Australia’s 40 richest people saw their net worth rise by 45% to US$48.8bn since May 2009, according to Forbes, as many of them benefitted from high prices for commodities, a resilient local economy and the strong Aussie dollar.

The iron ore billionaire Andrew Forrest retained his place as Australia's richest person with a fortune valued at $4.1bn, according to Forbes. The 48-year-old saw his worth rise by an incredible 149% last year, as the price and demand for iron ore zoomed up.