Westfield’s Lowy Tops Australia’s BRW Rich List for First Time

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.

Andrew Forrest, founder of Fortescue Metals Group Ltd., sat at fourth on the list with A$4.24 billion. Apartment developer Harry Triguboff came in at fifth with A$4.20 billion.

The BRW 200 Rich list now includes 31 individual billionaires, up from 28 last year, the magazine said.

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