Forrest Passes Packer as Australia's Richest Person, BRW Says
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Andrew Forrest, founder of Fortescue Metals Group Ltd., is Australia's richest person after the value of his stake in the mining company pushed him past James Packer and Frank Lowy, according to BRW Magazine's annual rich 200 list.
Forrest is worth A$9.4 billion ($9 billion), up from A$3.9 billion a year earlier, a record for an Australian and the first time in 20 years that neither James Packer nor his late father, Kerry, hold the top spot, BRW said. Lowy, who built Westfield Group into the world's biggest owner of shopping malls, ranked second with A$6.3 billion; Packer is third with A$6.1 billion.