As of 2026, Andrew Forrest’s net worth is about A$15.93 billion on the AFR Rich List, which is roughly US$10 billion. Forbes puts him and his family higher, at about US$15.7 billion to US$20.1 billion. Almost all of it traces back to his stake in Fortescue, the iron ore miner he founded in Western Australia.
| Quick facts | Details |
|---|---|
| Net worth | About A$15.93 billion (AFR Rich List), US$15.7 billion to US$20.1 billion with family (Forbes) |
| Full name | John Andrew Henry Forrest |
| Nickname | Twiggy |
| Born | November 18, 1961 |
| Birthplace | Perth, Western Australia |
| Profession | Mining executive, investor and philanthropist |
| Main company | Fortescue (founder and executive chairman) |
| Private investment group | Tattarang |
| Stake in Fortescue | About 36.7% through Tattarang |
| Charity | Minderoo Foundation (with Nicola Forrest) |
| Education | University of Western Australia (economics and politics, later a PhD in marine science) |
| Honours | Officer of the Order of Australia (AO) |
| Spouse | Nicola Forrest (married 1991, separated in 2023) |
Who Is Andrew Forrest
Andrew Forrest is an Australian billionaire and the founder of Fortescue, one of the world’s largest iron ore producers. Most Australians know him by his nickname, Twiggy. He is the executive chairman of Fortescue and runs his private wealth through a family company called Tattarang.
Andrew Forrest has spent the last few years trying to turn Fortescue from an iron ore miner into a green energy company. He talks often about “real zero” emissions and green hydrogen. He is also one of Australia’s biggest givers through the Minderoo Foundation, which he set up with his wife Nicola.
Andrew Forrest Net Worth
The AFR Rich List puts Andrew Forrest’s net worth at A$15.93 billion this year. That places him 8th in Australia and back in the top 10 after he slipped to 11th on last year’s list. His estranged wife Nicola Forrest ranks one spot ahead of him, at A$17.32 billion.
Forbes uses US dollars and counts “Andrew Forrest and family” as one entry. Its real-time tracker shows about US$15.7 billion and ranks him around 175th in the world. Earlier this year, Forbes’ list of Australia’s 50 Richest had the family third at US$20.1 billion, up about US$4 billion as Fortescue shares climbed.
| Source | Estimate | What it counts |
|---|---|---|
| AFR Rich List (this year) | A$15.93 billion, 8th in Australia | Andrew Forrest only, in Australian dollars |
| AFR Rich List (last year) | A$12.68 billion, 11th in Australia | Andrew Forrest only |
| Forbes real-time tracker | About US$15.7 billion | Andrew Forrest and family, in US dollars |
| Forbes Australia’s 50 Richest | US$20.1 billion, 3rd in Australia | Andrew Forrest and family |
| Independent wealth index | About US$9.8 billion (US$8 billion to US$12.2 billion) | Excludes shares held by his charity |
Why The Estimates Differ So Much
The biggest reason is currency. A$15.93 billion and US$15.7 billion look almost identical, but the Australian dollar is worth well under one US dollar, so the AFR number is the smaller of the two.
The second reason is who gets counted. Forbes adds family holdings, while the AFR list has ranked Andrew and Nicola Forrest separately since their split, and some trackers strip out the Fortescue shares he gave to the Minderoo Foundation.
The third reason is the iron ore price. Andrew Forrest’s wealth moves almost in step with Fortescue’s share price, so a few bad months for iron ore can wipe billions off his number. My read is that a range of US$10 billion to US$20 billion is the honest answer, with A$15.93 billion as the most-cited local figure.
Andrew Forrest Net Worth Over Time
Andrew Forrest first topped the national list in 2008, when he was named Australia’s richest person. On the AFR Rich List, the Forrest fortune was A$23 billion in 2020 and peaked at A$33.29 billion in 2023, when he ranked 2nd. Those older figures combined his and Nicola Forrest’s wealth.
| Year | AFR Rich List figure | Rank |
|---|---|---|
| 2008 | Named Australia’s richest person | 1st |
| 2020 | A$23.00 billion (with Nicola) | 2nd |
| 2021 | A$27.25 billion (with Nicola) | – |
| 2022 | A$30.70 billion (with Nicola) | – |
| 2023 | A$33.29 billion (with Nicola) | 2nd |
| Two years ago | A$16.76 billion (Andrew only) | 8th |
| Last year | A$12.68 billion (Andrew only) | 11th |
| This year | A$15.93 billion (Andrew only) | 8th |
The drop after 2023 does not mean he lost half his money in the market. A large part of it moved to Nicola Forrest in the separation, and another large block of Fortescue shares went to the Minderoo Foundation.
