Twiggy Forrest in record-breaking donation

Iron-ore baron Andrew Forrest will transfer one-fifth of Fortescue Metals Group shares to his philanthropic arm.

Andrew and Nicola Forrest. Picture: Keryn Stevens

Iron ore baron Andrew Forrest will transfer almost $5bn worth of Fortescue Metals Group shares to his philanthropic arm, Minderoo Foundation, in what is believed to be the biggest donation in Aus­tralian history.

The transfer, announced late on Tuesday, of one-fifth of the Fortescue shares owned by Dr Forrest and his wife, Nicola, will leave Minderoo with firepower to continue its extensive charitable endeavours far into the future.

Dr Forrest is the richest man in Australia, with a fortune of more than $35bn according to The Australian’s list of the nation’s 250 wealthiest individuals, just ­behind fellow iron ore magnate Gina Rinehart.

The donation takes Minderoo’s total endowment to about $7.6bn.

In a statement, Dr Forrest said he and his wife would help ­humanity and the environment at a time of “enormous challenges … Accumulating wealth should only be a small part of a person. Their contribution to their family and society is way more important. Other skills such as carpentry, farming, the arts, working in construction or for government are equally important.

“If you happen to be good at accumulating wealth, then I ­believe in using that skill for the greater good,” he said.

“This is why we will continue to donate our wealth to causes where we can make a sustainable difference.”

Minderoo has pursued a host of different initiatives on behalf of Dr Forrest and his wife, ranging from ending modern slavery to ­reducing plastic waste, tackling cancer and improving flood and fire resilience.

The couple in 2013 were the first Australians to sign the Giving Pledge, in which they committed to give away the vast majority of their wealth in their lifetime.

The ocean has long been a passion of Dr Forrest, who earned his PhD in marine science in 2019.

The Forrests flagged that Minderoo would soon announce a 2030 strategy that would aim to make a greater impact in the face of global challenges such as ­climate change and economic disruption.

Ms Forrest said the donation would help deliver change and ­action for vulnerable communities, oceans and gender equality. “These are tough times for many Australians and for many people right around the world,” she said.

“We all need to do what we can with what we have, so I am pleased the transfer of these shares will escalate our efforts to help those who need it most.”