Frank Lowy built his fortune by co-founding the business that became Westfield after surviving the Holocaust, migrating through Israel and arriving in Australia before entering retail property development. [1][2]
From refugee migration to Westfield
Australia's National Portrait Gallery records that Lowy was born in Czechoslovakia, survived the Holocaust, migrated through Hungary and Israel and reached Australia in 1952. After joining family members in a smallgoods delivery business, he partnered with fellow immigrant John Saunders and moved into property development. [1]
The pair opened their first shopping centre in Sydney in 1959 and listed Westfield Development Corporation in 1960. Forbes later tied Lowy's billionaire wealth to the global mall business and records the 2018 sale of Westfield Corp. in a $16 billion transaction. [1][2]
The fortune was created through property development and long-term ownership rather than inherited wealth. Holocaust survival, displacement and repeated migration constitute severe documented social and geographic obstacles at the starting point, supporting the highest self-created anchor. [1][2]
The $16 billion Westfield transaction was an enterprise-level deal, not a personal cash payment to Lowy. His wealth depended on the ownership interest and proceeds attributable to him after decades of partnership ownership, public-company structure and later asset sales. [1][2]
Sources for background
Sources reviewed Sep 15, 2026.
- Frank Lowy AC · National Portrait Gallery, Australia
- Frank Lowy · Forbes · Mar 10, 2026
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