Andrew Forrest, the Australian magnate famously known as Twiggy, has been making waves in the global mining industry as the chairman of Fortescue Metals Group.
As we venture into 2023, a burning question is circulating among business enthusiasts and financial analysts: What is Andrew Forrest net worth in 2023? This article will guide you through Forrest’s economic realm.
What is Andrew Forrest’s Net Worth and Salary in 2023?
As of April 21, 2023, Australian mining magnate Andrew Forrest holds an impressive net worth of $17.7 billion. This vast fortune primarily stems from his 36.7% stake in Fortescue Metals Group, a leading iron ore company he founded.
In terms of annual earnings, Forrest has been raking in an astounding average of $857 million per year for the past decade, which translates to approximately $2.35 million per day.
Andrew Forrest’s Overview
Early Life
Andrew Forrest, born on November 18, 1961, in Perth, Western Australia, is the youngest of three children of Judith and Donald Forrest.
His family has a rich history in the region, with his great-grandfather, David, being a part-owner of Minderoo Station, where Andrew spent much of his early years working as a jackeroo on the family ranch.
The station was established in 1878 by David and his brothers, Alexander and John, who were all involved in politics, with John serving as Western Australia’s first premier.
Andrew’s early education occurred at Onslow Primary School and through the School of the Air before he moved to Perth to attend Christ Church Grammar School and Hale School.
Andrew struggled with stuttering as a child, which led him to develop a relationship with Ian Black, whose Aboriginal father, Scotty, became his mentor. Andrew studied at the University of Western Australia, majoring in economics and politics.
Career
After graduating from the University of Western Australia with a major in economics and politics, Forrest began his professional life as a stockbroker at brokerage houses Kirke Securities and Jacksons.
In 1994, he noticed the rising demand for stainless steel at a rate of 4 percent per year and decided to venture into the nickel mining industry. He founded Anaconda Nickel, which later became Minara Resources.
However, the company faced financial challenges in 2003, forcing Forrest to sell shares to meet debt payments after the mine’s delay and cost overruns.
Undeterred by the setbacks, Forrest made strides in the mining sector. In 2009, he bought back Minderoo Station, a property in his family since its establishment in 1878.
He then established Fortescue Metals Group (FMG), where he served as CEO before stepping down in 2011 to focus on philanthropic endeavors.
In 2017, he was appointed an Officer of the Order of Australia for distinguished service to the mining sector, employment and business opportunities development, sustainable foreign investment support, and philanthropy.
Other Work
He has lent his expertise as an adjunct professor at the Chinese Southern University and enriched the scholarly community as a fellow of the Australasian Institute of Mining & Metallurgy.
Forrest’s leadership was also felt as a past director of Australia’s Export Finance and Insurance Corporation and the Chamber of Minerals and Energy of Western Australia, as well as a former chairman of Athletics Australia.
He has shared his knowledge at the Queensland University of Technology and with Christians in the Marketplace.
He delivered the prestigious 2020 Boyer Lecture, where he presented a compelling argument for hydrogen energy and shared his ideas on managing human impacts on the oceans.
Personal Life
Andrew Forrest has been married to his wife, Nicola Maurice, for over 30 years. The couple has faced their share of challenges, including the heartbreaking loss of their stillborn daughter in the 1990s.
Despite being Australia’s second-richest family, Andrew and Nicola have decided that their children will not inherit the majority of their wealth.
Instead, they have pledged to donate their $27.25 billion fortune to various charitable causes, such as Indigenous support, education reform, and cancer research.
Together, they have established the Minderoo Foundation and the Walk Free Foundation, focusing on education and Indigenous Australians, as well as ending modern slavery.
Philanthropy
Andrew Forrest has dedicated a significant portion of his wealth to philanthropic endeavors. Alongside his wife, Nicola, the couple founded the Minderoo Foundation in 2001.
In 2013, they became the first Australian billionaires to pledge the majority of their wealth to charity during their lifetimes.
Their philanthropic efforts have led to partnerships with organizations such as The Pew Charitable Trusts and Conservation International in the Blue Nature Alliance, which aims to protect 10% of the ocean by 2025.
Andrew Forrest’s commitment to giving back is evident through his numerous donations, including a record-breaking A$65 million towards higher education in Western Australia and a staggering A$655 million to expand the work of the Minderoo Foundation.
Why is Andrew Forrest Famous?
Andrew Forrest has made a name for himself in the global business arena. His keen eye for market trends led him to establish Anaconda Nickel in 1995, which later became Minara Resources.
Beyond his professional achievements, Forrest is also recognized for his philanthropic endeavors, having pledged most of his wealth to charity alongside his wife, Nicola.
As a passionate advocate for social causes, he has established foundations such as the Minderoo Foundation and the Walk Free Foundation, focusing on education, Indigenous Australians, and eradicating modern slavery.
FAQs about Andrew Forrest
How old is Andrew Forrest?
Andrew Forrest age is 61 years old.
How tall is Andrew Forrest?
Andrew Forrest height is 5 feet 7 inches.
Did Andrew Forrest inherit?
Despite being part of the family with Australia’s second-largest fortune, Andrew and Nicola Forrest’s children will not inherit a sizable portion of their parent’s fortune.
Instead, the couple plans to donate $27.25 billion to philanthropic organizations such as Indigenous aid, educational reform, and cancer research.
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Conclusion
After journeying through the financial empire of Andrew Forrest, we’ve aimed to present a comprehensive picture of his estimated net worth in 2023.
If this exploration of Forrest’s economic realm has whetted your appetite for more, we invite you to delve into our collection of articles on World Celebrity Net Worth.
