KEY POINTS:
SYDNEY - The turmoil in world financial markets has stripped Perth billionaire Andrew Forrest of the title of Australia's richest man, with shopping centre boss Frank Lowy taking the mantle for the first time.
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.
Iron ore miner Fortescue Metals' share price has declined along with the overall sharemarket in recent months. The newspaper estimates that more than A$200 billion has been wiped off the value of Australian shares since May.
James Packer, who ranked at number three with a A$6.1 billion fortune in BRW's 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 A$5.2 billion, making him Australia's second richest man.
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.
PLUNGING FORTUNES
Iron ore king Andrew Forrest's fortune has plunged from A$9.4 billion to A$4.9 billion, according to calculations based on BRW magazine's annual Rich 200 list
NEW TOP DOG
Frank Lowy's Westfield property group has benefited as investors flock to so-called safe haven stocks amid the financial chaos.
- AAP
