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Undercover billionaire who is giving away £16 billion fortune won't give any to Aquaman actor kid

Undercover billionaire who is giving away £16 billion fortune won't give any to Aquaman actor kid

She doesn't think that giving children vast amounts of money will help them

An undercover billionaire who has made the remarkable decision to give away her fortune won't be giving any money to her Aquaman actor daughter.

Nicola Forrest, who has been sharing her £16 billion, is the wife of iron ore magnate Andrew Forrest and made a name for herself by vowing to give away the 'vast majority' of their fortune.

The majority of the couple's wealth comes from Andrew's mining business, which Nicola used to happily live in the shadow of until her philanthropy hit the headlines.

Nicola Forrest is one of Australia's most generous women.
Jessica Wyld /

As reported by the MailOnline, the couple's daughter, Grace, said the title 'undercover billionaire' came from a long-running joke in the family.

She explained to ABC: "The [undercover billionaire title] comes from the fact that she'd be encouraging dad, Sydney, and I to eat a week-old expired yoghurt because it'd be wasted."

The billionaire is apparently so keen to avoid waste that she even reuses ziplock bags, despite having an estimate fortune of £16 billion ($27.25 billion).

Daughter Sophia has made a name for herself as an actor.
PA / United Images / Zuma Press

With such a vast fortune, the couple concluded that their children - Grace, Sophia and Sydney - would be 'burdened' by a large inheritance, which is why they are giving it away instead.

"Children don't benefit from thinking they're going to inherit a huge amount of money," Nicola asserted.

The couple's children are already craving out successful careers in their own right in the knowledge that they won't be inheriting a fortune.

Sophia, an actor, actually starred in Aquaman and appeared in the mini series Love Child in Australia too.

The couple understandably needed help to put their money to good use, which is why they created the Minderoo Foundation to support projects of their choice.

The MailOnline reports that they've already given away £1.56 billion.

Nicola and Andrew aren't giving their children their money.
Alamy / Sipa US

However, despite the foundation's good intentions, some environmental critics have slammed the charity because the money is coming from mining wealth.

However, while the foundation might have its critics, it's gearing up to continue to give away vast sums of money at the rate of £600 million a year.

The projects it supports are motivated by Nicola's experiences in life, such as the foundation's work in improving early childhood education.

"I am motivated by the experiences I've had both raising, and losing, children," she revealed to the National Press.

Sadly, the mother had a stillborn daughter, Matilda, back in 1988 - an experience which she said 'tore our family apart.'

"Because of this experience, I reached out to Professor John Newnham at the Women and Infant's Research Foundation, joined their board and worked with them for years," Nicola revealed.

"This relationship and the research that I became immersed in is the reason I am standing here today and, indeed, why we launched Minderoo Foundation 20 years ago.

"It opened my eyes to the astonishingly simple fact. That, from conception, the first five years of life are crucial to human health and happiness.

"Protect those years, and you protect the future."

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Topics: News