Frank Lowy’s net worth emerges from entrepreneurship. He is an Australian businessman who is the Co-Founder of the former global shopping centre company, Westfield Corporation.

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Frank Lowy net worth

The estimated Frank Lowy’s net worth is $8.8 billion, according to Forbes’ real-time net worth. His multibillion-dollar net worth is linked to Westfield Corporation ownership and selling it for 16 billion. Another significant part of his wealth is his current operation of the Lowy Family Group, which he runs alongside his sons David, Peter and Steven. Additionally, he is also the Chairman of the Lowy Institute, which he founded in 2023.

Occupation overview

Frank Lowy was born in Czechoslovakia (now Slovakia) and experienced the hardships of the Holocaust during his childhood. After losing his father during World War II, he eventually escaped Europe and travelled to Palestine at the age of 15. His journey included being intercepted at sea and detained in Cyprus before he was released.

He subsequently worked on a farm, trained as a plumber and served in a commando unit during Israel’s 1948 War of Independence. In 1952, at the age of 21, he immigrated to Australia and joined his family, who were running a small-goods delivery business.

Westfield

In 1953, Frank Lowy met fellow immigrant John Saunders, and the two established a business partnership that would eventually transform Australia’s retail property industry. They began by developing a shopping centre in Blacktown, in Sydney’s western suburbs, and went on to establish Westfield Development Corporation.

The company was listed on the Australian Stock Exchange in 1960, marking the beginning of its expansion into a major international property business. Over the following decades, Lowy and Saunders developed shopping centres throughout Australia before expanding into the United States in 1977.

After Saunders left the partnership in 1987, Lowy continued growing the business, taking it into New Zealand during the 1990s and the United Kingdom in the 2000s.

Under his leadership, Westfield grew into a global retail property powerhouse, with the Lowy family maintaining a significant interest in the business. He served as its executive chairman for approximately 50 years before becoming non-executive chairman in 2011.

In 2018, Westfield was acquired by French-Dutch property group Unibail-Rodamco in a multibillion-dollar transaction valued at approximately US$16 billion. The acquisition marked the end of his long association with the company he had helped build.

Lowy Family Group (LFG)

Besides Westfield, Frank Lowy also runs the Lowy Family Group with his three sons. It is a private investment and family office of the Lowy family, with offices in New York, Los Angeles and Sydney.

It operates as a global investment business focused on long-term opportunities in listed equities, real estate and technology, while partnering with selected external investment firms to expand its activities.

LFG remained Westfield’s largest shareholder until the business was acquired by Unibail-Rodamco, a major European commercial property group, in June 2018.

Football contributions

Beyond business, Frank Lowy made significant contributions to Australian football. In 2003, he became chairman of Football Federation Australia (FFA), now known as Football Australia, and held the position until 2015.

Working alongside football administrator John O’Neill, he helped restructure the sport and introduce the professional A-League competition. One of his major achievements was helping Australia qualify for the 2006 FIFA World Cup, ending a 32-year absence from the tournament.

During his tenure, Australia also joined the Asian Football Confederation and won the 2015 AFC Asian Cup on home soil. He additionally spearheaded Australia’s unsuccessful bid to host the 2022 FIFA World Cup.

Philanthropy

Frank Lowy also established himself as a prominent philanthropist and supporter of international affairs, medical research, and cultural institutions. In 2003, he founded the Lowy Institute, an independent foreign policy think tank established to encourage informed debate about Australia’s role in international affairs. He reportedly contributed A$30 million towards its establishment.

He and his family also donated A$10 million in 2010 towards the establishment of the Lowy Cancer Research Centre at the University of New South Wales.

Additionally, he supported the Victor Chang Cardiac Research Institute and donated US$18 million to Tel Aviv University in 2022.

His other leadership positions included serving as a director of the Reserve Bank of Australia between 1995 and 2005, as well as president of the Art Gallery of New South Wales’ board of trustees.

Recognitions

Companion of the Order of Australia (AC) for his contributions to the property industry, retail sector and philanthropic activities (2000)
Golden Plate Award from the American Academy of Achievement (2002)
Woodrow Wilson Award for Corporate Citizenship (2005)
Henni Friedlander Award for the Common Good (2007)
Australia Post’s Australian Legends commemorative stamp series (2008)
Knight Bachelor for his services to business and philanthropy (2017)
Football Australia Hall of Fame inductee (2019)
Israel’s Presidential Medal of Honour in recognition of his contributions to Israel and Jewish communities (2024)

Forbes:

Billionaires (2010, 2011)
Billionaires – Real Estate (2012-2022)
Australia’s 50 Richest – Real estate (2013-2017, 2019)
Australia’s 50 Richest – Finance & Investments (2023-2026)
Billionaires – Finance & Investments (2023-2026)

Conclusion on Frank Lowy net worth

In conclusion, Frank Lowy’s fortune primarily originates from his success in commercial real estate, particularly through co-founding and expanding Westfield into an international shopping centre business. His wealth is now also associated with the family’s investment interests through Lowy Family Group. His net worth of $8.8 billion places him among the world’s wealthiest individuals.

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