Palmer’s political ambitions are bankrolled by a fortune that the Bloomberg Billionaires Index values at more than $1 billion.
His biggest payday came in 2006 when Chinese company CITIC Pacific gave him $415 million for the right to mine his patch of the Australian outback. Palmer, who initially made money in real estate, held the resources rights since the 1980s.
An Australian court awarded him a further $150 million last year following a long-running fight over royalties from the CITIC iron ore mine. Future payments will vary based on production and commodity prices, but annual checks of about $200 million, stretching to as much as $500 million in five years, are expected.
Untapped coal and cobalt assets could add to his net worth. Then there’s his Gold Coast housing development plans and an island resort in the Pacific.
“You create wealth by being different to other people,” Palmer said of his investing philosophy. “But I’ve lost a bit of the motivation. At my age there doesn’t seem much need to make much more money."
Doubt remains about whether some of his plans will happen, including a full-scale working replica of the Titanic.
Palmer said it’s disappointing that the Titanic II has taken so long to build. The ship’s maiden voyage has been pushed back to around 2022 from its original date of 2016.
“It’s something you wouldn’t want to do if you realized how detailed it was,” he said. “But I’m confident we’ll go ahead with it. As long as I keep getting plenty of money, we can do it.”
This article was provided by Bloomberg News.