Australia's Gina Rinehart Is World's Richest Woman (VIDEO)

WATCH: Meet The World's Richest Woman

Australian mining magnate Gina Rinehart is the richest woman in the world, according to the Business Review Weekly Rich 200.

The 58-year-old mother of four become a billionaire in 2006 and is now estimated to be worth $29.17bn.

Despite her wealth, it's been a rocky ride for the mining magnate. Three of her children recently took her to court to access their trust funds, and Rinehart has received criticism for funding climate sceptic group lobby Australians for Northern Development and Economic Vision.

Despite the problems, her wealth is estimated to have tripled in the last year, while others' remained stagnant or declined.

Andrew Heathcote, the editor of the Business Review Weekly list said: ''The relatively low number of newcomers and re-entrants on the list this year says much about the state of the economy.''

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