Andrew and Nicola Forrest’s $5 billion gift to their Minderoo Foundation, the biggest single charitable donation in Australian history, will inspire other billionaires, according to a prominent philanthropy adviser.

The transfer of shares from Andrew Forrest’s Fortescue Metals Group to Minderoo, announced on Wednesday, eclipses the $3.3 billion that healthcare mogul Paul Ramsay left to his eponymous foundation on his death in 2014.