Rich Lister Chris Ellison is closing in on the billionaires' club as shares in his mining group Mineral Resources soar to a record high, fuelled by strong iron ore prices that are also helping line the pockets of fellow West Australians Andrew Forrest and Kerry Stokes.

Fresh analysis by The Australian Financial Review Rich List team values Mr Ellison's wealth at $837 million, driven by a doubling in MinRes's share price over the past three months to $22.57 on Wednesday. Mr Ellison is the largest shareholder in the company, which floated in 2006 at 90¢ a share.