#48 – Peter Lowy
Net Worth: $530 million -40%
Last Year: $880 million
Age: 50
Residence: Los Angeles
Source of Wealth: Retail development
The Money:
Another rough year for world? largest mall owner Westfield Group, company founded by Lowy? father. Lowy? 30 million shares lost more than 40 percent of value as global recession hammered retail. Other holdings include one-third stake in $500 million family nest egg.
Buzz:
Lowy is U.S. managing director for Sydney, Australia-based company, which has 119 retail centers in four countries. Shopping magnate embarrassed last summer by Senate tax evasion probe into alleged use of private Liechtenstein bank to shelter $68 million in family money in late 1990s. Australian-born U.S. citizen took Fifth but family issued statement saying money used for charitable purposes in Israel. Lowy earned $8.2 million but took 17 percent pay cut amid stumbles by company. Lowy active in local Jewish causes. Is chairman emeritus of American Jewish University and on board of Jewish Federation of Los Angeles and Simon Wiesenthal Center. He and wife Janine have four children and stay out of limelight.