Andrew Forrest (6.7 billion)
Andrew Forrest is the great-great nephew of former Premier John Forrest.
After graduating from WA University with a double-major in economics and politics, he worked as a stock broker. He then became founding CEO of a mining company, Fortescue, in his early 30s.
On 18 February 2011, the Federal Court ruled Forrest had breached the Corporations Law. The Court found he had misled and deceived investors by claiming in 2004 and 2005 that Fortescue had signed "binding" contracts with Chinese entities to build a railway, port and mine in the Pilbara. This announcement resulted in a sharp increase in his company’s share price, with Forrest's own shareholding soaring by more than $200 million.
This was the second time a Federal Court had ruled on the same breach. Back in 2009, Forrest was cleared. ASIC appealed the 2009 decision, before paying the multi-million-dollar legal bill, which was picked up by taxpayers. For my money, it was worth wiping that fat smile off his face.
He was educated at the Christ Church Grammar School and Hale School in Perth, along with a legion of wealthy power-brokers:
Christ Church Grammar School alumni include:
- Rod Eddington - former CEO of Cathay Pacific, Ansett Australia and British Airways
- Wayne Martin - Chief Justice of Western Australia since 2006
- Craig Williams - Major General and Commander of 2nd Division (Army Reserves)
Hale School alumni include:
- Rt. Hon. Sir John Forrest, first Premier of Western Australia and a Cabinet Minister in Australia's first Federal Government, sometimes referred to by courtesy as Baron Forrest of Bunbury
- George Leake CMG QC, Premier of Western Australia, and at other times Attorney-General, Crown Solicitor and Director of Public Prosecutions for Western Australia
- Sir Walter Hartwell James KCMG KC, Premier of Western Australia, and at other times Attorney-General for Western Australia, Agent-General for Western Australia in London
- Sir Duncan Ross McLarty, Premier of Western Australia
- Sir Charles Court AK KCMG OBE, Premier of Western Australia
- Peter Dowding SC, Premier of Western Australia (also attended Caulfield Grammar School and The Scots College)
- Richard Court, Premier of Western Australia
- Langley Hancock, businessman, discover of the Pilbara iron ore deposits, founder of the separatist WA First Party
- Sir Anthony Langlois Lefroy, businessman, Chairman of the Board, Western Australian Newspapers Ltd
- Sir Edward Lefroy, businessman, Chairman of the Dominion League
- Sir Roderick Proctor, businessman, prominent financier
- Brian Thorley Loton AC, chairman of the board of BHP Billiton (then BHP).
- Richard Goyder, CEO of Westfarmers Pty Ltd.
- Alexander Forrest, landowner, one of the developers of Peppermint Grove, explorer
- Jeff Chatfield, chairman of Skywest Airlines Ltd.
Judges and Judicial Officers:
- Sir Stephen Henry Parker, Chief Justice of Western Australia
- Septimus Burt QC, Attorney General, 1st Agent General (Acting) of Western Australia, prominent landholder of 4,000,000 acres (16,000 km2) on the Gascoyne and Ashburton Rivers
- George Leake CMG QC, at different times, Attorney-General, Crown Solicitor and Director of Public Prosecutions for Western Australia
- Sir Walter Hartwell James KCMG KC, Attorney General of Western Australia
- Thomas Davy KC, Rhodes Scholar, Attorney-General of Western Australia
- Justice Robert Nicholson AO, Judge of the Federal Court of Australia
- Peter Panegyres AM, Crown Solicitor for Western Australia
- Christian Porter, current Attorney General of Western Australia
- Judge Stephen Scott, Judge of the District Court of Western Australia
- His Royal Highness The Sultan of Selangor, Sultan of the Malaysian state of Selangor
- David Irvine AO, Director General of the Australian Secret Intelligence Service
- Tony Nutt, Director of the Department of Prime Minister and Cabinet, past Chief of Staff to Prime Minister John Howard
- Sir Ransley Victor Garland, Former Australian Ambassador to the United Kingdom, Former Australian Minister for Business and Consumer Affairs
- Sir Edward Wittenoom, French Consul General for Western Australia, President of the Western Australian Legislative Counsel.
- Sir Walter Hartwell James KCMG KC, Agent-General for Western Australia in London
- William Hassell AM, Agent General for Western Australia in London, Counsel General for Germany in Western Australia
Lesson for the rest of us poor suckers:
It's Not What You Know, It's What School You Went To