Forrest Passes Packer on Australia Rich List; Bond Bounces Back
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Andrew Forrest, founder of Fortescue Metals Group Ltd., surpassed James Packer and Frank Lowy to become Australia's richest person while Alan Bond, former America's Cup winner, returned to the list for the first time since 1999.
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, according to BRW Magazine's annual rich 200 list. 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.