Mining mogul Andrew ‘Twiggy’ Forrest has made Australian history, making the biggest single philanthropic donation.
Calling on other moguls to share their wealth, Forrest donated $65 million to higher education in Western Australia.
“Wealthy people in Australia tend to give, and give very quietly," he said.
"That is wonderful that they do that, but if they actually give and let people know that, it acts as an inspiration.
"I don't see why, if you look at how the Australian culture and psyche is, that we can't be amongst the most generous, from the grassroots up, nations in the world."
The money will be used to set up a $50 million scholarship foundation for five of WA’s universities, and go towards the construction of a new residential college at the University of WA.
Forrest said he hopes the money will attract some of the world’s best minds to WA universities.
"I expect this to be one of the best, if not the best, investments we ever make," Forrest told AM.
"I'd like to see the University of Western Australia and the other four or five universities in Western Australia really excel through having some of the greatest minds in the world attracted to it.”
Earlier this year the billionaire revealed he will donate half his wealth to charity.
The pledge makes Forrest the first Australian to join the 'Giving Pledge' founded by Bill Gates and Warren Buffett, which has signed up some of the world's most wealthy entrepreneurs.