FRANK LOWY • Net Worth $5 Billion • House • Yacht • Private Jet • Westfield Corporation

Name:Frank Lowy
Net Worth:$5 billion
Source of Wealth:Westfield Corporation
Born:October 22, 1930
Wife:Shirley Lowy
Children:Steven Lowy, David Lowy, Peter Simon Lowy
Residence:Point Piper, Sydney, Australia
Private Jet:Gulfstream G650 (N720LF)

Frank Lowy: The Man Behind the Westfield Corporation

Frank Lowy, the visionary founder of the Westfield Corporation, is a towering figure in the development of shopping malls globally. Born in October 1930, Lowy’s life story is a testament to the power of tenacity and entrepreneurship. Sharing his life with his wife Shirley Lowy and their three children, Steven, David, and Peter Simon Lowy, he has secured his position as one of the wealthiest individuals in Australia.

Key Takeaways

  • Frank Lowy, the founder of Westfield Corporation, is an iconic figure in the global retail sector, having established a successful career as a developer of shopping malls.
  • Lowy successfully managed the Westfield Group until 2014, after which it split into the Scentre Group and the Westfield Corporation.
  • The Westfield Corporation assets were sold in 2018 for US$ 33 billion to Unibail Rodamco, marking the end of Lowy’s tenure as a non-executive chairman.
  • Lowy, along with his family, has made significant philanthropic contributions, amounting to more than $350 million through the Lowy Foundation and the Lowy Institute.
  • Frank Lowy’s net worth is estimated at $5 billion, placing him as the 4th richest individual in Australia.

The Westfield Corporation Journey

Westfield Group began as an Australian shopping center company in 1960 and remained a dominant industry player until 2014. At this point, the company bifurcated into two independent entities.

Scentre Group took control of the Australian and New Zealand Westfield shopping center portfolio, while the Westfield Corporation maintained ownership of the American and European center portfolio.

In a remarkable business maneuver in 2018, the assets of Westfield Corporation were sold to Unibail Rodamco for a staggering US$ 33 billion, marking Lowy’s retirement as a non-executive chairman.

Scentre Group’s Global Influence

Scentre Group is a force to be reckoned with in the world of shopping center companies, particularly in Australia and New Zealand. It boasts ownership and operational control over 39 shopping centers in these regions, collectively valued at US$ 51 billion.

Attracting an annual visitor count of 530 million, these malls have firmly etched the Lowy legacy in the retail sector. Notably, Frank’s son Steven Lowy continues his father’s vision as a non-executive director in the Scentre Group. However, in 2015, Frank announced his decision to retire from his Chairman position in Scentre.

Lowy Family’s Philanthropy

The Lowy family has a rich history of philanthropy. Through the Lowy Foundation and the Lowy Institute, they have demonstrated their commitment to social good. As of 2013, it was reported that the Lowy family had generously donated more than $350 million to various causes.

The Lowy Institute, in particular, stands as an Australian think tank with a global outlook, conducting policy-relevant research about international political, strategic, and economic issues from an Australian perspective.

Frank Lowy’s contributions to business and philanthropy were acknowledged in 2017 when he was knighted by the Queen of England.

Frank Lowy’s Net Worth

In terms of wealth, Frank Lowy’s net worth is estimated to stand at an impressive $5 billion, securing him the 4th rank on Australia’s rich list. His fortune is a testament to his strategic business acumen and influential presence in the retail sector.


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Yacht Ilona Owner

Frank Lowy

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Yacht Ilona

He is the owner of the Amels motor yacht Ilona, which was named after his mother.

The ILONA yacht, a symbol of nautical luxury, was built in 2004 at the renowned Amels shipyard.

The yacht’s impeccable design and interior are the work of REDMAN WHITELEY DIXON.

ILONA can comfortably accommodate 16 guests and a crew