PHOTO: Frank Lowy
The biggest property players on the Rich List have been revealed, with fortunes shifting as the nation emerges from last year’s pandemic recession.
Three of the top 10 richest people in the country built their empires through property, as did 49 of the top 200 people on the Financial Review Rich List, released on Friday.
Meriton founder and apartment developer Harry Triguboff was revealed as the sixth-richest person in Australia, with a fortune of $17.27 billion – up from $14.42 billion last year, even though COVID-19 forced the closure of Australia’s borders to immigrants and hit demand for inner-city units.
Triguboff’s own home real estate is no slouch either. He and his wife Rhonda live on one of the largest privately held landholdings on the Vaucluse waterfront, complete with two separate dwellings.
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The 5200-square-metre estate is an amalgamation of what was originally four lots, and a DA was lodged with Woollahra Council to subdivide the estate back into four lots last October.
Shimao Property Holdings chairman Hui Wing Mau’s fortune fell to a still-sizeable $11.7 billion, from $18.06 billion last year. The Hong Kong-based Australian citizen made his fortune in property developments in China and Australia.
Westfield shopping centre empire magnate Sir Frank Lowy’s wealth held broadly steady at $8.51 billion, from $8.3 billion last year, after the Lowy family sold their retail group to a European company in a well-timed deal three years ago. He then moved to Israel but retained a home on the waterfront in Sydney’s exclusive Point Piper.
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