Palmer happy to live on $40 million, says 'I'm a happy chappy'

Clive Palmer is not the least bit concerned falling iron ore prices are shrinking his fortune, saying he's happy to live on $30 or $40 million a year.

The Palmer United Party leader, responding to reports his income from the various mining companies he owns is being slashed almost daily, reckons he has enough money to sleep in a bed at night and "have a good time".

"I haven't got any debts, I've got billions of dollars of assets and I'm a happy chappy," he told reporters in Canberra on Tuesday.