steve Scudamore, who sits on the boards of ASX 200 miners Regis Resources and Pilbara Minerals.

Rinehart was honoured for her contribution to business, as well as her philanthropy, which ranges from support for breast cancer research to sponsorship of Australian Olympians.

"We must ensure that our country is not left behind by short-sighted decisions and encourage policies that welcome investment in our wonderful state," Rinehart said when accepting the award.

Hancock is Australia's most successful private company, making Rinehart's Australia's richest person.