Hancock Prospecting has ended the 11-year reign of packaging manufacturer Visy to become Australia's largest private company, thanks to higher iron ore prices and higher production at its flagship Pilbara mine.

Revenue surged by 23.6 per cent to $10.86 billion at Hancock Prospecting in 2019-20, according to an estimate by IBISWorld, the business research house that compiles the Top 500 Private Companies list, published online exclusively on Monday in The Australian Financial Review.