After 31 years of marriage, Australia’s Riches couple Andre
w Forrest’s and Nicola Forrest decided to split. The business couple is one of Australia’s wealthiest couples who are major shareholders in their businesses. Although, they have stated that this split will not affect their joint philanthropic and corporate ventures. Not to forget that in May 2023 as per the Australian Financial Review List, Dr Forrest’s net worth is $33.29 billion. Mr. Forrest is also known as “Twiggy”, he was ranked second richest person in ‘The Australian’s rich list’ in the year 2023. In the same week last month, the Forests announced plans to transfer 220 million Fortescue shares (worth more than $4.8 billion) from Tattarang to Minderoo Foundation. This transfer of 50 million Fortescue shares into Nicola Forrest’s wholly-owned business “Coaxial Ventures Pty Ltd” took place. Apart from this, Nicola Forrest will be Australia’s second richest woman after iron ore magnate Gina Rinehart after the split. The couple officially confirmed this split to Australian Financial Review when asked about the transaction of Fortescue shares under Nicola Forrest’s shareholding.
Bio Table Andrew Forrest
|$2.14 billion (2023)
|Hale School, The University of Western Australia, Christ Church Grammar School
|Founding and leading Fortescue Metals Group, philanthropy
|Centenary Medal, Australian Sports Medal
|Mining, cattle stations, sports
Early Life of Andrew Forrest
Andrew Forrest, or “Twiggy,” as he is affectionately known, was born into a family of pastoralists in Perth, Australia in 1961. He grew up on a cattle station in the remote Pilbara region, where he developed a love of the land and a strong work ethic. As a child, Forrest often went on long horseback rides with his father, and he learned to appreciate the beauty and harshness of the Australian outback.
After graduating from high school, Forrest attended the University of Western Australia, where he studied economics and politics. After graduating, he worked as a stockbroker before founding his own mining company, Anaconda Nickel. In 1995, Forrest founded Fortescue Metals Group, which is now one of the world’s largest iron ore producers. Forrest is a self-made billionaire, but he has never forgotten his humble beginnings. He is a passionate philanthropist and has donated millions of dollars to various causes, including cancer research, indigenous education, and the fight against modern slavery. He is also a keen amateur boxer and has completed a four-year PhD in Marine Ecology.
Net Worth of Andrew Forrest
|Net worth (USD)
Business Ownership of Andrew Forrest
Andrew Forrest is the chairman and founder of several businesses, it includes
- Fortescue Metals Group: This is an iron ore mining company that is one of the largest in the world. Forrest owns a 36.7% stake in Fortescue.
- Squadron Energy: This is an energy company that invests in renewable energy projects. Forrest owns a 60% stake in Squadron.
- Minderoo Foundation: This is a philanthropic foundation that focuses on social justice and environmental issues. Forrest is the chairman and founder of Minderoo.
- Tattarang: This is a holding company that owns a diversified portfolio of businesses, including agriculture, property, and health care. Forrest is the chairman of Tattarang.
In addition to these businesses, Forrest also has investments in a number of other companies. He is a major shareholder in several Australian companies, including Nine Entertainment Co. and BHP Group. He also has investments in a number of international companies, including Glencore and Rio Tinto.
Andrew Forrest’s Net Worth after the Billionaire Split
Andrew Forrest’s wealth plummeted after his split from his wife Nicola. The couple, who were once Australia’s richest, announced their separation in July 2023. Since then, Andrew Forrest’s paper wealth has fallen by a staggering 60%, from $35.21 billion to $13.5 billion. This makes him the tenth richest person in Australia, down from second place.
The decline in Andrew Forrest’s wealth is due to a number of factors, including the transfer of assets to his wife, Nicola, and donations to their charitable foundation, Minderoo. In June 2023, the couple transferred 220 million Fortescue shares, worth more than $4.8 billion, to Minderoo. They also transferred 50 million Fortescue shares, worth $555 million, to a new company owned by Nicola Forrest.
Andrew Forrest’s wealth has also been affected by the recent decline in the share price of Fortescue Metals Group. The company’s shares have fallen by more than 20% since the start of the year, due to a number of factors, including the global economic slowdown and concerns about the demand for iron ore.
Andrew Forrest and Nicola Forrest
Andrew Forrest and Nicola Forrest were married in 1991 and have three adult children together: Grace, Sophia, and Sydney. The couple announced their separation in July 2023, but they have said that they will remain committed to their family and their philanthropic work.
Grace Forrest is the eldest child and is a social entrepreneur and human rights advocate. She is the founder and CEO of Walk Free Foundation, an organization that works to end modern slavery. Sophia Forrest is an actress and has appeared in films such as “The Water Diviner” and “Ride Like a Girl.” Sydney Forrest is a student at the University of Western Australia.
Andrew and Nicola Forrest have said that they will not leave their vast fortune to their children. Instead, they have pledged to donate the majority of their wealth to their charitable foundation, Minderoo. Minderoo focuses on a number of areas, including education, health, and the environment.
Awards and Achievements of Andrew Forrest
Andrew Forrest is a billionaire businessman and philanthropist, and he has received numerous awards and accolades for his work. Here are some of his most notable achievements:
- Officer of the Order of Australia (AO) (2017): This is one of Australia’s highest honors, and it is awarded to people who have made outstanding contributions to their community. Forrest was awarded the AO for his distinguished service to the mining sector, to the development of employment and business opportunities, as a supporter of sustainable foreign investment, and to philanthropy.
- Western Australian of the Year (2017): This is an annual award that recognizes outstanding contributions to Western Australia. Forrest was awarded the Western Australian of the Year award for his work in the mining industry, his philanthropic work, and his commitment to social justice.
- EY Entrepreneur of the Year Alumni Social Impact Award (2018): This award recognizes entrepreneurs who have made a significant social impact through their businesses. Forrest was awarded the EY Entrepreneur of the Year Alumni Social Impact Award for his work through Minderoo Foundation, which focuses on education, health, and the environment.
- PhD in Marine Science (2019): Forrest received a PhD in Marine Science from the University of Western Australia in 2019. His research focused on the impact of climate change on marine ecosystems.
Forrest has also been recognized by a number of other organizations, including the World Economic Forum, the Clinton Global Initiative, and the Australian Council for International Development
1. How did Andrew Forrest make his money?
Andrew Forrest made his money through the mining industry. He founded the mining company Fortescue Metals Group in 1995, and he is the current Executive Chairman of the company. Fortescue Metals Group is one of the world’s largest iron ore producers, and it has made Forrest a very wealthy man.
2. What is Forrest’s net worth?
Forrest’s net worth is estimated to be $33.29 billion as of 2023. This makes him the second richest person in Australia.
1. How much land does Andrew Forrest own?
Forrest owns a significant amount of land in Australia. He owns cattle stations in Western Australia and Queensland, and he also owns property in Perth, Sydney, and London.
4. Who is Forrest’s wife?
Forrest’s wife is Nicola Forrest. They were married in 1991 and have three children together. Nicola Forrest is a philanthropist and businesswoman. She is the co-founder and CEO of Minderoo Foundation, a philanthropic organization that focuses on education, health, and the environment.