Andrew Forrest Early Life And Education
John Andrew Henry Forrest was born on November 18, 1961, in Perth, the youngest of three children of Judith and Donald Forrest. He grew up on Minderoo Station, a cattle station in the Pilbara that his family had run since 1878. His great-great-uncle John Forrest was Western Australia’s first premier.
As a boy he studied through Onslow Primary School and the School of the Air, then went to Christ Church Grammar School and Hale School in Perth. He had a stutter as a child. He has named Scotty Black as an early mentor who helped him.
University And Stockbroking
Andrew Forrest studied economics and politics at the University of Western Australia. After university he worked as a stockbroker at Kirke Securities and then at Jacksons. That stockbroking start taught him how to raise money, which became his biggest skill later.
His father sold Minderoo Station in 1998. Andrew Forrest bought it back in 2009, once Fortescue had made him rich, and I see that as the most personal deal of his career.
Andrew Forrest Career
Andrew Forrest’s career has two big chapters. The first is Anaconda Nickel, which ended badly. The second is Fortescue, which made him a billionaire.
Anaconda Nickel
In 1993, Andrew Forrest became the founding chief executive of Anaconda Nickel. He led the nickel company for eight years. Then, in 2001, he was ousted as chief executive.
Anaconda later became Minara Resources and ended up under Glencore. Losing the top job at the company he started could have ended his career, but it set up his next move.
Building Fortescue
In April 2003, Andrew Forrest took control of a small listed company called Allied Mining and Processing and turned it into Fortescue Metals Group. His plan was to build mines, a railway and a port in the Pilbara and sell iron ore to China. It was a huge project for a company that started so small.
Fortescue made its first iron ore shipment to China in May 2008. A US$9.2 billion expansion later lifted the company to 155 million tonnes a year. He stepped down as chief executive in 2011 but stayed on as chairman, and today he is executive chairman.
Fortescue Today
Fortescue now has two chief executives. Dino Otranto runs metals and operations, and Gus Pichot runs growth and energy.
For the financial year to June 30, Fortescue shipped a record 201.3 million tonnes of iron ore. Revenue was US$17.0 billion, underlying net profit rose 3% to US$3.5 billion, and statutory profit fell 15% to US$2.9 billion. That fall came from a US$525 million impairment on the Iron Bridge magnetite project and a US$73 million compensation claim expense.
How Andrew Forrest Makes Money
Andrew Forrest is not rich because of a salary. Almost all of his income comes from owning a big piece of Fortescue and collecting its dividends.
- Fortescue shares: Tattarang owns about 36.7% of Fortescue, which is the core of his net worth.
- Fortescue dividends: Fortescue declared fully franked dividends of A$1.08 a share for the year, about A$3.3 billion in total.
- Executive chairman pay: he is paid as executive chairman, but this is small next to his dividend income.
- Tattarang businesses: beef, energy, metals, hats and other private investments.
- Pastoral land: cattle stations across Western Australia.
Fortescue Dividends
Fortescue pays out a large share of its profit, and the Forrest family owns more than a third of the company. When Fortescue pays A$3.3 billion in dividends, the family’s share runs into the hundreds of millions of dollars. Back in August 2021, Andrew Forrest received a single dividend payment of A$2.4 billion.
Andrew Forrest Business Ventures
Tattarang is the private group that holds Andrew Forrest’s stake in Fortescue and his other businesses. Its divisions include Fiveight, Harvest Road, Squadron Energy, Tenmile, Wyloo Metals, Z1Z and Akubra.
| Tattarang business | What it does |
|---|---|
| Harvest Road | Beef from his cattle stations |
| Squadron Energy | Wind and renewable energy |
| Wyloo Metals | Metals and mining |
| Akubra | The Australian hat maker |
Squadron Energy
Squadron Energy is his biggest bet outside Fortescue. Forbes reported that Squadron paid an estimated A$4 billion for CWP Renewables in 2022. This year, Squadron and its partner Windlab started looking for about $5 billion in debt and equity for Bungaban, a 1.4 gigawatt wind project in Queensland.
