Andrew Forrest
Australian mining magnate; founder and chairman of Fortescue
| Andrew Forrest
| |
|---|---|
| Image | .jpg) Forrest at a Bloomberg Green event during Climate Week NYC, September 2025 |
| Born | 18 November 1961 (Forbes) |
| Nationality | Australian |
| Residence | Perth, Western Australia (Forbes) |
| Occupation | Founder and chairman, Fortescue |
| Known for | Fortescue; Minderoo Foundation; Tattarang; Squadron Energy |
| Spouse(s) | Nicola Forrest (separated 2023) |
| Education | University of Western Australia (Forbes) |
Andrew Forrest (born 18 November 1961), known by his schoolboy nickname "Twiggy", is an Australian mining businessman. He founded the iron-ore miner Fortescue (Fortescue Metals Group) in 2003.[1][2] He and Nicola Forrest set up the Minderoo Foundation, and they own the private investment company Tattarang.[1][3] In 2026 the Federal Court ordered Fortescue to pay record native title compensation to the Yindjibarndi Ngurra Aboriginal Corporation for building mines on its land without permission.[4][5] On 10 November 2026 the Forbes Real-Time Billionaires list ranked Andrew Forrest and family 178th in the world, with an estimated net worth of US$16.2 billion; Forbes lists the source of wealth as mining.[1][6] In the annual World's Billionaires list published in 2026, Forbes had ranked Andrew Forrest and family 128th, at US$20.3 billion.[7]
Early career and Fortescue
Forbes says Forrest has been a stockbroker and a keen amateur boxer, once tried alpaca farming, and is descended from Lord Forrest of Bunbury, the first premier of Western Australia.[1] In 1994 he started his first mining company, Anaconda Nickel (now Minara Resources). He founded Fortescue in 2003, and Forbes describes it as mining iron ore and shipping it to China.[1] His net worth peaked at US$12.7 billion in June 2008, when Fortescue shares reached a record high.[1] Sources describe his role at Fortescue differently. In 2022 the BBC called him executive chairman. In October 2024 the ABC called him a non-executive director. In September 2026 the ABC called him company chair.[8][3][2] The ABC reported in 2024 that he and Nicola Forrest controlled 37% of Fortescue.[3] Forbes says Fortescue is turning itself into a green energy business. In September 2024 he agreed a US$2.8 billion deal for hundreds of electric trucks, excavators and dozers for its mines.[1]
Squadron Energy and Tattarang
Forbes says his private company Squadron Energy paid an estimated A$4 billion in 2022 for CWP Renewables, Australia's biggest wind energy company.[1] The ABC describes Tattarang as the couple's investment company.[3]
Yindjibarndi native title case
In 2017 the Yindjibarndi Ngurra Aboriginal Corporation (YNAC) lodged a compensation claim against Fortescue. The claim followed a court ruling that gave YNAC exclusive native title over about 2,700 square kilometres of the Pilbara. Fortescue had already built its Solomon Hub mines there, with the consent of the government and a local Aboriginal representative group, but not of YNAC.[5] On 12 May 2026 Federal Court Justice Stephen Burley found Fortescue liable for A$150 million in cultural loss. The ABC and the BBC called it the biggest native title compensation award in Australia. YNAC had sought A$1.8 billion, and Fortescue had argued that A$8.1 million would suffice.[4][5] The economic-loss figure is given as both A$100,000 and A$150,000 in the ABC's own report, and as A$150,000 by the BBC. The total is reported as A$150.1 million (BBC) and A$150.3 million (ABC, September 2026).[4][5][2] The ABC reported that the court found Fortescue had destroyed at least 124 spiritually significant sites. It also said the Solomon Hub had produced an estimated A$80 billion in revenue since 2013.[2] By September 2026 YNAC, the Western Australian government and Fortescue had all lodged appeals. Fortescue said it had paid the award within 24 hours and that its cross-appeal restated its trial positions. No hearing date had been set.[2]
Ukraine
In November 2022, at the Bloomberg New Economy Forum in Singapore, Forrest and President Volodymyr Zelenskyy announced the Ukraine Green Growth Initiative. Andrew and Nicola Forrest committed US$500 million (A$744 million) through Tattarang towards a fund of at least US$25 billion for Ukrainian infrastructure.[9][10][8] Tattarang said he had briefed Joe Biden, Boris Johnson and Anthony Albanese, and had spent nearly a week in Ukraine, visiting Kyiv in June 2022. The BBC added Ursula von der Leyen and said the fund had worked with Larry Fink of BlackRock.[10][8] Forbes describes the commitment as A$750 million for Ukraine's energy and communications infrastructure.[1]
Minderoo Foundation
