In May this year, Australian mining magnate Andrew “Twiggy” Forrest and his wife Nicola made history, donating $400 million to a number of charities making it the largest philanthropic donation by any living Australian.
It was to be used, they said, for a number of causes. Cancer research, the eradication of slavery, Indigenous disadvantage, cultural and arts facilities in regional Australia. The money will seep into so many facets of Australian society, and it was a move Malcolm Turnbull dubbed a “gift to society”.
That donation, and the pledge for more to come, meant the children of Andrew and Nicola Forrest would see little of their parent’s wealth. But according to 22-year-old Sophia, second eldest child and now Love Child actress, she doesn’t mind a bit.
In an interview with Sunday Life Magazine and journalist Jenna Clarke, the actress said the idea of inheritance is a messy one and never guaranteed to bring happiness.
“Inheritance has never really made sense to me,” Sophia told the magazine. “You watch it tear families apart and it baffles me. You’re not entitled to that money, you haven’t earned it, you haven’t worked for it – I don’t see why you think it should be yours. So we all agreed to give it all away.
“It’s a relief to know it’s not my problem. It’s going to better things. I don’t need it. I’m going to work and make it on my own.”
In 2017, The Australian Financial Review estimated Andrew Forrest’s worth as A$6.84 billion, ranking him as the sixth wealthiest Australian.
The family’s $400m donation was no anomaly either. The Forrests were the first Australian signatories to Bill and Melinda Gates’s The Giving Pledge, which promises to give the majority of the family’s wealth to charitable causes in their lifetime. As 22-year-old Sophia knows, along with her siblings – 23-year-old Grace and 17-year-old Sydney – that means most of their inheritance will be given to philanthropic causes.
In July last year, in an interview with Perth Now, Nicola Forrest explained why this was the best decision for all involved.
“Everyone wants the best for their children but lots of money is not the best for anybody. It can corrupt. It can attract the worst sorts of people,” she told the newspaper.
“You don’t have to look far to see families who have had lots of money and it hasn’t brought any happiness to them.”
This mum has a great tip for helping girls save and it starts with her superannuation.
Top Comments
Did he inherit at least part of his fortune? What did he start with? I admit this is the first I have heard of this, I'm not an Australian, but am I correct that the money came from commodities? Iron ore, coal etc.? That IS the basis for the Australian economy, and it is surely a good thing that the Indigenous people benefit in some way. But of course, those commodities are valuable because people emigrated to Australia and had the idea's necessary to give those commodities value. Inheritance tax IS a difficult subject, as is inheritance. There are a lot of people in the UK that are opposed to inheritance at all. In my own family, there is conflict because of sibling rivalry, before inheritance has become an issue. My brother, whom was employed for four years in total of his life, has moved in with my ill mother to manipulate his "inheritance" at my expense. When I was fourteen, my father started a small business that he couldn't really devote the necessary time to. So it fell to me as the eldest son to work around school, later college, and then after college around work. Thirty years passed, and finally the business was sold, for a reasonable sum. A year later, I was in an accident, which left me with life changing injuries. After I came out of the induced coma, I had to try to rebuild my life, without any input from my family. My father had health problems which brought about his demise. He didn't have a pleasant final months, as my brother realised the power of the family was coming to him, and he ruthlessly bullied and intimidated my father. Now he has complete control of my mother, who is bedridden and at his mercy. Furthermore, my brother made untrue allegations that I had stabbed him.(I am a cripple, and it was supposed to have occurred in my own home) I now have NO contact with my mother, despite the fact I was cleared in court of ALL charges. (attempted murder) My brother has ensured that I cannot visit my bedridden mother, under threat of violence) So Australia. What do you think of that. Who is deserving in this tale? In my opinion, naturally, I feel I am. I worked, did everything that was asked of me. My brother has been consumed with hatred throughout his entire life. He IS and always has been isolated throughout his life. A fifty year old virgin. No friends ever. In conclusion, I understand you need to believe this story, and might find there is a further shortage of information. This corresponds with the story of the Billionaires views on inheritance. However, no such attitude prevailed with my own father, or mother, who assured me my (30 years)efforts would be rewarded. Has anyone any opinions on this?
That's right having a fortune dosent guarantee family harmony, look at the Hancocks