Wednesday 28 September 2022 02:59 AM How Australian mining magnate's 'undercover billionaire' wife plans to GIVE ... trends now

Wednesday 28 September 2022 02:59 AM How Australian mining magnate's 'undercover billionaire' wife plans to GIVE ... trends now
Wednesday 28 September 2022 02:59 AM How Australian mining magnate's 'undercover billionaire' wife plans to GIVE ... trends now

Wednesday 28 September 2022 02:59 AM How Australian mining magnate's 'undercover billionaire' wife plans to GIVE ... trends now

She is Australia's most generous philanthropist, but most Aussies wouldn't have a clue who she is.

Nicola Forrest has been married to iron ore magnate Andrew Forrest for 30 years and reluctantly edged into the spotlight when the mining power couple pledged to give away 'the vast majority' of their fortune in their lifetimes.

Based on the value of their shares, especially in Fortescue Metals Group, their wealth is estimated at $27.25billion, much of it made from exporting iron ore to China.

Mr Forrest built his fortune in mining by founding Anaconda Nickel Ltd, now known as Minara Resources, in 1994, before founding Fortescue in 2003 and mining iron ore in Western Australia's Pilbara region.

Nicola Forrest is Australia's most generous philanthropist - but most Aussies don't have a clue who she is

Nicola Forrest is Australia's most generous philanthropist - but most Aussies don't have a clue who she is

It's a family joke that Mrs Forrest is known as 'the undercover billionaire' (Nicola Forrest is pictured left with her daughter Grace, who heads a human rights organisation that Nicola funds)

It's a family joke that Mrs Forrest is known as 'the undercover billionaire' (Nicola Forrest is pictured left with her daughter Grace, who heads a human rights organisation that Nicola funds)

Nicola Forrest is pictured with her high profile billionaire husband Andrew 'Twiggy' Forrest, whose risk taking on iron ore mines in WA's Pilbara region was the basis of their $27.25billion fortune

Nicola Forrest is pictured with her high profile billionaire husband Andrew 'Twiggy' Forrest, whose risk taking on iron ore mines in WA's Pilbara region was the basis of their $27.25billion fortune

Where the Forrest's $27.25billion is going
Prioritizing education for children under five Ending modern slavery  Improving Australia's fire and flood 'resilience' by 2025 End the disparity between Indigenous and non-Indigenous Australians Eliminate plastic waste in rivers and oceans  Collaboration in cancer research Flourishing oceans  Building community partnerships  Arts and culture  Education on the real societal impacts of new technologies Forrest research foundation

Source: Mindaroo Foundation 

 

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It's a family joke that Mrs Forrest is known as 'the undercover billionaire'.

The nickname is partly a reference to her notorious thriftiness and partly down to the fact she preferred to remain in Andrew Forrest's shadow for decades.

'The [undercover billionaire title] comes from the fact that she'd be encouraging dad, Sydney, and I to eat a week-old expired yoghurt because it'd be wasted,' daughter Grace Forrest told the ABC.

'The UCB does not like waste in any form.'

Her mother's hatred of waste even led Mrs Forrest to abstain from using cling wrap and to wash and reuse plastic ziplock bags.

In April, Mrs Forrest said she and Andrew would give away their fortune because they don't want their three children, Grace, Sophia, and Sydney to be 'burdened' by a handout.

'Children don't benefit from thinking they're going to inherit a huge amount of money.'

Grace Forrest was 2018 Western Australia's Young Australian of the Year for her work in the charity Walk Free, which is funded by her parent's wealth and aims to eradicate modern slavery.

Sophia Forrest is an actor who recently got engaged to her girlfriend Zara Zoe.

She has already starred in the DC movie Aquaman and the Australian

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