The turmoil in world financial markets has stripped Perth billionaire Andrew Forrest of the title of Australia's richest man, with shopping center boss Frank Lowy taking the mantle for the first time, according to the Australian newspaper report on Friday.
The report said the Fortescue Metals Group chief executive's fortune has more than halved in recent months, as collapsing share markets impact on Australia's multi-billionaires.
Lowy's Westfield property group has benefited as investors flock to so-called safe haven stocks amid the financial chaos, with his fortune declining by just 500 million dollars (400 U.S. dollars) since May to 5.8 billion dollars.
James Packer, who ranked at number three with a 6.1 billion dollars fortune in the rich list in May, has also seen the value of his family's stakes in casinos group Crown and media investor Consolidated Media Holdings fall.
His current fortune is estimated at 5.2 billion dollars, making him Australia's second richest man.
Source:Xinhua
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