Australian mining magnate Andrew ‘Twiggy’ Forrest is donating $AU400 million to causes including cancer research and ending slavery.
The donation was described by Prime Minister Malcolm Turnbull as the ‘the biggest single philanthropic gift’ in Australian history and the largest donation by a living Australian.
Mr Forrest – the founder of mining company Fortescue Metals – is estimated by Forbes to have a net worth of more than $AU5.5 billion.
Mr and Ms Forrest have a long history of donating to philanthropic causes.
‘I have been very fortunate – with my wife Nicola to be able to accumulate capital and then as soon as we can to commence giving it away’ Mr Forrest said.
‘We had a slightly unsustainable business model previously, where we would actually borrow money to give it away.
Fortunately we don’t have to do that now’.