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Sydney - Global Financial Turmoil Puts Holocaust Survivor As Australia's Richest Man |
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Frank Lowy
The Fortescue Metals Group chief executive's fortune has nearly halved in recent months, as collapsing sharemarkets impact on Australia's multi-billionaires, the Australian newspaper reports.
Forrest's fortune plunged from A$9.4 billion ($11.2 billion) to A$4.9 billion last week, according to calculations by the Australian based on BRW magazine's annual Rich 200 list which was released in May.
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 A$500 million since May to A$5.8 billion.
Lowy, who survived the Holocaust as a teenager on the run and then fought in Israel’s 1948 War of Independence, has amassed a fortune estimated at $4.5 billion from the Westfield Group, an empire of
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Read Comments (3) — Post Yours »
1
Oct 07, 2008 at 05:38 AM Proud Yid Says:
Seems like the Third Reichs ( Yemach Shemom) plan didnt work!! Am Yisroel Chai !!!
2
Oct 07, 2008 at 03:43 AM Milhouse Says:
Forrest's fortune plunged from A$9.4 billion ($11.2 billion) to A$4.9 billion last week
That calculation is obviously wrong. You have the AUD worth more than US$1.19, which is absurd. It hasn't been that high since about 1976. Right now it's at about 74 cents, so A$9.4B is about US$7B.
3
Oct 07, 2008 at 04:16 PM Yekky Says:
“ Forrest's fortune plunged from A$9.4 billion ($11.2 billion) to A$4.9 billion last week
That calculation is obviously wrong. You have the AUD worth more than US$1.19, which is absurd. It hasn't been that high since about 1976. Right now it's at about 74 cents, so A$9.4B is about US$7B.
”
Thank you - we care.