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Andrew and Nicola Forrest are Australia’s most visible “philanthrocapitalists” – a new-generation of outcome-oriented, epic philanthropists seeking to solve global problems. Photo: Penny Bradfield
Talking Point
ELENA DOUGLAS
“The man who dies thus rich dies disgraced,” wrote industrialist and philanthropist Andrew Carnegie, of those who died without disbursing the fruits of their endeavour in his famous essay “The Gospel of Wealth”.
“Yet the man who dies leaving behind many millions of available wealth, which was his to administer during life, will pass away ‘unwept, unhonoured, and unsung’, no matter to what uses he leaves the dross which he cannot take with him.”
Bill Gates, Warren Buffett – and Andrew and Nicola Forrest – have pledged to give away half their wealth in life. They all subscribe to Carnegie’s creed that those best-placed to distribute money for the greatest benefit are those with the skill to amass a great fortune to begin with.
The Forrests’ $65 million gift to the University of Western Australia – $50 million for post-graduate scholars and researchers, and $15 million to build a world-class hall of residence – aims to remake the intellectual landscape of Western Australia with a perpetual influx of the world’s brightest minds.
This will be the tip of the Forrest iceberg. They will donate billions and have picked slavery as their big target. (There are 27 million slaves worldwide, more than in 1860.)
NEW GENERATION OF GIVERS
The Forrests are Australia’s most visible “philanthrocapitalists” – a term used to describe the new-generation of outcome-oriented, epic philanthropists seeking to solve global problems using the tools of commerce: “I want to have charity managed like a business with hard-edged targets, timelines and being driven by outcomes,’’ Forrest says. “And I want the people in the business arm to know what they are really working for.’’
Celebrating the Forrest gift, admiring the “fiercely competitive spirit” of successful Australians, Prime Minister Tony Abbott challenged: “Wouldn’t it be good to see our greatest magnates outbidding each other not to buy a bigger boat or to build a bigger mansion, but to create a better future, to leave a better legacy for our country?”
Acknowledging the nation’s “comparatively thin culture of philanthropy”, he said the Forrests’ gift, like Kerry Stokes’s to the War Memorial, Greg Poche’s $30 million to the Mater Hospital, and Graham Tuckwell’s $50 million to the ANU, demonstrates change.
In contrast to the class-envy stoked by Wayne Swan in the Rudd-Gillard era, Abbott invests philanthropy with hope: “Individual wealth would seem less a personal benefit and more a national asset.
“We wouldn’t just be a richer country – we would be a better country.”
High-profile philanthropy has a way to go in Australia’s egalitarian culture, and there are limits to its role in funding the social and cultural activities we desire.
Even in America with its established culture and practice, philanthropy is dwarfed by governments and markets. (Annual US philanthropic giving: $300 billion, Government spending: $6 trillion. Economy: $16.6 trillion).
GIVING IS GETTING
Expectations must be realistic. At their best, creative, intelligent philanthropists are innovators and risk-takers: they pilot things, develop deep knowledge and expertise, and connect people. New approaches are then rolled out by not-for-profits, businesses and governments.
But the biggest secret is that philanthropy is incredibly rewarding for the giver.
Experienced philanthropists say the more they engage, the more they learn and the more humbling the experience. It changes their lives. Givers speak of a deeper sense of meaning and purpose and of flow-on benefits to family life. (If you think raising well-adjusted kids with feet on the ground and hearts in the right place is hard with never enough money, the very wealthy will tell you just how hard it is when you’ve got too much.)
Tony Abbott seeks a national giving competition. Others, like Daniel Petre, try to persuade with guilt, citing the comparative stinginess of Australia’s rich.
But you catch more flies with honey.
The prophets agree: “What is the use of living, if it be not to strive for noble causes and to make this muddled world a better place for those who will live in it after we are gone?” said Churchill.
The message from the Forrests’ new adventure is they are making their lives and wealth count. This is the gift that will keep on giving.
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Elena Douglas is the convener of the Centre for Social Impact at the Business School, University of Western Australia, where she teaches Philanthropy and Social Investment to post-graduates.
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