Australia’s richest man will give away $1 billion to charity – more than double the biggest donation in the country’s history.
Anthony Pratt, worth $12.6 billion, promised to give out the record-breaking amount to worthy organisations over the rest of his life.
The 57-year-old will fund the donations from the cashflow of his privately-owned cardboard behemoth Visy, which makes about $1 billion in profit annually.
Australia’s richest man Anthony Pratt, 57, will give away $1 billion to charity from his $12.6 billion fortune over the rest of his life
‘My goal is to give away $1 billion before I die. I can afford to and it’s a great honour and privilege to do so,’ he told the Herald Sun.
Organisations set to benefit include the Royal Children’s Hospital, Murdoch Childrens Research Institute and The Prince’s Trust Australia.
Arts institutions like the Melbourne Symphony Orchestra and Opera Australia would also attract sizable donations.
The executive chairman’s promise dwarfs that of mining magnate Andrew Forrest, who gave away $400 million in May – then Australia’s biggest-ever donation.
Organisations set to benefit include the Royal Children’s Hospital, Murdoch Childrens Research Institute and The Prince’s Trust Australia
Mr Pratt’s promise dwarfs that of mining magnate Andrew Forrest, who gave away $400 million in May – then Australia’s biggest-ever donation
Mr Forrest praised his fellow philanthropist’s generosity and leadership and promised to collaborate with him on future charitable endeavors.
‘The challenge we all face is to give with our hearts, mind and soul… to bring others along to improve the lives of those less fortunate,’ he said.
Businessman Dick Smith also joined in saluting Mr Pratt’s donation, holding it up as an example for other wealthy Australians.
Businessman Dick Smith also joined in saluting Mr Pratt’s donation, holding it up as an example for other wealthy Australians
‘[He and his family] are among the few billionaires in Australia who fulfil their obligations to the wider community and give back,’ he said.
Mr Pratt’s donation promise ranks well among global displays of generosity, outstripping the nine-figure giveaways of many rich-listers.
But it was nothing compared to the biggest two donors, stockmarket whiz Warren Buffett and Microsoft founder Bill Gates.
Mr Gates in 1999 established the Bill and Melinda Gates Foundation with US$11 billion of his own money, gradually extending that to US$28 billion.
Mr Pratt took over the global Visy empire, which dominates the Australian market, when his father Richard (pictured) died in 2009
Warren Buffett (L) and Bill Gates (R) are the world’s biggest philanthropists, Mr Gates giving away US$28 billion and Mr Buffett promising to donate US$30 billion
Mr Buffett regularly donates millions to charity and in 2006 promised to give US$30 billion to Mr Gate’s foundation, handing over five per cent every year.
Mr Pratt was named not only Australia’s richest man, but its most wealthy person ever as he topped the 2017 AFR Rich List with a $2.3 billion jump from last year.
The booming home delivery market fuelled Mr Pratt’s burgeoning wealth as his cardboard box company raked in sales from lucrative U.S. contracts.
Visy’s annual revenue is well over $5 billion with about $1 billion profit and Mr Pratt hoped to push it above $10 billion in the next two to four years.