The disappearing net worth of Australian mining moguls
A group of Australia's most prominent mining executives have lost a collective A$3 billion this year as the Western Australian (WA) economy has slowed, according to analysis by The Australian.
The average of shareholdings "held by 10 of the biggest names in WA's resource-dominated economy has fallen by more than 38% from the peaks of the past six months."
Retail sales dropped 0.8% in Western Australia in April and newspaper advertised employment fell 7.6% from April to May, "and was 45% below the level of a year earlier."
Western Australia, rich in iron ore, gold and natural gas, has been a driving force for the Australian economy, contributing over US$115 billion a year to GDP.
But with Chinese demand, commodity prices and business investment all falling, "Western Australia is arguably close to experiencing recession-like conditions."
Sources: The Australian; The Wall Street Journal; Australia & New Zealand Banking Group