RICH PICKINGS: Gina loses ground

Falling iron ore prices suggest a more conservative reading of Gina Rinehart's wealth... In the very worst case, the magnate's fortune could have dropped as much as $9 billion.

But how might the value of Rinehart’s empire be impacted by the drop in iron ore prices?

To assess this, I’ve gone back and looked the valuation method BRW used in its $29 billion valuation in May – which was based on an iron ore price of $144.73 – and done some back-of-the-envelope valuations using an iron ore price of $US90 a tonne and $US83 a tonne.

Clearly, these are only very rough estimates. But they do suggest that more than $9 billion could have been shaved from Rinehart’s valuation.

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