⬅ # 86 Lee Shau Kee|# 88 Shapoor Mistry

# 87 Andrew Forrest 


Real Time Net Worth
as of 4/23/2024
-$23.0M (-0.10%)

# 87 Andrew Forrest 


Real Time Net Worth
as of 4/23/2024
-$23.0M (-0.10%)
OccupationChair, Fortescue Metals Group
Source of WealthMining
ResidencePerth, Australia
Marital StatusSeparated
EducationBS, University of Western Australia; Ph.D, University of Western Australia
Age-Adjusted Net Worth$20.1B
Andrew Forrest
Andrew Forrest
Net worth: $23.1B

Self-Made Score 

Wealth History

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Early Life

John Andrew Henry Forrest was born on 18 November 1961 in Perth, Western Australia.
He is the youngest of three children of Judith and Donald Forrest.
The Forrest family has a history of managing Minderoo Station, established in 1878.
Forrest's early years were spent at Minderoo in the Pilbara region.
He attended Onslow Primary School, School of the Air, Christ Church Grammar School, and Hale School.
Forrest studied economics and politics at the University of Western Australia.
In 1991, he married Nicola Maurice, and they have four children.


Forrest worked as a stockbroker before founding Anaconda Nickel in 1993.
He became the founding CEO of Anaconda Nickel but was ousted in 2001.
In April 2003, he took control of Allied Mining and Processing, renaming it Fortescue Metals Group (FMG).
FMG became a major player in Western Australia's iron ore industry, with significant expansions.
Forrest was critical of the Gillard government's proposed Minerals Resource Rent Tax (MRRT).
In August 2021, Forrest received a $2.4 billion dividend on Fortescue's record profit.
Tattarang is the holding company for the Forrest family’s private business interests.

Global Rapid Rugby

Forrest created the Indo Pacific Rugby Championship, later rebranded as Global Rapid Rugby.
The competition was launched in 2018 and rebranded in 2018.
The 2020 season was canceled due to the COVID-19 pandemic.

Cattle Industry

After buying back Minderoo Station in 2009, Forrest acquired additional properties, expanding pastoral holdings.
In 2020, he acquired Quanbun and Jubilee Downs in the Kimberley region for over A$30 million.

Allied Medical

In 2005, Allied Medical was spun out of Fortescue Metals Group.
Forrest was a director, and in 2011, it was acquired by BioMD, becoming Anteris Technologies.

Other Roles

Forrest is well-connected in political, business, and sporting circles.
He is an adjunct professor at the Chinese Southern University and a fellow of the Australasian Institute of Mining & Metallurgy.
Former director of Australia's Export Finance and Insurance Corporation, Chamber of Minerals and Energy of WA, and chairman of Athletics Australia.

Personal Life

In July 2023, after 31 years of marriage, Andrew and Nicola announced their separation, not affecting their company.
Forrest purchased the superyacht Pangaea in 2018, turned it into an ocean research vessel for the Minderoo Foundation.
In December 2015, he purchased the Tukurua mansion, housing refugees and later restoring it.
In 2022, Forrest purchased the nearby heritage-listed Le Fanu House.

How long would it take you to become as rich as Andrew Forrest?

If you started with $10,000 and invested an additional $500 each month at a 43.95% CAGR, it would take you 5 years to reach Andrew Forrest's net worth of $23.1B.

Is this realistic? It depends how closely the VIX-TA-Macro Advanced model performs to its history in the future. Since Grizzly Bulls launched on January 1, 2022, it's returned 34.07% compared to 5.08% for the S&P 500 benchmark.

Enter data in all but one field below, then calculate the missing value

Andrew Forrest is very wealthy, but what's stopping you from reaching that same level of success? As summarized in our five fundamental rules to wealth building, becoming wealthy in a modern capitalist economy is not complicated. There's actually only three variables:

  1. Your starting capital
  2. Your earnings after expenses
  3. The compound annual growth rate (CAGR) of your savings

Most people start with zero or very little, so if you weren't born into wealth, don't fret! The majority of the fortunate folks listed in our Grizzly Bulls’ Billionaires Index came from middle class or lower backgrounds. The most distinguishing characteristic of the group is their ability to consistently earn a high CAGR on their savings.

Every billionaire has a unique strategy to achieve high CAGR. For Andrew Forrest, Mining is the primary source. Whether you choose to invest your savings in your own businesses or the businesses of others is not as important. The salient piece of the puzzle is ensuring that your hard-earned savings are generating sufficient CAGR to reach your long term goals.

Most people simply invest their money in index funds and call it a day. There's nothing wrong with this approach, but it guarantees relative mediocrity. To achieve greatness, you need to invest your money to earn higher than average returns. In the long run, better investors will always finish ahead of better earners.

Source: Grizzly Bulls reporting

Methodology: Grizzly Bulls' Billionaires Index is a daily ranking of the world's billionaires and richest people. Grizzly Bulls strives to provide the most accurate net worth calculations available. We pull data from public equity markets, SEC filings, public real estate records, and other reputable sources.

The index is dynamic and updates daily at the close of U.S. stock market trading based on changes in the markets, economy, and updates to Grizzly Bulls' proprietary algorithm of personal wealth calculation. Stakes in public companies are tracked daily based on the relevant closing prices of the underlying securities. Additionally, stakes in private companies, cash, real estate, and other less easily valued assets are updated periodically through careful analysis of insider transactions, comparable public company sales / EBITDA multiples, etc.

Edited by: Lee Bailey