Resources executive emerges as shock candidate for title of Australia’s richest person

Just when it appeared almost certain that Gina Rinehart would emerge as Australia’s richest person when Australia’s rich list is released later this month, a new candidate for the mantle has emerged at the last minute – Ivan Glasenberg, chief executive of the soon-to-be-listed commodity trading giant Glencore.

According to a report in the Australian Financial Review, South African-born, Swiss-based Glasenberg is actually an Australian citizen and is therefore eligible for the BRW Rich 200 list, which will be released on May 26.

Glencore, which is set to release the prospectus for its float in the coming days, is likely to be valued at up to $73 billion.

Glasenberg, who is an Australian citizen according to documents filed with the US Securities and Exchange Commission, is believed to own about 15% of the company, meaning his shares could be worth as much as $10.5 billion if Glencore floats at the top of its predicted valuation range of $45-73 billion.

Iron ore magnate Gina Rinehart looked certain to take top spot on the BRW Rich 200 list after she was valued at a conservative $9 billion by Forbes magazine earlier this year.

While her valuation is likely to have grown thanks to strong commodity prices, Glasenberg could well beat Rinehart to the position.

According to the AFR, Glasenberg is believed to have taken Australian citizenship during a two-year stint in Sydney as a commodities trader working for Glencore.

The low-profile chief has now been with the company for 27 years, but it is only since the start of the commodities boom last decade that the group has emerged as a money-making powerhouse – last year, profits leapt 40% to $3.8 billion.

Glasenberg, who has been busy promoting the IPO throughout Europe in recent months, told the Financial Times in early April that the IPO would give Glencore the scale needed to make bigger deals.

“We will get firepower and we can buy assets when opportunities present themselves in areas and sizes that we could not do before.”

He also said there would be no change to the way Glencore operators – maximum returns remains the clear goal.

“We will continue to be major shareholders of this company, and we are going to run this company to make maximum profits and maximum returns for our investors – including ourselves.”

Another Australian Glencore executive, Steve Kalmin, is expected to emerge with a stake worth about $1 billion.