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Australia’s Ultra-Rich Are Now Less Ultra-Rich

From blogs.wsj.com

After riding the resources boom into the realms of the ultra-rich, Australia’s wealthiest mining tycoons have been finding new and interesting ways to spend, and in some cases donate, their cash. Among them, Gina Rinehart has paid record prices for condos in Singapore, Clive Palmer has plans to build a working replica of the Titanic, and Andrew Forrest has pledged to give half of his fortune to charity. Falling commodity prices, however, have hit their wallets, raising questions about whether their lifestyles and spending will be similarly trimmed. The biggest loser is Ms. Rinehart, the richest Australian of all time ... (full story)

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