Iron ore tycoon Andrew Forrest, is back on top of Australia’s rich list thanks to resurgent demand from China’s steel mills that rely on his shipments.

Mr. Forrest, worth 4.1 billion US dollars, deposed last year’s top dog, gambling magnate James Packer, at 3.5 billion dollars, in an annual ranking published on Thursday in Forbes Asia magazine.

Mr. Packer, who inherited his wealth from his father, also had to make way for Frank Lowy, worth 3.6 billion dollars and the founder of the world’s biggest shopping mall operator, who took second spot.

The first woman was mining mogul Gina Rinehart at 2 billion dollars, who like Mr. Packer was born into money and ranked seventh on the list.

Mr. Forrest, 48, topped the rich list in 2008 but dropped to fifth position last year when the value of mineral assets plunged during the global economic downturn.