Media mogul pips mining magnate Gina Rinehart as Australia's richest person

Mining magnate Gina Rinehart is no longer Australia's richest person after Forbes Australia announced Australian resident Blair Parry-Okeden has ended her five year reign.

Parry-Okeden's net worth of 8.8 billion U.S. dollars means the reclusive American media heiress takes out top spot on the Forbes Australia' richest person list, just ahead of second place Gina Rinehart with a net worth of 8.5 billion U.S. dollars.

Rinehart has been crowned Australia's richest person for the past five years.

Parry-Okeden, who inherited 25 percent of media giant Cox Enterprises in 2007, was recently confirmed to be an Australian citizen after moving to the "land down under" with her ex-husband decades ago. Australia's newly crowned richest woman was raised in Hawaii.

Rinehart's net wealth slipped 3.2 billion U.S. dollars in the past year, mainly due to the drop in commodities and court rulings in favour of her children which impacted her shareholding in Hancock Prospecting. The company's Roy Hill mine in Western Australia state's Pilbara region has recently come online, despite the continued glut in iron ore.

Australian real estate baron Harry Triguboff came in third with 6.9 billion U.S. dollars, while chairman of global shopping centre giant Westfield Corporation Frank Lowy ranked fourth with a net worth of 5 billion U.S. dollars.