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Australia’s richest couple Andrew and Nicola Forrest have separated
Mining billionaires Andrew and Nicola Forrest, who are worth a cool $32 billion, have announced their decision to separate.
From news.com.au
July 13, 2023
Australia’s richest couple have announced their decision to separate.
Mining billionaires Andrew and Nicola Forrest insisted that the strategic direction of their business Fortescue Metals Groups will be unaffected by their split.
“After 31 years of marriage, we have made the decision to live apart. Our friendship and commitment to our family remains strong,” they said in a joint statement to the Australian Financial Review.
“There is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang.”
The couple share three adult children – Grace, Sophia and Sydney.
It is understood they have no plans to divorce.
Mr Forrest, known by his nickname “Twiggy”, was ranked the second richest person in the country on The Australian’s rich list this year. He is worth a whopping $35.21 billion.
Fellow iron ore magnate Gina Rinehart (worth $37.1 billion) took out the top spot.
Fortescue is the eighth-largest company on the ASX by market capitalisation.
The former couple also stressed on Wednesday they were aligned on the future of their philanthropic venture, the Minderoo Foundation.
“We will continue our shared mission to create and gift our wealth to tackle community and global challenges, as recently shown by last month’s donation of one-fifth of our Fortescue shareholding to Minderoo Foundation,” the joint statement added.
The statement was sent to the AFR after the outlet questioned a transaction last month that moved more than $1.1 billion worth of Fortescue shares into a new company called Coaxial Ventures. That company is wholly owned by Ms Forrest.
It reported that followed a change to the ownership structure of the family’s private investment company Tattarang in February, where Mr Forrest gave half of his Tattarang shareholding to his wife.
Mr and Ms Forrest revealed last year that their children, who are all in their 20s, won’t inherit the vast majority of their wealth.
Instead the former couple’s fortune will be distributed to a range of charitable causes, including Indigenous support, education reform and cancer research.
Ms Forrest told the ABC’s Australian Story that she didn’t want her children to “be burdened” by such immense funds.
“We live in a home and I have a great life – but the things that are most important in life, money doesn’t buy that,” she told the program.
“Children don’t benefit from thinking they’re going to inherit a huge amount of money.”
Mr Forrest echoed her sentiment, saying it was an easy move.
“The decision to give away everything but the personal things and goods was easy,” he said.
“You know, let’s not die wealthy. What’s the point of that?”
Ms Forrest has not always lived with enormous wealth.
Born Nicola Maurice she grew up on a sheep farm between Mudgee and Dubbo in NSW.
She previously told the Financial Review that she had a “great childhood” and her “horse was her best friend”.
“I think that is one of the things about country life, everyone pitches in,” she said.
“It grounds you in reality. You see the hardships in the life cycle. It is confronting but somehow you accept it”.
Ms Forrest met Mr Forrest at a house party in 1988 and they were due to wed in 1991.
However the wedding was postponed after Mr Forrest got “cold feet”.
The couple got back together on a trip to Europe where Mr Forrest proposed for a second time.
Mr Forrest grew up at his family’s cattle station, Minderoo Station, in Western Australia.
His father sold the station in 1998 due to drought and mounting debt, but Mr Forrest would go on to buy it back in 2009.
The billionaire graduated from University of Western Australia and worked as a stockbroker before starting his first mining company in 1994, which was called Anaconda Nickel at the time.
Nine years later he founded Fortescue Metals Group, which helped him amass his enormous wealth.
The Forrests own a 36.7 per cent stake in the company.
Last month, they donated $5 billion in assets to their charity, which they highlighted in their statement on Wednesday.
They made the donation via 220 million shares in Fortescue being transferred into the hands of the Minderoo Foundation.
The Minderoo Foundation was established by the Forrests in 2001 and aims to support wide-ranging initiatives including ocean and cancer research, ending slavery and funding community projects.
In 2013, the Forrests were the first Australians to sign Bill Gates’ and Warren Buffett’s “giving pledge”, which encourages billionaires to give away more than half of their wealth in their lifetimes.
It is understood the couple has donated more than $7 billion to Minderoo since the foundation’s launch.
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