Forrest will collect a $260 million cash dividend in October from the miner which is turning into a cash cow thanks to rising iron ore prices, brutal cost cutting, and falling debt levels. He raked in $200 million from Fortescue's interim dividend in February this year.

"Fortescue has continued to generate excellent cashflows allowing further repayment of debt, strengthening of our balance sheet and increasing returns to our shareholders," said its CEO Nev Power after another record result on Monday.

Forrest will reap a $460 million cash bonanza from Fortescue this year from his controlling shareholding in the company.

His only rival on the dividend bonanza stakes is James Packer, who received a $387 million payout in February as the casino operator retreats from global markets and boosts the cash return to its investors.

The good news for Forrest and his fellow shareholders is that there is plenty of room for bigger dividends given the miner is paying out only slightly more than half of its profits as a dividend to shareholders. Telstra investors got into trouble because the telco was paying out literally all of its profits as a dividend, which means it was only ever going to head south - along with its share price.

The best part for Forrest is that the dividends are fully franked, which means one of the Australia's richest men will have a very modest tax bill to boot.

It might help ease the pain from the falling stock price which has wiped roughly $1.5 billion from Forrest's net worth since February.

Don't worry, it merely pegged back some of the $5 billion worth of gains he made on his shares last year, and does not threaten his many philanthropic efforts, which now includes saving his local rugby team, the Western Force.

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