Thieves snatch $535,000 from Sydney businessman outside his home

An Australian businessman, carrying AU$500,000 (NZ$535,000) in cash, has been mugged in the street by thieves, who made off with the money bag he was carrying.

The 45-year-old man was returning to his Western Sydney home about 9:45pm on Monday (local time) when the theft took place.

He was reaching into the boot of his car to retrieve a bag, when a man snatched the bag filled with cash and took off running.

Street cameras caught him sprinting away with the bag and the businessman trying to chase him.

He was then hit by a white sedan, believed to be the getaway car driven by a second thief.

The businessman received minor injuries, but police are still looking for the men who stole his belongings.