Australia's richest people have lost billions over the past 12 months just like the rich around the world. The list of 200 rich Aussies plunged in value by about $25 billion with the mining magnate Andrew Forrest and casino mogul James Packer absorbing much of that pain with a $7.03 billion loss for the former and a $3 billion loss for the latter.

The number one spot on BRW's Rich 200 list has changed again this year with the cardboard box fortune of Anthony Pratt claiming first place with $4.3 billion. Anthony Pratt has taken the reigns of his father's Visy Industries company after Richard Pratt passed away in April 2009.

Another billionaire son to inherit his father's fortune, James Packer isn't doing so well with his assets dwindling to a mere $3 billion and dropping to 6th place on a list that his father dominated in his later years. Just weeks before the BRW 200 rich list was released Forbes released their Australian Rich 40 list which had James Packer as the richest man in Australia, proving that compiling a rich list is an art and a challenge.

Falling commodity prices saw Australia's richest woman Gina Rinehart lose about $920 million. Rinehart's $3.47 billion fortune puts her in 4th position.

Entry level on the Rich 200 list dropped by $50 million to $150 this year. Fifteen wealthy newcomers made the cut this year with Paul Fudge making a grand entrance of $752 million thanks to the boom in coal seam gas and the sale of his Pangaea company for $660 million.

The average age of the richest Australians is 62.8 with 17 on the list aged 80 and above and just 9 aged 40 and below. The 90 year old David Mandie is the oldest with $255 million and the 32 year old Simon Clausen is the youngest with a net worth of $180 million.

Even after the heavy losses that the rich took over the past 12 months there were still 28 Australian billionaires.