Gina Rinehart
Australian mining heiress and Chairman of Hancock Prospecting group Gina Rinehart awards medals to competitors at the Australian Synchronised Swimming Championships in Sydney, Australia, April 25, 2015. Reuters/Jason Reed

Mining magnate Gina Rinehart was not only unseated as Australia’s richest this year, the iron ore tycoon’s ranking also fell on Forbes World’s Billionaires list for 2016. American tech tycoon Bill Gates is still number one, though.

Rinehart slid to 127th rank on the latest Forbes magazine ranking with US$8.8 billion (AU$11.8 billion) net worth for 2016, from her previous 94th rank in 2015 when she reported US$12.3 billion (AU$16.4 billion) net worth. The 62-year-old executive chairman of Hancock Prospecting, however, remains the lone Australian citizen on Forbes’ list of the world’s 100 Most Powerful Women even if she fell to the 51st rank this year from previously occupying the 37th spot.

Earlier, Rinehart was unseated as Australia’s wealthiest after American Blair Parry-Okeden, whose former husband was an Australian citizen, inherited a quarter of Cox Enterprises, one of America’s biggest media conglomerates. The 66-year-old heiress who resides in Scone, lands at No. 108 on Forbes’ latest world’s billionaires list with US$9.7 billion (AU$13 billion).

Undefeated, youngest billionaire

Meanwhile, Microsoft’s Bill Gates remained on top of the list for three years now after reporting US$75 billion (AU$100 billion) net worth in 2016. The 60-year-old American businessman-philanthropist saw a decline on his net worth, which was reportedly at US$79.2 billion (AU$106 billion) in 2015.

Spanish businessman Amancio Ortega, who is most famous for the Zara brand, followed second with US$67 billion (AU$90 billion). He rose from his previous fourth ranking in 2015 when he reported US$64.5 billion (AU$86 billion) net worth.

Warren Buffett retained the third spot with US$60.8 billion (AU$81.3 billion) net worth. Considered as one of the world’s most successful investors, the 85-year-old CEO of Berkshire Hathaway reported US$72.7 billion (AU$97 billion) net worth in 2015.

At 32, Mark Zuckerberg of Facebook is considered the youngest of the world’s billionaires. He rose to the 6th rank after his net worth soared to US$44.6 billion (AU$60 billion) in 2016, compared to the US$33.4 billion (AU$44.6 billion) net worth he reported in 2015.

The Top 10 of Forbes World’s Billionaires list is as follows:

  1. Bill Gates, US$75 billion (AU$100 billion)
  2. Amancio Ortega, US$67 billion (AU$90 billion)
  3. Warren Buffett, US$60.8 billion (AU$81.3 billion)
  4. Carlos Slim Helu US$50 billion (AU$67 billion)
  5. Jeff Bezos US$45.2 billion (AU$60.4 billion)
  6. Mark Zuckerber US$44.6 billion (AU$60 billion)
  7. Larry Ellison US$43.6 billion (AU$58 billion)
  8. Charles Koch US$39.6 billion (AU$53 billion)
  9. David Koch US$39.6 billion (AU$53 billion)
  10. Liliane Bettencourt US$36.1 billion (AU$48 billion)

According to FORBES, the World's Billionaires list is a snapshot of wealth taken on Feb. 12, 2016. There were 1,810 billionaires who made the 2016 list of the world’s richest people with an aggregate net worth of $6.48 Trillion. View Forbes World's Billionaires 2016 list here.