Westfield’s boss Frank Lowy has been reported to have topped the list of BRW Rich 200 list. The shopping centre tycoon has been tagged as the richest man in Australia for 2010, surpassing bumping Anthony Pratt, the son of late cardboard king Richard Pratt.

Mr. Lowy, the co-founder of the Westfield group, has topped the BRW Rich 200 list with his assets worth $5.04 billion, for the first time.

After losing out on the front of being named under the richest in 2009, the rich in Australia have reappeared in the race this year, contributing to the list by amount worth $21 billion.

The total listed amount on the BRW Rich 200 list has reportedly surged from $114 billion to nearly $136 billion.

Australia’s property and resource sectors have been identified as the country's most profitable industries.

As miners in the country are opposing the Federal Government's plan of imposing a 40% tax charge on the profits in the industry, they are trying to save their combined wealth worth $7.9 billion.

Ranked second in the list is Gina Rinehart, Australia’s richest woman and essentially an iron ore magnate. Her assets worth $4.75 billion have been originated from her iron ore tenements.