Australia's Richest Woman Says Her Kids Are Unfit To Inherit Her Billions

Gina Rinehart

Photo: The Sydney Morning Herald

Remember Gina Rinehart? She’s the Australian mining heiress who is the country’s richest woman, and who could become the richest person in the world in a few years.Rinehart inherited her company, Hancock Mining, and her fortune from her father, Lang Hancock.

Her kids were also named in his estate, but now Rinehart wants to shut them out, saying they aren’t fit to manage any of the inheritance, according to the Wall Street Journal‘s Robert Frank.

Frank writes:

Court documents cited in the Australian media show that Ms. Rinehart believed the kids weren’t fit to manage their fortune. She said none had ever held a real job, unless it was given to them by the family. “None of the plaintiffs (her children) has the requisite capacity or skill, nor the knowledge, experience, judgment or responsible work ethic to administer a trust in the nature of the trust in particular as part of the growing HPPL Group,” she claimed in court papers.

She added that the kids are “manifestly unsuitable” to manage the fund and that it would be in the “best interests of the beneficiaries to force them to go to work.”

We don’t know much about the kids’ upbringing, but it seems like Rinehart herself could be to blame, at least in part, for their supposed incompetence around money.

Rinehart, who is said to be worth around $11 billion, was sued by her daughter in September. She’s also sparred with her father’s second wife over his fortune.

Click here to see how Gina Rinehart positioned herself to become the world’s richest woman >

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