Sir Frank Lowy received a standing ovation from shareholders at his final Westfield annual meeting on Thursday after delivering an emotional speech championing Australian business overseas and calling for greater openness to ideas and people.

After landing in Sydney on Australia Day in 1952 as a WWII refugee, Sir Frank took just eight years to list a burgeoning shopping centre business called 'Westfield' on the stock exchange with his late business partner John Saunders. It has grown into a global empire that will now be owned by European giant Unibail following a $33 billion deal – Australia's largest ever takeover. On Thursday he was named as Australia's fifth richest person on the 2018 Financial Review Rich List.