australias richest lose billions

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    Australia's 10 richest lose 5 bln dollars in 3 months 2008-04-05 10:07:02 Print

    CANBERRA, April 5 (Xinhua) -- Australia's ten richest businesspeople have lost a total of 5 billion Australian dollars (4.5 billion U.S. dollars) over the past three months due to the global financial upheaval, New Limited reported on Saturday.

    Australia's richest man, Andrew Forrest, has recorded the biggest losses, with share in Fortescue Metals falling by 1.01 billion dollars (0.91 billion U.S. dollars), but his fortune is still valued at more than 7 billion dollars (6.3 billion U.S. dollars), the report said.

    The nation's second richest man, James Packer, performed slightly better, with his paper losses for the first quarter of 2008 estimated to be about 600 million dollars (540 million U.S. dollars).

    Retail giant Gerry Harvey's shareholdings have dropped in value by 900 million dollars (810 million U.S. dollars).

    Meanwhile, Olympic legend Herb Elliot faces losing half of his 40-million dollar fortune, the highest profile casualty of the collapse of stockbroker Opes Prime.

    The Weekend Australian reported on Saturday that Elliot has lost control of half of his 5.5 million shares in Fortescue Metals Group worth about 20 million dollars (18 million U.S. dollars).

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