Frank Lowy is an Australian-Israeli entrepreneur and a self-made billionaire. He is the co-founder of one of the largest listed retail property groups in the world, Westfield Group. In its 2013 edition of Rich Billionaires, Forbes lists Lowy as the 5th richest person in Australia and the 229th richest person in the world with an estimated net worth of $5.3 billion.
Net Worth: $5.3 billion (As of March 2013)
Source: Shopping Malls, Self-Made
Born: October 22, 1930
Nationality: Australian, Israeli
Residence: Sydney, Australia
Marital Status: Married
Frank Lowy was born in October 22, 1930 in Slovakia. He is mostly known for his role in co-founding Westfield Group, which is one of the largest listed retail property groups in the world. In 2010, when Lowy turned 80, he officially and voluntarily stepped down as the Executive Chairman of Westfield Group, and instead took the role of Non-Executive Chairman.
Lowy has been named one of the richest people in the world by various publications, including the Business Review Weekly (BRW), which has featured him in its 200 list each year since its first publication in the year 1983.
In the Forbes Billionaire list of 2013, Lowy has been ranked as the 5th richest person in Australia and the 229th richest person in the world with an estimated net worth of $5.3 Billion.
This is one of the world’s largest listed retail property groups, which was founded in the mid 1950s by Frank Lowy and John Saunders. The pair initially named their business Westfield Development Corporation and later changed the company’s name to Westfield Group after 30 years of its operation.
During those 30 years of operation, the two founders developed shopping centers across Australia and the United States. In 1960, Westfield Group was listed on the Australian Stock Exchange. In 1987, Saunders decided to sell his interests and left the company.
The Westfield Group owns more than 100 shopping malls around the world
In the 1990s, Lowy established the company in New Zealand and later on in the United Kingdom (in 2000s).Westfield Group now owns not less than 104 shopping malls in Australia, the United States, New Zealand, Brazil and the United Kingdom. Lowy currently acts as the Non-Executive Chairman of Westfield Group, whereas his two sons, Peter and Steven, act as Joint Chief Executives.
Lowy and Australia Prime Minister Julia Gillard
Just like many of his fellow billionaires, Lowy is a devoted philanthropist. He was awarded with the title of ‘Australia’s Leading Philanthropist’ by Philanthropy Australia for the donation of A$10 million he made in 2002. In the same year, he was reported to have answered Australia’s Prime Minister’s call to donate his annual salary of A$11 million to charity.
Lowy is reputable for dedicating both his time and money to support a broad range of worthy causes. In 1995, he was appointed the Director of Reserve Bank of Australia, and was reappointed for the same post in 2000 and 2003. In 2000, he was made the Companion of the Order of Australia due to his service to the community through his commitment to the development of the property industry as well as the expansion of the retail industry in the country and across boarders.
Frank Lowy and wife Shirley Lowy
Lowy is married to Shirley Lowy, with whom he has 3 sons, Peter, Steven and David. Peter and Steven are involved in the running of Westfield Group, while David is involved in the management of the family’s private investments.
Interesting Facts about Frank Lowy