Mining magnate Gina Rinehart is Australia's richest person, after a recovery in iron ore prices boosted her estimated fortune to $US16.6 billion ($21.5 billion).

Ms Rinehart's wealth increased by $US8.1 billion, according to the 2017 Forbes Australia Rich List, from $US8.5 billion in 2016.

Gina Rinehart's wealth increased by $US8.1 billion, from $US8.5 billion in 2016, according to the 2017 Forbes Australia Rich List.

The list includes 50 people, who needed a minimum of $US700 million to be placed, up from $US500 million in 2016.

Property tycoon Harry Triguboff takes second spot, after his fortune rose by $US3 billion to $US9.9 billion.