Clive Palmer Net Worth & Biography

Clive Palmer is an Australian business tycoon and politician known for his numerous business operations, which included the mining company Mineralogy. Born in Footscray, a suburb of Melbourne, Victoria, Australia, Palmer was raised in Williamstown until his asthma, intensified by industrial pollution, forced the family to move to Gold Coast, Queensland, in 1963. He attended the University of Queensland to study law and journalism but dropped out in 1975 to start his career in the real estate industry. In the early 1980s, Palmer, through his company GSS Property Sales, reported a profit of some $40 million (Australian). In 1984 he started the mining company Mineralogy, which acquired iron and gold deposits in Western Australia that were previously owned by American mining interests. Today, he is known to be one of the richest people in his country with a fortune that is estimated at several billion dollars.

Early Life: Childhood, Education

He was born Clive Frederick Palmer on born 26 March 1954 in Victoria, Australia. He spent his early years in the Melbourne suburb of Williamstown. After his family moved to Queensland in 1963, Palmer experienced his adolescent days on the Gold Coast. Palmer’s father, George Palmer, was a travel agent, and this made the family travel the world extensively. George was also the proprietor of the Akron Broadcasting Company and the Akron Tyre Company and was also the founder of Melbourne broadcasting station 3AK.

Palmer attended Aquinas College and Southport State High School. Likewise, he also attended Toowoomba Grammar School for a brief period. He attended the University of Queensland to study law, journalism, and politics from 1973 to 1975 but did not complete the course. He later completed a Law Diploma through the Queensland Bar Board, and went on to work for the Public Defender’s Office as a clerk and interviewing officer.

Professional Life: Business Career, Political Ambitions

Palmer has been involved in many businesses across various industries throughout his career. He is the owner of the mining company Mineralogy, which focuses on working on iron ore reserves, and has also acquired the Palmer Nickel and Cobalt Refinery, Queensland Nickel, and Waratah Coal.

For much of his professional career, the notoriously cagey businessman remained largely under the international radar, concentrating on growing his empire but attracting attention only in Australia his home country. He leased his iron mines in 2006 to the Chinese-government-owned company CITIC Ltd. (formerly CITIC Pacific). The deal, which was worth nearly $3 billion (Australian) initially, included future royalties on all produced ore.

His company, Mineralogy, further purchased coal mines in 2008 and a nickel and cobalt plant the following year.

Beginning in 2014, his relationship with CITIC Limited deteriorated, with both parties alleging fiscal misconduct on the other’s part and instigating a series of lawsuits against each other.

The businessman also has other business holdings that included the association football team Gold Coast United FC (2008–12) and Palmersaurus, a theme park filled with dinosaur replicas that opened in December 2013 at one of his numerous resort properties; it later closed.

As his wealth multiplied, Palmer donated extravagantly to conservative political causes. In 1983 he volunteered for Australia’s conservative National Party as campaign director. He had belonged to the party since 1974. He became the media spokesman of the party during the 1986 elections, and in 1992 he was voted to life membership. He departed from the National Party ten years later following disagreements with the federal leadership of the Liberal Party (which controlled the functions of the National Party in Queensland).

Palmer formed the Palmer United Party (PUP) which in the November 2013 elections, secured nearly 6% of the national vote and two Senate seats. The businessman himself was narrowly voted to represent Fairfax, Queensland, in the Australian Parliament. In 2019, he ran for a seat in the Senate but his bid was unsuccessful.

Clive Palmer Net Worth: Salary, Income Sources, Assets, Real Estate

The Australian entrepreneur, businessman, politician, and activist, Clive Palmer, is alleged to have a net worth of $2.2 billion. He is the owner of the ore mining company Mineralogy Pty Limited which operates in Western Australia. He also owns the Australian football franchise, Gold Coast United FC. In addition to all that has been mentioned, Clive was also on the faculty of Deakins University for four years from 2002-2006.

Palmer is a billionaire who enjoys spending his money on some of the finest things in the world. He is a car enthusiast who is known to own one of the biggest and most expensive car collections in Australia. His collection consists of over 150 cars worth more than $20 million. He owns 11 Rolls Royces, a 1965 Newcastle Rambler, rare Bugattis, and Ferraris. He also spends his wealth on expensive mansions. His primary residence is a $12 million mansion with five bedrooms, a lift, a gym, a wine cellar, and a lap pool at 9 Hedges Avenue. He also owns a lavish home in Brisbane which he purchased for $7.5 million.