Key Takeaways
- Nicola Forrest gave about A$520 million, or roughly US$360 million, to the Coaxial Foundation, announced on Friday, October 9, 2026.
- The gift is A$125 million in cash plus 25 million shares in the iron ore miner Fortescue.
- The gift equals about 3.0% of Nicola Forrest's estimated A$17.32 billion fortune, according to the Australian Financial Review's 2026 Rich List.
Nicola Forrest gave about A$520 million, or roughly US$360 million, to the Coaxial Foundation, a charity she founded to redistribute her wealth, and the gift was announced on Friday, October 9, 2026. The Coaxial Foundation focuses on early childhood development, women and First Nations communities. Forrest is the former wife of Fortescue founder Andrew Forrest.
What Makes Up the Coaxial Foundation Gift
The gift has two parts. The first is A$125 million in cash. The second is 25 million shares in Fortescue, the iron ore miner. The gift was contributed through Forrest's private investment company, Coaxial Ventures, according to the law firm Arnold Bloch Leibler, which advised her on the transaction.
Because part of the gift is in Fortescue shares, its value will rise and fall with the miner's stock price. The reports do not state what the shares were worth on the day of the announcement, so the A$520 million total is the figure outlets used rather than a value the foundation has published.
How the Gift Compares With Nicola Forrest's Wealth
Nicola Forrest is worth an estimated A$17.32 billion, according to the Australian Financial Review's 2026 Rich List, which ranks her as Australia's seventh-richest person. The A$520 million gift equals about 3.0% of that estimate. Most of her wealth comes from Fortescue shares she received through her separation from Andrew Forrest, and the gift includes half of the shares she received in that initial split.
Forrest has said she intends to give away most of her fortune in her lifetime. Reports describe the gift as one of the largest single donations by an individual in Australia's history.
Where the Coaxial Foundation Money Goes
Alongside the gift, the foundation announced new partnerships for programs that support Indigenous children and women entrepreneurs. The largest is a $50 million partnership with the venture capital firm Antler to help female founders gain access to capital, networks and support. Another $30 million will support the learning and development of young Aboriginal children through a partnership with Cape York Partnership.
The child and family peak body SNAICC will receive $7.1 million through grants and philanthropic support aimed at early childhood learning outcomes for First Nations children nationally. The foundation's chief executive, Philippa Watson, is a former head of the digital bank Ubank.
Nicola Forrest Quote and Background on Coaxial
In a statement, Nicola Forrest said, "I have a great belief in this wonderful country that we live in." In a separate statement on Friday, she said, "Australia does not have a shortage of talent, ambition or people committed to making things better."
Forrest set up Coaxial in 2023, the year she separated from Andrew Forrest. The group has two arms: the non-profit Coaxial Foundation and Coaxial Ventures, an investment business meant to complement and help pay for her charitable work. The couple co-founded the Minderoo Foundation, one of Australia's largest charities. In 2017 they made a donation of A$400 million to it, which was then the biggest single gift in Australian history. They stepped down as co-chairs of Minderoo in October 2024 but kept their seats on its board.
People Also Ask
How much did Nicola Forrest give to the Coaxial Foundation?
Nicola Forrest gave about A$520 million, or roughly US$360 million, to the Coaxial Foundation. The gift is A$125 million in cash plus 25 million Fortescue shares, according to Arnold Bloch Leibler, the law firm that advised Nicola Forrest on it.
What is the Coaxial Foundation?
The Coaxial Foundation is a non-profit that Nicola Forrest set up in 2023 to redistribute her wealth. It focuses on early childhood development, women and First Nations communities.
Is the value of Nicola Forrest's gift fixed?
No. Part of the Nicola Forrest gift is in Fortescue shares, so its value will rise and fall with the miner's stock price, according to Billionaires.Africa.
Who is Nicola Forrest?
Nicola Forrest is an Australian billionaire and the former wife of Fortescue founder Andrew Forrest. She is worth an estimated A$17.32 billion, according to the Australian Financial Review's 2026 Rich List.
Sources: Billionaires.Africa, Women's Agenda.