PHOTO: Shopping centre magnate Frank Lowy spends his time in Israel and Sydney’s Point Piper. Photo: ADAM HOLLINGWORTH
The biggest property names on the AFR Rich List have been revealed, with a string of property developers and trophy home owners topping the list.
Four of the 10 richest Australians made their wealth in the property industry, and retain billionaire status even amid the uncertain economy and global health crisis, while almost a quarter of the richest 200 built their empires in the property sector.
Shimao Property Holdings chairman Hui Wing Mau ranked fourth overall, valued at an eye-watering $18.06 billion, after the Hong Kong-based Australian citizen made his fortune in property developments in China and Australia.
Meriton founder and prolific apartment developer Harry Triguboff took seventh place with a $14.42 billion fortune. Mr Triguboff lives on a vast waterfront landholding in Sydney’s Vaucluse, although his trophy home is set to be demolished and the block subdivided.
Westfield shopping centre empire Frank Lowy was ninth, at $8.3 billion. Mr Lowy splits his time between Israel and a waterfront residence in Sydney’s exclusive Point Piper.
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