#318

Frank Lowy

$4.9 Billion
Age
:
84
Source
:
shopping malls, Self Made
Gender
:
Male
Residence
:
Sydney, Australia
Marital Status
:
Married
Children
:
3
Citizenship
:
Australia
Description :

Shopping mall tycoon Frank Lowy completed his third major restructuring of Westfield in a decade, splitting local and international mall businesses. Cofounder Lowy chairs both; sons Peter and Steven run Westfield Corp, which owns 44 malls in the U.S, U.K. and Europe. Scentre, which listed in June 2014, has 47 malls in Australia and New Zealand. In October 2014 the family increased its stake in Westfield Corp., signaling a bigger focus on overseas malls including two huge London centers and New York's World Trade Center mall, opening in 2015. Lowy opened his first mall in Sydney in 1959 after migrating from Hungary via Israel. He started a Sydney delicatessen in 1952, then expanded first into property development in the city's western suburbs and later into malls. A passionate soccer supporter, he has been chairman of Australia's national soccer association for 11 years. He is also a donor to many causes including the Lowy Institute think tank, the Lowy Medical Research Institute and an aviation museum.

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