Featured Image Credit: UPI/John Angelillo
Topics: Australia
Joel Duggan
Clive Palmer is a businessman and politician who made his fortunes as a billionaire in the mining industry.
Beginning as a real estate agent in the 1980s, Palmer benefited immensely from the Gold Coast property boom.
He used his newfound fortune to establish Mineralogy and two other companies to undertake mining exploration in Western Australia.
Over the years, Palmer has made several other purchases, including Waratah Coal, Queensland Nickel, the Gold Coast United FC, and multiple golf courses and resorts.
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Now aged 68, Palmer has made a name for himself as a politician, having served a term as MP for Fairfax under his Palmer United Party between 2013 to 2016, before going on to use his massive wealth to run a nationwide campaign for his United Australia Party in 2019 and 2022.
As of 2022, Clive Palmer has an estimated net worth of $2 billion, according to Forbes.
In 2021, the Australian Financial Review listed him as the seventh richest person in Australia
Palmer’s wealth grew steadily over the pandemic but experienced a sharp downturn in 2022.
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This was partly due to the $100 million he spent on an unsuccessful political advertising campaign for the United Australia Party, in addition to some lost lawsuits.
Palmer has been known to frequently employ litigation against business and political opponents, often forcing them to rack up exorbitant legal bills.
His recent publicity has been mainly associated with his political campaigning for the United Australia Party.
Despite a long and expensive campaign, the United Australia Party was only able to win one seat in the Senate.
Palmer resides in a gated mansion located in the exclusive Gold Coast community of the Sovereign Islands.
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He owns 11 homes on the islands, in addition to homes in Broadbeach Waters, Fig Tree Pocket and Sofia in Bulgaria.
He has sunk at least $50 million into Gold Coast homes alone.