Australia's 5th Richest: Professor Clive Palmer Profile

Submitted by Jim Thesiger on 6 July, 2009 - 05:58

In the corporate world of Australia, Professor Clive Palmer is known to be one of the most influential figures. He is also considered as the fifth richest person in Australia with a huge fortune that is assumed to be around $6.5 billion. Professor Palmer owns lavish homes in Perth, Brisbane and Beijing. He also owns three private jets and two helicopters. Very recently he bought a football team - Gold Coast United for A$6 million and eyeing to take the team to an established position in A-League.

Being one of the most prominent figures in Australia, Professor Clive Palmer has interactions with some of the most powerful international figures like Vladimir Putin (president of Russia), US senator Ted Kennedy and Pope Benedict. As the owner of Mineralogy, it is assumed that Professor Clive Palmer is in control of a huge 160 billion tonnes of iron ore stock. In 2008, Clive Palmer took over the Waratah Coal, a Queensland based company that has a massive thermal coal resource in Galilee Basin.

Professor Clive Palmer is the son of renowned figure of the Australian media: George Frederick Palmer, who was a famous actor during the age of silent movies and later established commercial radio (was one of the pioneers who set up 3AK in the 1930s). Mr. Palmer grew up near Brisbane in the Gold Coast area and attended university in the 1970s. There he studies Journalism, law and politics. However, later he became more interested about property investment and started his carrier as a property developer at a time when Gold Coast was becoming power house in the Australian economy.

Within a short period of time Professor Palmer made a fortune of $1 million and decided to spend a long vacation travelling across the globe with his wife Susan. However, within a couple of years, he became bored of this vacation and decided to return to the business world.

As an entrepreneur he soon established one of his key enterprises - Mineralogy. He was very close to developing partnership with the Russian Government but later decided to operate it solely. However, recently he signed a lucrative deal with CITIC of China.

Professor Clive Palmer is an adjunct professor at Deakin University. He is also known for his passion about politics and acted as the official spokesman for the Liberal National Party. He played a key role in the recent movement of merging the Liberals and the Nationals. Currently his son is developing his career in politics.

Professor Palmer went through one of the most tragic moments of his life when he lost his first wife to cancer, after a 22 year married life. This tragedy inspired him to establish a charitable foundation which focuses on medical research. After the death of his first wife, he married Anna. He has three children from both his marriages.