Australian billionaire Andrew ‘Twiggy Forrest’ and his wife Nicola have revealed why their children will miss out on their mammoth wealth.
The couple can boast having Australia’s second-biggest fortune of a casual $27 billion.
But in an interview on ABC’s Australian Story they explained how they decided their children won't get access to that once they die.
The couple’s fortune will instead be distributed to a range of charities, including Indigenous support, education and cancer research.
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Nicola Forrest said she didn’t want their children, Grace, Sophia, and Sydney to be ‘burdened’ by such an immense fortune.
She said: “We live in a home and I have a great life – but the things that are most important in life, money doesn’t buy that.
“Children don’t benefit from thinking they’re going to inherit a huge amount of money.”
Andrew also agreed with his wife’s sentiment.
He told the ABC: “The decision to give away everything but the personal things and goods was easy.
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“You know, let’s not die wealthy. What’s the point of that?”’
While the mining magnates have always committed to charitable causes, they admitted in the interview that one personal loss helped shape their wealth decisions.
In 1998, the couple lost their daughter Matilda to a stillbirth, which inspired their work to help other families and children through their organisation, Minderoo Foundation.
Mrs Forrest learnt the tragic news just days before the due date.
She told the programme: “I went into the appointment, I said, ‘Oh, I didn’t think I was going to make this appointment.’ And he said, ‘Why not?’ And I said, ‘Because I haven’t felt the baby move for 24 hours.’
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“There’s a saying that when a baby goes quiet, it’s just before it’s going to be born. And (after doing a check) he went, ‘Oh, this machine must be broken. I’m going to send you down the road for an ultrasound.’
“That’s the moment I knew.”
Mr Forrest echoed his wife’s heartbreak, saying: “Whenever we’re asked about our children, certainly in a quiet environment, we’ll say, ‘Yeah, we’ve got four kids – three on Earth and one in heaven,’
“Matilda really was a fabulous gift, not ours to hold.”
The family has pledged to donate more than half their fortune through Bill and Melinda Gates’ Giving Pledge.
Topics: Australia
Jayden Collins