Australia's wealthiest man says he's going to give all to charity
August 5, 2008


by Matt Chambers
August 05, 2008 08:00am

Australia's richest man, Fortescue Metals boss Andrew "Twiggy" Forrest, plans to give away nearly all his fortune before he dies.

The iron-ore magnate has risen rapidly through the nation's rich list as shares of his Fortescue Metals Group have catapulted ahead with first exports this year from its Pilbara mines and ports.

"I don't aspire to great wealth and I don't admire it and I don't intend to leave this earth as a rich man," Mr Forrest said at the Diggers and Dealers conference in Kalgoorlie.

"I intend to give it away."

If Mr Forrest, who has an estimated $8 billion, gave away 95 per cent of his wealth, as software tycoon Bill Gates has vowed to do, he would still be wealthy by most measures.

"I have a philosophy (about wealth) and that is that it doesn't do much for you," Mr Forrest said.

"I know very wealthy people who have survived and become good guys despite their wealth but I also know many others around the world who haven't."

Mr Forrest, who has donated tens of millions of dollars to Aboriginal causes, didn't say where the money would go.

Last September he donated shares and options worth about $80 million to The Australian Children's Trust, of which FMG chairman and former Olympic 1500m champion Herb Elliott is a board member.

Mr Forrest said he had had a big response from his plan to provide 50,000 full-time jobs for Aborigines.

James Packer had contacted him and committed his businesses to providing a minimum of 500 jobs through the plan, known as the Australian Employment Covenant.


Andrew Forrest vows to give away most of fortune

Copyright 2008 The Sunday Times.

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