Gina Rinehart, Australia’s richest citizen, is now the richest woman in the Asia-Pacific region, and is well on her way to becoming the richest woman in the world according to Forbes Magazine.

Ms Rinehart’s personal fortune has more than doubled to $18 billion, thanks to a lucrative deal signed with South Korean steel giant Posco in January.

The boss of Hancock Prospecting also intends to expand her iron ore operations and further develop two new coal projects, which, if commodity prices hold up, could see her challenge Christie Walton for the title of world’s richest woman.

The report by Forbes also found that the number of Australian billionaires has kept steady at 20, with Ivan Glassenberg, the CEO of commodities trading giant Glencore, the only new addition to the group over the last 12 months, jumping all the way to $7.2 billion.

Forbes concluded that the total wealth of the country’s richest 40 citizens is up to $84.9 billion, up from $68.4 billion. The entry level for the top 40 is now set at $645 million.