The nation’s wealthiest people have lost more than $11 billion in value this week, led by iron ore magnates Gina Rinehart and Andrew Forrest and tech duo Mike Cannon-Brookes and Scott Farquhar.
As global markets sank into bear territory, which sent Australian stocks plunging on Tuesday, piles of paper wealth held on every corner of the Rich List was torched at eye-popping pace.
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Julie-anne Sprague co-edits our Rich Lists and covers entrepreneurs, wealth creation and investments. A senior journalist in our newsroom, Julie-anne has covered politics, property, agribusiness, retail and stockmarkets in both the UK and Australia. Connect with Julie-anne on Twitter. Email Julie-anne at jsprague@afr.com
Michael Bailey writes on arts and culture, and edits Weekend Fin. He is a former editor of the Financial Review Rich List. He is based in Sydney. Connect with Michael on Twitter. Email Michael at m.bailey@nine.com.au
