There are just 22 women among Australia's richest 200 people, with Gina Rinehart still the highest ranked, followed by her estranged daughter Bianca.
Paper, packaging and recycling magnate Anthony Pratt tops the 2017 Financial Review Rich List with a fortune of $12.6 billion (NZ$13.3b), propelled to number one by the growth in America of the Pratt Industries packaging business.
Property tycoon Harry Triguboff has been knocked down to second spot, despite his wealth increasing to $11.45b (NZ$12.1b), while stronger commodity prices boosted Ms Rinehart's fortune by more than $4b (NZ$4.2b) to an estimated $10.41b (NZ$11b), putting her in third spot.
The 2017 rich list features 60 billionaires - the most ever in its 34 year history - and the total wealth of all rich listers has soared to $233.1b (NZ$247b).
But the number of women on the list is down from a record 23 in 2016.
Women have comprised around 10 per cent of the list for some time, Financial Review Rich List editor John Stensholt said.
"It's disappointing quite frankly and it just shows you how difficult it is for female entrepreneurs in this country to make the big money," he said.
The second richest woman in Australia, Bianca Rinehart, controls 23 per cent of Hancock Prospecting and has an estimated wealth of $2.74b (NZ$2.9b).
The combined wealth of the list's top five males is $46b (NZ$48.8b), compared to the combined wealth of $18.37b (NZ$19.5b) held by the top five females.
Multiplex heir Tim Roberts, now the operator of Perth Jet Centre and hedge fund manager Warburton Group, is the list's highest ranking new entrant, sitting at number 62 with a $986m fortune.
The youngest person, 33-year-old Owen Kerr who runs private foreign exchange broker Pepperstone Group, slips in at 200 with wealth of $342m (NZ$363m).
Property is again the biggest sector, with 58 of the richest people making most of their money in the field. Departures from the list include the late James Fairfax and Zip founder Michael Crouch.
AUSTRALIA'S RICHEST PEOPLE
Paper, packaging and recycling magnate Anthony Pratt - $12.6b (NZ$13.3b)
2. Property tycoon Harry Triguboff - $11.45b (NZ$12.1b)
3. Mining magnate Gina Rinehart - $10.41b (NZ$11b)
4. Westfield chairman Frank Lowy - $8.26b (NZ$8.7b)
5. Glencore boss Ivan Glasenberg - $6.85b (NZ$7.2b)
• Combined wealth of top five - $49.57b (NZ$52.6b)
AUSTRALIA'S RICHEST MEN
Anthony Pratt - $12.6b (NZ$13.3b)
2. Harry Triguboff - $11.45b (NZ$12b)
3. Frank Lowy - $8.26b (NZ$8.7b)
4. Ivan Glasenberg - $6.85b (NZ$7.28b)
5. Iron ore magnate Andrew Forrest - $6.84b (NZ$7.27b)
• Combined wealth of top five men: $46b (NZ$48b)
AUSTRALIA'S RICHEST WOMEN
Mining magnate Gina Rinehart - $10.41b (NZ$11b)
2. Bianca Rinehart - $2.74b (NZ$2.9b)
3. TPG Telecom founder Vicky Teoh (with David Teoh) - $1.91b (NZ$2.03b)
4. Mining magnate Angela Bennett - $1.76b (NZ$1.87b)
5. Daughters of the late Perth mining billionaire Michael Wright, Alexandra Burt and Leonie Baldock - $1.55b (NZ$1.65b)
• Combined wealth of top five women - $18.37b (NZ$19.5b)
Source: Financial Review Rich List, 2017