Nicola Forrest donates half a billion dollars to charity
One of Australia’s richest people has donated $500m in one swoop to charity.
The donation has been made by mining multibillionaire Nicola Forrest from her own wealth to her own charities, which focus on early childhood development, women and First Nations people.
“I have a great belief in this wonderful country that we live in,” Ms Forrest said in a statement.
“I just think that it should be the lucky country, but we are seeing more and more that there is a great divide between people that have opportunity and those that don’t.
“You can’t take things with you, and my children don’t want to inherit great wealth. I just think there is so much that needs to be done, let’s get on with it.”
<img src="https://cue.wanews.com.au/webservice/thumbnail/article/22992564" id="_0084c193-81ca-4825-aba9-3241977731d7" capiid="eabeaa8193f723f80b3bea492d1d5b1d" alt="CANBERRA, AUSTRALIA NewsWire Photos, FEBRUARY 17, 2022: Twiggy's wife Dr Nicola Forrest. Co-Founder and Co-Chair, Minderoo Foundation. Nicola Forrest. “Education enhances innovation" - Women for Progress-IN Parliament House in Canberra. Picture: NCA NewsWire / Gary Ramage" caption="Nicola Forrest has made one of the largest single lifetime philanthropic donations in Australian history. Picture: NewsWire / Gary Ramage">
Ms Forrest’s wealth has been estimated at about $17bn, putting her at seventh spot on Australia’s various rich lists.
She and Fortescue founder Andrew Forrest were married for 31 years before jointly announcing their separation in 2023. At the time, they said they had no plans to divorce, and this week Ms Forrest declined to comment on whether a divorce had been finalised.
Ms Forrest’s $500m donation goes to her Coaxial Foundation by way of $125m cash and 25 million Fortescue shares.
The gift of shares is half of the stock received as part of the initial separation from her husband.
Another 25 million Fortescue shares go to investment company Coaxial Ventures.The funds are aimed at helping female entrepreneurs and Indigenous children.
Ms Forrest also funds the Coaxial Foundation with dividends on Fortescue shares.
Originally published as Nicola Forrest donates half a billion dollars to charity
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