A group of Australia's richest individuals and families has lost more than $5 billion combined on the stockmarket in the past 12 months, with shares hit hard by falling commodity prices and uncertain economic conditions.

Billionaire big names such as Andrew Forrest, James Packer and Kerry Stokes have experienced big falls in their shareholder wealth, though Frank Lowy has bucked the trend with his Westfield Corporation shares up about 50 per cent in 12 months.

James Packer has lost about $1.8 billion on paper thanks to a 28 per cent fall in the share price of his Crown Resorts casino and entertainment business. Credit:Rob Homer

Mr Lowy has added about $630 million to his share wealth since January last year, during which several of his billionaire peers have watched their wealth slide downwards.

Mining stocks in particular have taken a beating, wiping more than $2.5 billion off the paper wealth of Mr Forrest, the chairman of Fortescue Metals Group.