Clive Palmer Really Is A Billionaire, As Well As Mining Magnate And Member of Parliament

Is Clive Palmer really a billionaire?

The media, which loves short tags to describe people, likes to call the member for Fairfax one, but the man himself hasn’t provided a figure.

“Who knows? I’ve never said I am a billionaire. It’s just that (News Corp Chairman) Rupert Murdoch keeps putting me on the rich list in Queensland every year,” he told the ABC TV’s Lateline last month.

The ABC’s fact-checking unit has come up with a calculation which puts the mining magnate firmly in the billionaire club.

As of June 30, 2012, the ABC estimates Palmer’s wealth:

  • Mineralogy = $234 million
  • QNI Resources = $675 million
  • QNI Metals = $190 million
  • Australasian Resources shares = $20 million
  • Properties = $7 million
  • Total = $1.13 billion

The ABC cited 23 sources for its report.

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