$3 billion (US) in net worth
Age: 88
DOB: 1935
Birthplace: Melbourne
About John Gandel
John Gandel is an iconic figure in the Australian business landscape and a person whose name is synonymous with success, innovation and philanthropy.
Gandel’s journey from humble beginnings to becoming one of the country’s wealthiest individuals is a testament to his entrepreneurial prowess.
His rise to prominence can be primarily attributed to his visionary approach to retail and property development. He co-founded the prominent shopping centre giant, Chadstone – The Fashion Capital, which has evolved into one of the Southern Hemisphere’s largest and most luxurious retail destinations. Elsewhere, he has played a pivotal role in shaping the retail landscape across the country.
Moreover, John Gandel is not just a shrewd businessman but also a dedicated philanthropist. His generous contributions to various causes, particularly education and healthcare, have attempted to make Australia a better and fairer society.
How Did John Gandel accrue his wealth?
John Gandel accumulated his substantial net worth through astute business ventures, strategic investments and entrepreneurial acumen. Gandel’s primary source of wealth stems from his involvement in the retail sector. He co-founded the Chadstone Shopping Centre in 1960 and played a leading role in transforming it into one of Australia’s largest and most prestigious shopping destinations. The mall’s continual expansion and high-end tenant mix have generated significant rental income.
In addition to Chadstone, Gandel has invested heavily in other real estate ventures. He owns an extensive portfolio of commercial and residential properties across Australia, which have appreciated over time.
Gandel is also known for strategically investing in various sectors, including finance, healthcare and technology. These investments have yielded substantial returns and added to his wealth.
Gandel’s Career Highlights:
In the 1950s, Gandel assumed control of Sussan – the women’s clothing business formerly owned by his parents. Working with Marc Besen, his brother-in-law, they built an empire of over 200 stores.
Gandel purchased the Chadstone Shopping Centre and Northland Shopping Centre in 1983
He sold Sussan to Marc Besen in 1985 due to wanting to focus on building a real estate portfolio and his shopping centres.
Gandel purchased a 50% stake in the Israeli irrigation company, Plastro Irrigation Systems in 2006.
A year later, the company’s majority owners bought these holdings back from him after deciding to exercise their right to do so.
In 2012, Gandel sold his holdings in the Northland Shopping Centre for a price believed to be in excess AUS $455 million.
Philanthropy
Gandel is known for being one of Australia’s biggest philanthropists. For 45 years he, along with his wife, have been at the helm of their foundation, Gandel Philanthropy – donating millions of dollars in grants, primarily to charitable organisations for Australian and Jewish educational, medical and artistic causes.
Their generosity has included an AUS $1 million donation to provide assistance after the devastion the Victorian bushfires. They have also donated AUS $1 million to Musuems Victoria and a whopping AUS $7.5 million to the National Gallery of Australia.
Awards and Recognitions
Over the course of his glittering career Gandel has received numerous awards and recognitions. They have included Officer of the Order of Australia in 1990 for his services to business, the community and commerce. Seven years later he was also made a Companion of the Order for his support for cultural institutions and the arts.
Tel Aviv University also awarded Gandel their highest honour, an honorary doctorate of Philosophy due to his standing in business, visionary leadership and generous philanthropic support.
Private Life
Gandel has been happily married to his wife, Pauline, for many years and have four children together. They live in the Melbourne suburb of Toorak.