Australian billionaire Anthony Pratt has announced that he plans to give AU$1 billion (approximately $796.5 million) to charity before he dies.
Estimated to be worth some AU$12.6 billion, the 57-year-old will fund his charitable giving with the $1 billion in annual profits generated by Visy, his privately owned packaging company. Based on Pratt's giving history, organizations set to benefit from his future largesse include Royal Children's Hospital, Murdoch Children's Research Institute, and the Prince’s Trust Australia. Arts institutions such as the Melbourne Symphony Orchestra and Opera Australia also stand to receive significant gifts.
Pratt took over Visy, which dominates the Australian packaging market, when his father, Richard, passed away in 2009. Regarded as Australia's richest person, the younger Pratt topped the 2017 AFR Rich List after his net worth jumped some $2.3 billion on a year-over-year basis. Earlier this year, Australian mining magnate Andrew Forrest and his wife, Nicola, announced a pledge of AU$400 million to charity, the largest previous commitment by an Australian philanthropist.
"My goal is to give away $1 billion before I die," said Pratt. "I can afford to, and it’s a great honor and privilege to do so."