NATIONAL: Westfield executive chairman and co-founder Frank Lowy has been revealed as the wealthiest man in Australia.
The retail powerhouse topped BRW's Rich 200 list for 2010, with a reported $5.04 billion fortune. This is the first time Lowy has taken pole position in the listing, replacing packaging giant Anthony Pratt, who fell to third place this year with $4.60 billion wealth.
Sussan Group chief executive Naomi Milgrim came in as the fifth richest woman in Australia, clocking in $367 million for 2010.
The company operates retail chains Sussan, Suzanne Grae and Sportsgirl with more than 500 retail stores across Australia and New Zealand.
Westfield Group is one of the world's largest retail property players, with a global portfolio of 119 shopping centres in Australia, New Zealand, the United States and the United Kingdom.
The group's latest Sydney CBD development will open in November, with a host of international giants including Gap expected to launch at the site.