Australian Entrepreneur Paul Ramsay Bequeaths $3 Billion to Charity

Australian Entrepreneur Paul Ramsay Bequeaths $3 Billion to Charity

Australian healthcare and media magnate Paul Ramsay has left the bulk of his AUS$3.3 billion (nearly $3.1 billion) fortune to his foundation, the Sydney Morning Herald reports.

According to Ramsay Health Care, a hospital network founded by Ramsay in 1964 that today is valued at $9 billion, the Paul Ramsay Foundation "will receive the benefit of the vast majority of his controlling shareholding in Ramsay Health Care Limited, which will largely be retained on trust for the foundation." The shares held by Ramsay, who died Thursday at the age of 78, could provide dividend payments of more than $50 million a year, the Herald reports. Ramsay sold his $96 million stake in Prime Media earlier this year; he also owned a stake in soccer club Sydney FC.

The company did not provide details about the grantmaking plans of the foundation, which is controlled by Ramsay Health Care deputy chairman Michael Siddle and directors Peter Evans and Tony Clark. While Ramsay was a prominent donor to the Liberal Party and his foundation has supported the Prostate Cancer Foundation of Australia and Parent Infant Family Australia, the foundation’s activities have not been widely publicized.

Philanthropy Australia CEO Louise Walsh described the bequest as the biggest single charitable gift in Australian history. "Paul Ramsay's decision is an incredible act of generosity," said Walsh, who added she hoped it would "inspire other local entrepreneurs to follow his example."

"Mr Paul Ramsay Ao Founder & Chairman Ramsay Health Care." Ramsay Health Care 05/02/2014. Jessica Gardner. "Paul Ramsay's Billions Left to Charity." Sydney Morning Herald 05/02/2014.