According to the ABC, the couple founded Minderoo in 2001. In October 2024, just over a year after announcing their separation, they stepped down as co-chairs and stayed on as non-executive directors. The barrister Allan Myers became chair.[3] Forbes says the foundation has an A$9.6 billion endowment. It also says that in 2023 the couple gave it shares worth nearly A$5 billion, and that in 2019 Forrest made Australia's largest donation, A$655 million.[1] Forbes says the couple announced their separation in July 2023 after more than three decades of marriage.[1]
Wealth
Forbes lists mining as the source of his wealth and classes him as self-made.[1] In September 2026 the ABC put his personal wealth at more than A$33 billion.[2]
Wealth history
Forbes has included this entry in its annual World's Billionaires list in 20 of the editions from 2001 to 2026 checked for this profile, starting with 2007. The table gives the rank and estimated net worth in each annual list.[7][1]
| Year | World's Billionaires rank | Net worth (US$ bn) |
|---|---|---|
| 2007 | 754 | 1.3 |
| 2008 | 145 | 6.5 |
| 2009 | 376 | 1.9 |
| 2010 | 208 | 4.1 |
| 2011 | 145 | 6.7 |
| 2012 | 173 | 5.8 |
| 2013 | 211 | 5.7 |
| 2014 | 270 | 5.2 |
| 2015 | 847 | 2.2 |
| 2016 | 1367 | 1.3 |
| 2017 | 261 | 5.7 |
| 2018 | 480 | 4.4 |
| 2019 | 325 | 5.4 |
| 2020 | 221 | 6.7 |
| 2021 | 87 | 20.4 |
| 2022 | 90 | 17.8 |
| 2023 | 82 | 19.6 |
| 2024 | 101 | 19.0 |
| 2025 | 160 | 14.4 |
| 2026 | 128 | 20.3 |
International and political links
This section uses the same ten headings for every profile in this series. Only specific, sourced actions are included; company-level and foundation-level actions are labelled as such. Where nothing was found, the entry reads "No documented involvement found in sources checked."
Israel (investments, operations, donations, contracts, statements)
No documented involvement found in sources checked.
Zionist or pro-Israel organisations and lobbying groups
No documented involvement found in sources checked.
Jewish communal charities
No documented involvement found in sources checked.
Gulf states
No documented involvement found in sources checked.
China
Forbes describes Fortescue as mining iron ore and shipping it to China. It also says Forrest has farming interests aimed at China's growing demand for meat and dairy.[1]
Russia
After Russia's 2022 invasion of Ukraine, Forrest launched a fund for Ukraine's post-war reconstruction with President Zelenskyy.[9][8][10]
India
No documented involvement found in sources checked.
Palestinian or Arab causes
No documented involvement found in sources checked.
Home government
Fortescue's Solomon Hub mines in the Pilbara are the subject of a record native title compensation award and continuing appeals.[4][2]
Other international links
No documented involvement found in sources checked.
See also
External links
Notes
- ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12 1.13 Forbes, Forbes profile record for Andrew Forrest (Forbes data feed behind forbes.com/profile/andrew-forrest/) Forbes, live record, read 10 November 2026, accessed 10 November 2026.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 Alistair Bates, Andrew Forrest's Fortescue appeals $150 million Pilbara native title compensation ABC News (Australia), 16 September 2026, accessed 10 November 2026.
- ↑ 3.0 3.1 3.2 3.3 3.4 Grace Burmas, Andrew, Nicola Forrest step down from Minderoo Foundation, a year after announcing separation ABC News (Australia), 17 October 2024, accessed 10 November 2026.
- ↑ 4.0 4.1 4.2 4.3 Andrea Mayes, Yindjibarndi people win $150m compensation after Andrew Forrest's Fortescue mines built without permission ABC News (Australia), 12 May 2026, accessed 10 November 2026.
- ↑ 5.0 5.1 5.2 5.3 Gavin Butler, Australian traditional owners win record A$150m after billionaire mined without permission BBC News, 12 May 2026, accessed 10 November 2026.
- ↑ Forbes, Forbes Real-Time Billionaires data feed Forbes, live; downloaded 10 November 2026 17:20 UTC, accessed 10 November 2026.
- ↑ 7.0 7.1 Forbes, Forbes World's Billionaires list data feed, annual editions 2001–2026 (one file per year at this path with the year substituted; all 26 files downloaded and read) Forbes, annual lists; downloaded 20 October 2026, accessed 10 November 2026.
- ↑ 8.0 8.1 8.2 8.3 Peter Hoskins, Ukraine war: Billionaire Andrew Forrest launches $25bn fund for reconstruction BBC News, 17 November 2022, accessed 10 November 2026.
- ↑ 9.0 9.1 ABC News, Andrew Forrest pledges $744 million towards rebuilding Ukraine, aims to attract investors ABC News (Australia), 17 November 2022, accessed 10 November 2026.
- ↑ 10.0 10.1 10.2 Tattarang, Andrew and Nicola Forrest commit US$500m to launch US$25bn Ukraine Green Growth Initiative supported by President Zelenskyy Tattarang (press release), 17 November 2022, accessed 10 November 2026.