Andrew Forrest’s personal wealth plummets after shock split from wife

Andrew Forrest’s wealth has plummeted by a staggering amount following his decision to split from wife Nicola.

Andrew Forrest’s personal wealth has plummeted following his decision to split from wife Nicola.

Australia’s richest couple, who were worth a cool $35.21 billion, announced they were separating on Wednesday.

Since the announcement, it has been revealed that Mr Forrest’s paper wealth has fallen by a staggering 60 per cent within a single month.

He is now tenth on Australia’s Rich List after previously ranking at number two.

Meanwhile, Nicola Forrest has made her debut on the list, securing eighth position overall and becoming the third-richest woman in Australia, with a fortune of $14.6 billion.

Mr Forrest, known by his nickname “Twiggy”, was previously Australia’s richest man whose vast wealth was only exceeded by Gina Rhinehart’s.

However he is now worth $13.5 billion, according to analysis by the Australian Financial Review.

Andrew Forrest, once considered Australia’s wealthiest individual, has slipped to the tenth position on the nation’s Rich List.

Before announcing their plans to separate, Mr Forrest transferred three of six shares in Tattarang Pty Ltd, the entity that owns 36.7 per cent of his mining business Fortescue Metals Group, to Mrs Forrest.

There was also a transfer of 50,000,000 Fortescue shares, currently worth $555 million, to Coaxial Ventures Pty Ltd, an entity wholly owned by Mrs Forrest.

Under Rich List rules a person only features if they are the person who directly built the fortune.

However, beneficial ownership of shares do count in Rich List calculations.

According to AFR estimates, if Mr and Mrs Forrest divide their assets equally, such as farms and private equity investments, Mrs Forrest becomes wealthier than her husband.

Maintaining her top spot on the list, Ms Rinehart continues to reign as Australia‘s wealthiest individual with a fortune of $38.2 billion.

Iron ore prices have remained stable, contributing to her consistent financial standing.

Property developer Harry Triguboff has reclaimed the title of Australia’s richest man, having previously held the position in 2016. He now holds a fortune of $24.5 billion.

Melanie Perkins, the co-founder of Canva, stands as the second-richest woman with a fortune of $16.2 billion. Her wealth is tied to the growing valuation of the graphic design platform, which aligns with the resurgent NASDAQ technology index. She shares her fortune with her husband, Cliff Obrecht.

Gina Rinehart continues to reign as Australia‘s wealthiest individual with a fortune of $38.2 billion.

Mr Forrest, known by his nickname “Twiggy”, was ranked the second richest person in the country on The Australian’s Rich List this year

Mr and Mrs Forrest announced their separation on Wednesday after rumours swirled about 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.

The Forrests have committed to the Giving Pledge and will donate the majority of their wealth.

They have transferred one-fifth of their Fortescue holding, worth $5 billion, to their charitable organisation, the Minderoo Foundation, reducing their combined wealth to $28 billion.

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.

Despite their separation, the Forrests have stated that their philanthropic aspirations remain unchanged.

Originally published as Andrew Forrest’s personal wealth plummets after shock split from wife