Forrest's wealth jumped more than a third to Aus$6.2 billion ($6.2 billion) due to soaring iron ore prices.

It put him on top of the Business Review Weekly's richest Australian executives list, based on the market value of the shares they hold in their companies.

Murdoch was second with Aus$5.7 billion, although his shares are worth only half of what they were in 2007.

Crown and Consolidated Media Holdings' James Packer is third on Aus$3.6 billion while Seven Network chief Kerry Stokes came fourth (Aus$1.82 billion).

Frank Lowy of Westfield Holdings, rounded out the top five at Aus$1.75 billion.

The best performers were in the resources sector, which supplied 81 of the top 200 executives, up from 56 in 2010.

Top 10 (last year's status in brackets)

1. (2) Andrew Forrest, Fortescue Metals, Aus$6.23 billion

2. (1) Rupert Murdoch, News Corporation, Aus$5.68 billion

3. (3) James Packer, Crown and Consolidated Media Holdings, Aus$3.6 billion

4. (10) Kerry Stokes, Seven Group Holdings, Aus$1.82 billion

5. (4) Frank Lowy, Westfield Group, Aus$1.75 billion

6. (6) Kerr Neilson, Platinum Asset Management Aus$1.52 billion

7. (7) Gerry Harvey, Harvey Norman Holdings, Aus$932.8 million

8. (8) Tony Poli, Aquila Resources, Aus$880.3 million

9. (9) John Grill, WorleyParsons, Aus$794.1 million

10. (-) Peter Bond, Linc Energy, Aus$572.6 million