Andrew Forrest is a Western-Australian mining tycoon, formerly the Chief Executive Officer and currently the Non-Executive Chairman of Fortescue Metals Group (FMG). He is currently the 4th richest person in Australia and the 211th richest person in the world. According to Forbes, his net worth is $5.7 billion.
Net Worth: $5.7 billion (As of March 2013)
Source: Mining, Self-Made
Born: 1961 (Age 52)
Residence: Perth, Australia
Marital Status: Married with 3 children
Forrest was born in 1961 in Perth, Western Australia to a famous and a well-to-do family. He is the great-grandchild to David Forrest, who was the manager and part-owner of Minderoo Station. He is also the great-great nephew of John Forrest, who was the 1st prime minister of Western Australia. In 2008, Andrew Forrest was named the richest man in Australia. In 2013, he has been ranked as the 4th wealthiest person in Australia with an estimated net worth of $5.7 billion.
Forrest is the founder, Chairman, as well as a member of the Fortescue Metals Group’s Remuneration and Nomination Committee. He also acts as the Non-Executive Chairman of Poseidon Nickel Limited, as well as the Australian Children’s Trust that manages initiatives such as The Australian Employment Covenant, GeneratinosOne and Walk Free, which is basically a new global campaign that intends to put an end to modern slavery.
Andrew Forrest is also an Adjunct Professor of the China Southern University, and he is also a long standing Fellow of the Australian Institute of Mining and Metallurgy. His former executive roles include founding Chairman, CEO, Deputy Chairman of Minara Resources Ltd and Chairman of the Murrin Murrin Joint Venture. His former non-executive roles include President of Athletics Australia, Director of the West Australian Chamber of Minerals and Energy and Director of the Australian Export Finance and Insurance Corporation.
Forrest was very much encouraged by the philanthropic work of Rockefeller, Warren Buffett and Bill Gates, such that he decided to establish the Australian Children’s Trust in 2001. He also began the GenerationOne Project, which he established in commemoration of his hero and first mentor, Scotty Black. Forrest was assisted in setting up the project by Kerry Stokes and James Packer, who donated $2 million each, together with the support of their media stations, Channel 7 and Channel 9 respectively. The GenerationOne Project works closely with The Australian Children’s trust to assist in the creation of sustainable solutions on tackling social disadvantage.
In October 2013, an announcement was made stating that Forrest would give a donation of A$65 million toward higher education in Western Australia.
This amount is perceived to be the highest philanthropic donation in Australia’s history. Most of the amount is scheduled to fund scholarships. Forrest’s private foundation, The Minderoo Foundation is scheduled to be expanded in order to include higher education contributions. This foundation has given not less than A$270 million since 2001.
Awards and Recognition
Forrest possesses far-reaching experience in the mining sector and has been awarded with various global finance awards. The various awards and medals he has won include: -
Forrest and wife, Nicola Forrest
Andrew Forrest is married to Nicola Forrest with whom he has three children. Forrest is a religious man and a church-going Christian.
Interesting Facts about Forrest