Westfield Group Chairman Frank Lowy sits atop Australia’s rich list for the first time with a personal fortune estimated at A$5.04 billion ($4.14 billion), according to the annual ranking of the nation’s wealthiest people by BRW magazine.
Gina Rinehart, chairwoman of iron ore company Hancock Prospecting Pty, is the nation’s second-wealthiest individual with a fortune of A$4.75 billion, according to Business Review Weekly’s annual Rich 200 List. Anthony Pratt, last year’s number one, is in third place with A$4.6 billion, up from $4.3 billion a year ago, the magazine says.
Australia’s resources boom, driven by demand from China and India, has contributed to a A$21.7 billion rise in the wealth of the nation’s richest people to A$135.8 billion. Members of the rich list belonging to the resources and mining sector are worth a combined A$7.9 billion more than a year ago, BRW said.
Former Liberal Party leader Malcolm Turnbull made the list with a estimated wealth of A$186 million. Chinese property developer Chau Chak Wing was the wealthiest debutant on the list with a fortune estimated at A$920 million.
The BRW 200 Rich list now includes 31 individual billionaires, up from 28 last year, the magazine said.