Sydney, Australia: Mining magnate Andrew “Twiggy” Forrest has ridden a wave of iron ore exports to China to become Australia’s richest man, replacing casino tycoon James Packer, Forbes magazine said Thursday.
   
The Fortescue Metals chief was valued at US$4.1 billion ($5.7 billion) as his net worth soared 149 percent, returning him to the place he held in 2008 after dropping to fifth spot last year, the magazine reported.
   
Packer, son of media mogul Kerry Packer, placed third despite a rise in his personal worth from US$3.1 to US$3.5 billion.

Frank Lowy, founder of shopping mall group Westfield, was second with US$3.6 billion.
   
Forrest, 48, a philanthropist who pledges to give away most of his wealth, was among five mining tycoons whose wealth has soared 71 percent since May thanks to Australia’s strong commodities sales to Asia.
   
“I’m already dedicating half my time to philanthropy,” Forrest told the magazine.

“The aim is to make it full-time.”
   
The collective worth of Australia’s 40 richest jumped some 45 percent to US$48.8 billion, boosted partly by a rise in the Australian currency.

The top woman was Gina Rinehart, who owns half of an iron ore mine, in seventh.