Australia's richest millionaires and billionaires are having a rough time. It seems they've collectively lost more than $5 billion from the value of their shares in the past year.
Maybe we should start a kitty and do a collection for them…or not. After all, they still have plenty left.
Andrew Forrest, James Packer and Kerry Stokes are amongst the biggest losers, but patriarch of the Westfield Group (ASX: WFD) Frank Lowy, has bucked the trend with his wealth rising around $632 million in the past 12 months.
Mr Forrest, chairman, founder and largest shareholder in Fortescue Metals Group Limited (ASX: FMG), has lost around $2.5 billion, as the iron ore price slides according to the Brisbane Times.
Kerry Stokes, with a major shareholding in Seven Group Holdings Ltd (ASX: SVW) has seen his wealth sink by $391 million, as Seven's Westrac mining equipment business struggles with low utilisation and sliding revenues. You can blame the miners for that – as commodities prices fell – miners from all over have slashed their costs, in an effort to remain profitable.
The falling share price in WorleyParsons Limited (ASX: WOR), a provider of services to the oil and gas industry, caused a $200 million fall in founder John Grill's wealth.
James Packer, with a large shareholding in Crown Resorts Ltd (ASX: CWN), has seen his paper wealth drop by an estimated $1.8 billion, as Crown shares plunged 28% last year. Much of that is thanks to China's crackdown on corruption in Macau – where Crown runs a joint venture.
Super Retail Group Ltd's (ASX: SUL) Reg Rowe has seen his wealth diminish by $275 million, on paper anyway, as the company that owns brands Super Cheap Auto, Rebel and Ray's Outdoors struggles with falling consumer sentiment, and fallout from the resources industry. It seems miners aren't that keen on buying accessories for their boat or car when they might not have a job soon.
While data like this makes for interesting reading, I doubt many of the names mentioned above are sweating too much. Like sensible, Foolish investors, they're in it for the long term – and there's a lesson in that.
