Cardboard tycoon Richard Pratt’s son Anthony has been crowned Australia’s wealthiest person, after the global financial crisis pruned Andrew “Twiggy” Forrest’s fortune by a massive $7 billion.

Presiding over a $4.30 billion fortune, Mr Pratt has taken the top spot in the annual BRW magazine’s Rich 200 list after inheriting his wealth and the helm of cardboard packaging company Visy from his late father in April.

Last year’s number one, Fortescue Metals Group Ltd’s Mr Forrest, slid to eighth place with $2.38 billion after losing a whopping $7.03 billion because of falling iron ore prices.

Westfield property empire founder Frank Lowy retained second place on the list, although his fortune dropped to $4.20 billion from $6.30 billion last year.

In third place is Sydney apartments magnate Harry Triguboff with $3.66 billion wealth, up from $3.25 billion last year.

Australia’s richest woman is iron ore magnate Gina Rinehart, who remained in fourth position this year with $3.47 billion.

Ms Rinehart, the daughter of the late mining magnate Lang Hancock, has seen her fortune drop by $92 million from $4.39 billion last year.

The BRW Rich 200 list also reveals gambling and media tycoon James Packer has fallen to sixth spot from number three last year, as his estimated wealth dropped to $3.00 billion, from $6.10 billion.

Another media mogul, Seven Network owner Kerry Stokes, has also slipped down the list and is now ranked 11th with a fortune of $1.90 billion.

Last year he was ranked the eighth wealthiest person in Australia with $2.76 billion in wealth.

Returning to the list after a four-year absence is Australia’s richest politician - federal Opposition Leader Malcolm Turnbull.

The former merchant banker is the only politician to make the list and is ranked number 182 out of 200 with a fortune of $178 million.

Releasing its Rich 200 list on Wednesday, BRW said the economic downturn had hit Australia’s wealthiest people hard.

“For the first time in almost a decade, the rich got poorer this year,” BRW said.

Combined wealth on the Rich 200 list has fallen by about $25 billion to $114 billion, the magazine said.

The cut-off entry to the list this year is $150 million, down from $200 million last year.

BRW said the global financial crisis means there are several high-profile departures from the Rich 200 this year.

They include former bankrupt and convicted fraudster Alan Bond, who ranked 157th last year but has dropped off the list after his overseas mining investments suffered a drop in value.

The richest newcomer to the list is Paul Fudge, who is ranked at 41 after amassing a fortune of $752 million in the coal seam gas sector in Queensland.

BRW Rich 200 editor John Stensholt said the global financial crisis has wreaked havoc on the fortunes of the wealthy.

“The share market has come down and property asset values are down,” he said.

“But there are some winners - they’re the ones that are cashed up.

“They’re the ones that are going to do well in a downturn - the ones that timed it right, made the exit and are looking to get back in now.”

The latest issue of BRW magazine goes on sale on Thursday, May 28.

AAP