Titanic

After riding the resources boom into the realms of Australia's ultra rich, the wealthiest mining tycoons Down Under have lost more than 11 billion Australian dollars (US$10.77 billion) from their fortunes over the past year as commodity prices have fallen.Hardest hit is the richest Australian of all time, mining heiress Gina Rinehart, with slumping iron-ore prices gouging more than A$7 billion from her net worth.Ms. Rinehart's wealth has tumbled 25% to A$22.0 billion from last year, according to the BRW Rich 200, a list compiled by Fairfax Media, although she maintains a firm grip on the top position--with more than three times the wealth of the country's second-richest person, Westfield Group founder and Chairman Frank Lowy.Fortescue Metals Group Chairman and major shareholder Andrew Forrest's wealth has tumbled by A$2.2 billion to A$3.7 billion. A sharp drop in iron-ore prices to a near three-year low in September contributed to a 40% slump in Fortescue's first-half profit and prompt...

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