What is Andrew Forrest's Net Worth?
Andrew Forrest is an Australian billionaire businessman who has a net worth of $26 billion. He is is one of the richest people in Australia. Andrew Forrest formerly served as the CEO of the mining corporation Fortescue Metals Group. He has many other interests in the mining industry, as well as in cattle stations in Western Australia. Forrest is also significantly involved in philanthropy through his groups Minderoo and Walk Free, focusing on education and human rights.
Early Life and Education
John Andrew Forrest was born on November 18, 1961 in Perth, Australia as the youngest of three children of Judith and Donald. His great-grandfather, David, was the co-founder of the sheep station Minderoo, and David's brother John was the first premier of Western Australia. Forrest was educated at Onslow Primary School and through the School of the Air before attending Christ Church Grammar School and Hale School in Perth. He went on to attend the University of Western Australia.
Career Beginnings
After graduating from college, Forrest worked as a stockbroker at a pair of brokerage houses. Having noticed that the demand for stainless steel was steadily rising, he eventually quit stockbroking to enter the mining business. In 1993, Forrest founded Anaconda Nickel, becoming its CEO. He remained the CEO until 2001, when he was ousted amid the company's near-collapse.
WILLIAM WEST/AFP/Getty Images
Fortescue Metals Group
In 2003, Forrest took over the company Allied Mining and Processing and renamed it Fortescue Metals Group. The company has two primary areas of operation in the Pilbara region of Western Australia, where it mines iron ore. Fortescue made its first iron ore shipment to China in 2008. The company continued expanding over the subsequent years with the establishment of several new mines, including the Solomon, Eliwana, and Iron Bridge mines. Fortescue also formed a partnership with BC Iron.
Fortescue and Forrest have drawn severe criticism for abusing Aboriginal Australians and their land. One of the company's initial mines in Pilbara produced and shipped $50 billion worth of iron ore without the consent of the Yindjibarndi people to mine on their land. Operations in the area ended up destroying around 250 cultural sites. Legal battles between Fortescue and the Yindjibarndi people have stretched on for several years. Fortescue and Forrest have also been heavily criticized for avoiding paying company tax.
Cattle Stations
In 2009, Forrest bought back his family cattle property Minderoo Station; he later acquired the adjoining Nanutarra and Uaroo Stations. This brought his total pastoral holdings in the Pilbara region to around 7,300-square-kilometers. In 2015, Forrest purchased Brick House Station and Minilya Station, bringing his pastoral holdings up to 10,000-square-kilometers. He went on to expand his holdings even further in 2020 with the purchases of Quanbun Station and Jubilee Downs.
Global Rapid Rugby
In 2018, Forrest created a new rugby tournament called World Series Rugby, which included the Perth-based team Western Force and five other teams from the Indo-Pacific. Not long after that, the competition was renamed Global Rapid Rugby.
Getty Images
Tattarang
Forrest and his family own the investment company Tattarang, through which they invest in a wide array of businesses. The company focuses on the areas of agri-food, energy, property, resources, health technology, and lifestyle.
Philanthropy
Forrest is substantially involved in philanthropic endeavors focused on education and human rights. With his wife in 2001, he established the Australian Children's Trust. Later, after stepping down as CEO of Fortescue, Forrest became an ambassador for the Australian Indigenous Education Foundation and began focusing more of his time on Indigenous philanthropy. He launched the GenerationOne project and the Australian Employment Covenant to combat inequities faced by Indigenous people.
Among Forrest's other philanthropic projects is Walk Free, a group he founded in 2010 with the mission of ending modern slavery. He also founded the Global Freedom Network to stop religious institutions from being complicit in such slavery. Elsewhere, Forrest has donated to children's charities, medical research, and higher education. In 2013, he and his wife became the first Australian billionaires to pledge the majority of their wealth to charity during their lifetimes.
Suhaimi Abdullah/Getty Images
Real Estate
In late 2015, Forrest purchased the heritage-listed beachside mansion Cottesloe for $16 million. Additional buildings at the compound were restored and developed in 2019. In 2022, Forrest purchased the nearby Le Fanu House, a Federation-style home that is also heritage-listed.
Personal Life
In 1991, Forrest married Nicola Maurice. They had four children together, and divorced in 2023.
