Illustration by Briana Murphy for The Market Herald

Billionaire Insight: How Australia’s Richest Man Andrew Forrest Spends his Wealth

Mining mogul Andrew Forrest still goes by his childhood nickname ‘Twiggy,’ and is recognised as the second-richest person in Australia with a combined net worth of approximately A$27.25 billion. On average ‘Twiggy‘ banks A$857 million each year or A$2.3 million a day according to the Australian Financial Review.

Forrest started his first mining company, Anaconda Nickel (now called Minara Resources), in 1994 and nine years later, he founded Fortescue Metals Group (FMG), which mines and ships iron ore to China. So how does the chairman and largest shareholder of a A$17.6 billion company spend his fortune?

Aside from lavish mansions, the world’s most expensive private jet and a yacht, he’s also cited as Australia’s biggest philanthropist. In 2017 ‘Twiggy’ gifted A$400 million to a range of charities described by then prime minister Malcolm Turnbull as “the biggest single philanthropic gift” in Australian history. Here is a look at how Andrew Forrest splashes his cash.

Twiggy’s A$54 Million Yacht

Andrew Forrest’s 191ft explorer yacht ‘Pangea’, is named after the Earth’s supercontinent circa 230 million years ago. She accommodates twelve guests and a crew of thirteen across six suites spread over four decks. Each of her suites represents a continent with the owner’s suite above the main deck. The private space that includes its own private aft deck features an ensuite, an ‘owners lounge’ and a walk-in closet. The superyacht, designed by Trinity Yachts in 1999, doubles as a working vessel for Forrest’s charity, The Minderoo Foundation, used on explorations missions.

A$98 Million Private Jet

The world’s most expensive private plane, the Bombardier Global Express 7500 can reportedly fly one side of the world to the other without stopping to refuel. Clearly appealing to the regularly travelling businessman, the Canadian-made jet accommodates nine passengers in four separate cabins. The luxury jet features a master suite and full-size bed, dedicated crew suite, kitchen, deep recline Nuage seats and four large wall-mounted HD TV screens.

A$16 Million Tukurua Estate

The billionaire bought the estate in 2015 for an estimated A$16 million. The 21-room mansion, built in the late 1890s, was formerly the summer residence of WA’s first attorney-general, Sir Septimus Burt. The 2015 sale is the first time in 119 years the beachfront property in the Perth coastal suburb of Cottesloe has hit the market. Not Twiggy’s primary address, the 5000sqm of land is currently under a A$15 million redevelopment, having previously been a seaside sanctuary for refugees of the Syrian crisis.

A$16 Million Waterfront Mansion

The Wunulla Road residence designed by the modernist architect Hugh Buhrich, is in Sydney’s ‘rich list’ suburb of Point Piper. The beautiful waterfront mansion features four bedrooms and a private jetty, a boatshed and a harbourside swimming pool. The mining magnate is believed to have purchased the property for more than A$16 million without even viewing it.

A$2 Billion Charity

The second richest man in Australia also spends plenty of his fortune on the less fortunate people around the country. His charity, The Minderoo Foundation, commits A$2 billion to a range of global initiatives. He is also part of The Giving Pledge campaign, started by Bill and Melinda Gates, that’s “a commitment by the world’s wealthiest individuals to dedicate the majority of their wealth to giving back.” On top of this, in 2017 ‘Twiggy’ gifted A$400 million to a range of charities described by then prime minister Malcolm Turnbull as “the biggest single philanthropic gift” in Australian history. He also pledged A$70 million to bushfire relief in 2020.

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