#philanthropy#mining#iron#Andrew Forest

Andrew 'Twiggy' Forrest breaks philanthropic record with $400 million charitable donation

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|May 22|magazine4 min read

The biggest philanthropic donation by a living person in Australian history has just been made by mining boss Andrew "Twiggy" Forest. 

Along with his wife Nicola, the chairman of iron ore firm Fortescue gave $400 million to various charities at an Canberra event. 

In 2016, Forrest was ranked within the top ten richest Australians in BRW magazine. Additionally, him and his wife were the first Australians to pledge the majority of their wealth to charity in their lifetimes.

Last week, at an event attended by Prime Minister Malcolm Turnbull and Opposition Leader Bill Shorten in Canberra, Forest revealed his donation.

Where will Forest's funds be going? The mining magnate has pledged:

  • $75 million for co-ordinating world cancer institutes
  • $50 million for building stronger communities
  • $75 million for higher education and break-through research
  • $75 million towards giving every child their best chance
  • $50 million towards creating equality of opportunity among all Australians
  • $75 million towards removing modern slavery

 

During his announcement, Forest spoke of times where his company had to borrow money in order to give to charity, but now “thanks to the strength of the iron ore sector and the leadership of this country,” he was lucky enough to donate straight from the business.

To this day, the largest donations in Australia have come from deceased estates, or from large corporations.

 

Source: Business Insider