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Andrew Forrest and his family have a net worth 0f $14.4 billion but it’s unlikely that they have ever earned an easier $500 million thanks to a well-timed investment in gold, a metal also attracting fellow Australian billionaire Gina Rinehart. Both Forrest and Rinehart, with her estimated net worth of $26.4 billion made their fortunes mining iron ore but as demand for that steel-making material peaks and the price eases they’re spreading their portfolios. Andrew Forrest, chairman of Fortescue Metals, at the World Economic Forum in Davos, Switzerland, last week. Photographer: Krisztian Bocsi/Bloomberg © 2026 Bloomberg Finance LP Energy has been an attraction for both though with differences. Forrest prefers his energy served green with investments in wind and solar power as well as a largely failed attempt to master green hydrogen. Rinehart prefers traditional energy with a large and growing exposure to oil and gas as well as highly profitable investments in rare earths in Australia and the U.S. Gold has been added recently, partly because the price has been rising strongly for the past three years but also because it’s a natural for both as their families have deep roots in Australia’s major gold-producing State of Western Australia. Fast $500 Million Forrest’s fast $500 million came by exercising an option to increase his stake in the relatively new miner Greatland Gold which acquired the big Telfer mine from U.S.-based Newmont 18-months two ago when gold price was around $2400 an ounce. At the time of the Telfer purchase, one of the Forrest family companies, Wyloo, had a roughly 9% stake in Greatland as well as having an option to buy another 9.9% from Newmont at a price of US$2 a share (A$3). When Forrest exercised the Wyloo option last week Greatland was trading at $9, triggering an instant…

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Filed under: News - @ January 25, 2026 7:24 am