How Gina Rinehart Became One Of The Richest Women In The World

How Gina Rinehart Became One Of The Richest Women In The World

Australian Gina Rinehart is the 89th richest person in the world and the ninth richest woman. She is a mining heiress who earns $ 1 billion a year from the iron ore and coal projects she owns through the company she inherited from her father. Pretty cut and dried, right? Well, Mrs. Rinehart has had quite a few family tragedies over the years. In 1992, an Australian mining magnate by the name of Lang Hancock died suddenly at the age of 82.

According to his will, all of Hancock’s business empire was left in a trust which was to be controlled by his only daughter, then unmarried at 38 years of age. mother of four named Gina Rinehart. This means that Gina instantly inherited a mining empire and various other assets estimated at $ 125 million ($ 230 million in today’s dollars). Thanks to an explosion in commodity prices, over the next 28 years, Gina’s personal wealth has grown to $ 12.7 billion. But it was not always easy.

During these 28 years, Gina was chased by her mother-in-law, a personal biographer and several of her own children. Gina Rinehart’s rise to become the richest person in Australia was certainly not boring. But first, some information …

Gina’s father, Lang Hancock, was born to one of Australia’s largest land families in April 1909. One day, in late 1952, Lang and his wife flew over a rural area of ​​Western Australia called Pilbara en route to Perth in a small private airplane town. Bad weather forced him to redirect the plane over a particularly rough section of terrain. While flying, Lang noticed that the nearby mountain walls appeared to consist of what looked like solid iron ore. He moved quickly to buy hundreds of acres of land which he hoped would contain the iron ore he had spotted from the plane.

Unfortunately, at the time, Australia did not allow the export of iron ore, so there was little that it could do with its land. For the next nine years, Lang and his new company Hancock Prospecting lobbied the Australian government to lift the ban. They finally succeeded in 1961, and it turns out that Lang had come across the largest iron ore deposit in the history of the world. As we mentioned earlier, over the next thirty years, the Lang Empire grew and his personal net worth eventually exceeded $ 125 million.

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Gina was born on February 9, 1954 in Perth. She is the only child of Hope and Lang Hancock. She attended St. Hilda Anglican School for Girls in Perth. She dropped out of the University of Sydney to work for her father. At the time, the family business was almost bankrupt.

It was Gina who rebuilt Hancock Prospecting and made it one of the most revenue-generating and valuable businesses in Australia. On a personal level, Gina has been married twice and has four children. Gina met an Englishman, Greg Milton, in 1973 at the age of 19. They married and Milton changed his last name to Hayward. Their son John was born in 1976 and their daughter Bianca was born in 1979. Gina and Greg divorced in 1981. In 1983, Gina married a lawyer by the name of Frank Rinehart in Las Vegas. They had two daughters, Hope and Ginia, born in 1986 and 1987. Frank died in 1990.

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Then, in 1992, Lang Hancock died suddenly at the age of 82. The official autopsy revealed that he suffered from heart disease. However, Gina believed that her father’s wife, Rose Porteous, had harassed Lang to death. In the final days of Hancock’s life, Porteous had attempted to force him to change his will, and Hancock eventually issued a restraining order against him.

According to his will, the majority of Lang’s business interests were left in trust for his daughter Gina and her children. In doing so, Lang specially excluded his third wife Rose from the mining empire. Rose was furious to discover that she was cut off from her husband’s will. Mutual hatred between Lang’s only child, Gina, and his third wife Rose, sparked a fierce legal battle that lasted 14 years and cost tens of millions of dollars.

Unfortunately, this is not the only bitter quarrel in her family. Gina has been sued several times by her own children for control of Hancock Prospecting. In 2003, Rinehart had an argument with his son, John, and he changed his last name to Hancock. Her sister Bianca was to take over her mother’s family business, but she was replaced in 2011 by her half-sister Gina under the supervision of their mother. Gina did not attend any of her children’s marriages. Gina Rinehart’s life is never boring.

 

It all started in 2013, when Rinehart’s daughter Hope Welker sued her mother for her decision to expand her property and control of the 57-year family trust until 2068. Gina Rinehart is said to be 114 years old. Hope Welker settled for $ 45 million. Rinehart’s two eldest children, John and Bianca, continued the fight. They eventually won the lawsuit and gained control of the $ 3 billion trust. Bianca has become the new trustee of the family trust.

According to her children, Gina had orchestrated an elaborate scheme which consisted in convincing their accountants to give her children false information about the trust. Children allege that they were told that they would be responsible for the development of the capital gains tax if they took control of the trust from their mother. The accounting firm told Bianca it will pay $ 142 million in capital gains tax. It just wasn’t true. All of this was Gina’s attempt to prevent her children from rightfully taking control of the family’s trust.

Gina lives a very sumptuous lifestyle with sumptuous residences in several Australian cities. His Perth mansion alone is worth $ 25 million. She owns a fleet of cars and travels the world in her luxurious private custom jet. Philanthropically, Rinehart is passionate about the causes of women. She single-handedly funded the construction of an orphanage in Cambodia and sponsors the education of many poor girls around the world.