Gina Rinehart's personal wealth has shed a staggering $7 billion in the past 12 months, but even her losses exceed the total wealth of Australia's next richest person, according to the BRW Rich 200 list released today.

The mining magnate easily retained her position as Australia's richest individual with total wealth estimated at $22.02 billion, down from $29.17 billion last year. However, the huge $7.15 billion drop sustained by the mining magnate surpassed the total wealth of the man in second place, shopping centre developer Frank Lowy. His total wealth was up $400 million this year to $6.87 billion.

See BRW's interactive graphic showing the performance of the Rich list's top 10.

Mr Lowy replaced commodoties heavyweight Ivan Glasenberg at No.2 on the list after the CEO of the newly merged GlencoreXstrata shed a hefty $1.79 billion to drop to $5.61 billion and fifth. Mr Lowy is one of 18 people who has appeared in the Rich 200 every year of its 30-year run.