Mining magnate turned federal MP Clive Palmer has lost an estimated 40 per cent of his wealth during the past year from the resources downturn.
The man who represents constituents on Queensland's Sunshine Coast is worth an estimated $631.75 million, Forbes Asia magazine says.
While Mr Palmer is still Australia's richest MP, he is far from being a billionaire, as a BRW report last year estimated.
The colourful entrepreneur and Palmer United Party founder just scraped into Forbes' prestigious top 50 wealth list, falling from the No.31 position he held a year ago.
The prestigious Singapore-based journal blamed a downturn in the mining industry for the Fairfax MP's change in fortunes.
"With miners in the dumps, Forbes Asia cut the estimate of his fortune by nearly 40 per cent," it said.
"At No.50 he barely hung on to a place among the country's richest."
But Mr Palmer said he had never previously claimed to be wealthy.
"I've never said my wealth is more than one dollar. I've got no idea," he told AAP.
"It's not relevant. It goes to the content of your character as a person not to how much money you have in life."
Forbes also cited the Mineralogy founder's apparent lack of transparency on his business interests as he engages in a bitter dispute with the Hong Kong-based Citic Pacific group.
He has also listed an involvement with more than 100 companies as part of his pecuniary interest register as an MP.
"The lack of transparency doesn't help Palmer's cause," the magazine said.
"Missing from his declaration was whether the companies are making any money."
Mr Palmer played down Forbes' assertions about the solvency of his business interests.
"I don't know what my cause is," he said.
"I've complied with the requirements of the registry like every other member of parliament."