Andrew Forrest, better known by his nickname “Twiggy” is one of the wealthiest Australians alive. He is the former CEO of Fortescue Metals Group and has amassed a fortune of close to $13 billion AU throughout his career. If you’re interested in Twiggy’s life and career, or more generally in the mining industry, then check out some of these interesting facts below.
He was the wealthiest Australian in 2008
Twiggy’s fortune has fluctuated a lot over the last 10-15 years. In 2008, his wealth skyrocketed to $9.41 billion AU, making him the wealthiest Australian according to the Financial Review Rich List. This is because the shares in Fortescue Metals hit an all-time high!
He worked as a stockbroker before entering the mining sector
After graduating from the University of Western Australian (where he studied economics and politics), Forrest worked as a stockbroker for Kirke Securities and Jacksons. In the early to mid-1990s, Forrest became the founding CEO of Anaconda Nickel, which is now known as Minara Resources.
He joined Fortescue in 2003
In 2003, Forrest joined Allied Mining and Processing and renamed it Fortescue Metals Group (FMG). Since assuming control of FMG, Twiggy has overseen the exponential growth of the company
He was not a fan of the Carbon Tax
Forrest was one of the most vocal critics of the Gillard Government’s proposed Minerals Resource Rent Tax, arguing that the bill would drive up foreign resource ownership. He explained that the tax would unfairly affect different Australian states and wouldn’t appropriately capture the big polluters, like BHP Billiton and Rio Tinto.
His philanthropy works
Forrest has contributed to a variety of charitable causes and has created his own charities. He’s donated to the Hale School (his alma mater) and has donated over $65 million towards Higher Education in Western Australia.