Australian Billionaire Gifts $360M to Her Own Foundation

One of Australia's wealthiest women just put $360 million toward helping the people who need it most.

Nicola Forrest donated roughly $360 million to her own charity, the Coaxial Foundation, in what ranks as one of the largest single donations by an individual in Australian history. The gift includes 25 million shares in iron ore mining company Fortescue plus $125 million in cash.

Forrest, who grew up on a sheep and cattle farm in central-western New South Wales, is now worth about $12 billion. She's Australia's seventh-richest person, with most of her wealth coming from Fortescue shares she received after separating from her husband, mining billionaire Andrew Forrest, in 2023.

The Coaxial Foundation focuses on early childhood development, women, and Indigenous communities. Alongside announcing the massive donation, the foundation committed $67 million to new programs supporting Indigenous children and women entrepreneurs.

That includes $50 million to partner with venture capital firm Antler, specifically designed to help female founders access capital, networks, and support they typically struggle to find. Philippa Watson, the foundation's chief executive, says these partnerships reflect a laser focus on widening opportunities for women and children.

The Ripple Effect

This isn't Forrest's first major philanthropic move. She and her ex-husband co-founded the Minderoo Foundation, one of Australia's largest charities, and made a $400 million donation in 2017 that was then the country's biggest single gift.

But Forrest is building something different now. She set up Coaxial in 2023 with two arms: the non-profit foundation and Coaxial Ventures, an investment business designed to generate returns that fund her charitable work. It's a model that could sustain giving for decades.

Forrest has signed the Giving Pledge, the campaign started by Bill Gates and Warren Buffett asking the world's wealthiest people to give away most of their money. She's publicly committed to giving away most of her fortune during her lifetime, and this donation represents half of the Fortescue shares she received in her initial separation agreement.

For women entrepreneurs who've hit funding walls and Indigenous children who need early support, this $360 million investment could open doors that have stayed closed for far too long.