Westfield boss tops Aussie rich list

Thursday 27 May 2010

Article by Mozo

Frank Lowy, the founder and chairman of the Westfield shopping centre chain, has been declared Australia’s richest individual with an estimated wealth of $5.04 billion.

Mr Lowy came top in the latest BRW Rich List, replacing last year’s richest Australian, Anthony Pratt of Pratt Industries, who moved down to third with a fortune of $4.6 billion.

Meanwhile strong commodity prices saw Gina Reinhart, the nation’s wealthiest woman and chairman of Hancock Prospecting, claim the second spot with $4.75 billion.

BRW Rich 200 editor John Stenholt told news.com.au that Australia’s richest people have had a relatively strong 12 months compared to the past two years.

"Everyone on average is about $110 million richer than last year, so they’ve done well for themselves," he said.

"The stock market’s back up, property’s going pretty well, and the mining boom – despite recent concerns over the super profit tax – is doing very well," he said.

Such promising conditions may be encouraging more flush Aussies to compare term deposits in search of the best returns for the funds.

Financial empowerment coach Linda Coates claimed this week that while a growing number of women are pushing themselves into higher income brackets as they climb the ranks of corporate Australia, they are continuing to fall down when it comes to managing their money.

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