Cattle Stations
Andrew Forrest’s pastoral holdings cover more than 10,000 square kilometres. Alongside Minderoo, he bought Nanutarra and Uaroo in 2014, Brick House and Minilya in 2015, and Quanbun and Jubilee Downs in 2020 for more than A$30 million. The beef from his stations feeds into Harvest Road.
Other Investments
He holds a stake of about 19.9% in Austal, the Australian shipbuilder, and Forbes reported that he lifted his stake in Greatland Gold to nearly 19%. He also founded Global Rapid Rugby and backed the Western Force rugby team. Allied Medical, a medical company he backed, later became Anteris Technologies.
Fortescue Zero And Formula E
Fortescue’s green technology arm, Fortescue Zero, has agreed to buy Jay Penske’s Formula E team. Fortescue says it will be the first Australian-owned team in the series and will race with Jaguar powertrains, subject to approval from the FIA and Formula E. Fortescue named Jim Wright as team principal.
Andrew Forrest House, Yacht And Lifestyle
Andrew Forrest lives in Cottesloe, a beachside suburb of Perth. In December 2015 he bought Tukurua, a Cottesloe mansion, for about A$16 million. In 2022 he also bought Le Fanu House, a historic home in the same suburb.
In 2018 he bought Pangaea, a 58.2-metre superyacht. He uses it as a research vessel for ocean science, which ties in with his PhD in marine science from the University of Western Australia.
Andrew Forrest Philanthropy
Andrew Forrest gives away money on a scale few Australians match. He and Nicola Forrest signed the Giving Pledge in 2013, promising to give away most of their wealth. They founded Walk Free in 2010 to fight modern slavery, and it publishes the Global Slavery Index.
Through the Minderoo Foundation, the couple gave A$65 million to higher education in Western Australia, A$400 million in 2017 and A$655 million in 2019. The 2019 gift was described as the largest single donation by a living Australian. Forbes says the Minderoo Foundation now has an endowment of about A$9.6 billion.
In June 2023, he transferred about 220 million Fortescue shares to the Minderoo Foundation. Reuters valued that block at about A$3.39 billion. It is one of the reasons his personal net worth on some trackers dropped sharply that year.
Ukraine And Climate Pledges
Forbes reported that Andrew Forrest promised A$750 million to help rebuild Ukraine’s energy and communications networks. He has also committed US$6.2 billion to Fortescue’s plan to reach real zero emissions by 2030. These are big pledges, and how fast they turn into spending is something to watch.
Andrew Forrest Awards And Honours
Andrew Forrest was appointed an Officer of the Order of Australia (AO) in 2017. He was named Western Australian of the Year that same year.
- Centenary Medal
- Australian Sports Medal
- Officer of the Order of Australia (AO), 2017
- Western Australian of the Year, 2017
- EY social impact award, 2018
- PhD in marine science, University of Western Australia, 2019
- Boyer Lectures speaker, 2020
Andrew Forrest Controversies
Andrew Forrest’s rise has not been free of fights. Fortescue has had a long native title dispute with the Yindjibarndi people, whose compensation claim has been put at up to A$1.8 billion.
He has also taken on Meta over scam ads that used his image. He sued Meta in California over about 230,000 fake ads, and a US judge refused to dismiss the case. A separate criminal case he brought in Western Australia was discontinued.
Andrew Forrest Personal Life
Andrew Forrest married Nicola Maurice in 1991. They have three adult children, Grace, Sophia and Sydney, according to news.com.au. He is a Christian.
In July 2023, the couple announced they had separated after more than 30 years of marriage. Nicola Forrest received half of Tattarang’s shares and 50 million Fortescue shares through her company, Coaxial Ventures. Both said the split would not change control of Fortescue, Minderoo or Tattarang.
Andrew Forrest Latest News
This year’s AFR Rich List moved Andrew Forrest back into the top 10, at A$15.93 billion. Fortescue reported a record year for shipments but a 15% drop in statutory profit because of the Iron Bridge write-down. It also bought Alta Copper, which owns the Cañariaco copper project in Peru, and is drilling about 230,000 metres at the Belinga iron ore project in Gabon.
