Australian billionaire Andrew ‘Twiggy’ Forrest and his wife, Nicola Forrest, have donated nearly $5 billion to their philanthropic foundation Minderoo to aid in these “tough times for many Australians” and to “ignite collective and purposeful action”.
The staggering donation to Minderoo was made via 220 million shares in Forrest’s company, Fortescue Metals Group, which shed one-fifth of his stake.
In 2001, the Forrests established the Minderoo Foundation to support wide-ranging initiatives including ocean and cancer research, ending slavery and funding community projects.
Nicola Forrest said this latest Minderoo donation would support purposeful action to help vulnerable communities, protect the oceans and promote gender equality.
“I believe we all need to do what we can with what we have, so I am pleased that the transfer of these shares will escalate our efforts to help those who need it most,” she said.
“From the outset and over the past 22 years, we have remained focused on supporting families to ensure every child has the opportunity to thrive and reach their full potential– as children are our future.”
One of the Minderoo Foundation’s many initiatives, Thrive by Five, has been working to tackle the rising costs of childcare in rural and regional Australia, calling the state and federal governments to prioritise childcare reform for these struggling communities.
Minderoo will be announcing a 2030 Strategy to “enable the Foundation to deepen its focus and make a greater impact in the face of looming global challenges such as climate change and economic disruption”.
The Forrests were the first Australians to sign Bill Gates’ and Warren Buffett’s The Giving Pledge, to commit to giving away most of their wealth in their lifetimes.
As of May, Forrest was listed as Australia’s second-richest person– after Gina Rinehart– worth $33.3 billion.
Since the foundation’s launch, the couple have donated around $7.2 billion to Minderoo, and Forrest said the latest donation would help combat challenges in an increasingly unstable world.
“As our world faces enormous challenges, we have elected to continue to use our material wealth to help humanity and the environment meet these existential risks,” he said.
“Accumulating wealth should only be a small part of a person. Their contribution to their family and society is way more important. If you happen to be good at accumulating wealth, then I believe in using that skill for the greater good.”
“This is why we will continue to donate our wealth to causes where we can make a sustainable difference,” said Forrest.
In 2020, the Forrests donated $520 million to the foundation for health equipment during the pandemic, tackling plastic pollution in oceans and providing bushfire relief.
As the end of the financial year approaches, it’s reported the Forrests’ latest $5 billion donation will likely be tax-deductible,as Minderoo is a qualified charity, but the money will also be subject to capital gains tax since it’s a disposal of shares.