On the energy side, Fortescue’s Green Grid plan targets 2.4 gigawatts of renewable power. The Formula E deal and the Bungaban wind project show he is still putting money into new areas, even as iron ore pays the bills.
Andrew Forrest does not run a verified personal account on X. The old @TwiggyForrest handle is suspended, and the Sydney Morning Herald has reported on fake X accounts posing as him.
Fortescue shares his speeches and interviews on its own channels, including LinkedIn and Instagram. Be careful with any account that claims to be him, because fake investment ads using his name are common.
Money Lessons From Andrew Forrest
Andrew Forrest’s story has a few lessons that are useful even if you will never own a mine. Most of them come down to ownership and patience.
- Failure is not the end. He was pushed out of Anaconda Nickel in 2001, and two years later he started the company that made him a billionaire.
- Own the asset, not the salary. His wealth comes from shares and dividends, not from pay.
- Raise money for big ideas. Fortescue needed a mine, a railway and a port, and his stockbroking years taught him how to fund it.
- Concentration cuts both ways. Nearly all his net worth rides on one stock and one commodity.
- Give while you are alive. He has moved billions to charity during his lifetime instead of waiting.
If you like reading about self-made billionaires, compare his path with Lakshmi Mittal, who built a steel empire that buys iron ore, and Jack Ma, who also faced plenty of doubters. Investors like Ben Horowitz and Joe Lonsdale show how a single big stake can define a fortune too.
Frequently Asked Questions
What is Andrew Forrest’s net worth?
Andrew Forrest’s net worth is about A$15.93 billion on the AFR Rich List, which is roughly US$10 billion. Forbes puts him and his family at about US$15.7 billion to US$20.1 billion.
How did Andrew Forrest make his money?
Andrew Forrest made his money by founding Fortescue, which he built from a small listed company in 2003 into a major iron ore exporter. His stake of about 36.7% through Tattarang and the dividends it pays make up most of his wealth.
Who is richer, Andrew Forrest or Nicola Forrest?
This year’s AFR Rich List ranks Nicola Forrest slightly higher, at A$17.32 billion, against A$15.93 billion for Andrew Forrest. Much of her wealth came from their separation, when she received half of Tattarang’s shares and 50 million Fortescue shares.
How much does Andrew Forrest earn from dividends?
Fortescue declared dividends of A$1.08 a share for the year, about A$3.3 billion in total. With the family owning more than a third of the company, its share runs into the hundreds of millions of dollars.
Who runs Fortescue now?
Andrew Forrest is Fortescue’s executive chairman. Day to day, the company has two chief executives: Dino Otranto for metals and operations, and Gus Pichot for growth and energy.
Is Andrew Forrest still married?
Andrew and Nicola Forrest announced their separation in July 2023 after more than 30 years of marriage. They still work together on the Minderoo Foundation.
Does Andrew Forrest own a superyacht?
Yes, Andrew Forrest bought the 58.2-metre superyacht Pangaea in 2018. He uses it as a research vessel for marine science.
How old is Andrew Forrest?
Andrew Forrest was born on November 18, 1961, in Perth, Western Australia. He is in his 60s and still serves as Fortescue’s executive chairman.
Conclusion
Andrew Forrest’s net worth sits between roughly US$10 billion and US$20 billion, depending on the currency and on whether family and charity holdings are counted. The AFR Rich List’s A$15.93 billion is the clearest single number, and nearly all of it comes from his stake in Fortescue.
His fortune will keep rising and falling with iron ore, but his bets on wind power, green hydrogen and even Formula E tell me he wants Fortescue to outlast the mining boom. For another founder who kept control of his life’s work, read about Herb Kohl.
Jitendra Vaswani is a globally recognized expert in SEO and AI-driven digital marketing. He has spoken at leading international events and is the founder of Digiexe, a results-driven digital marketing agency; Venuelabs, a platform that helps brands amplify their voice with expert PR and marketing solutions; and AffiliateBooster, an affiliate marketing news site. With over a decade of hands-on experience, Jitendra has empowered countless businesses to thrive online. His bestselling book, Inside A Hustler’s Brain: In Pursuit of Financial Freedom, has sold more than 20,000 copies worldwide, reflecting his influence and dedication to helping digital marketers achieve success. Follow Jitendra on Instagram, X/Twitter, Facebook, and LinkedIn.
