Two days after she got engaged to actress Zara Zoe, Sophia Forrest's parents explain why she won't be getting a cent of their $25BILLION fortune - and the family tragedy that changed their views on money

• Sophia Forrest and actress girlfriend Zara Zoe announce their engagement 
• Andrew and Nicola Forrest have opened up about the loss of their child in 1998
• The mining billionaire's wife featured on ABC's Australian Story on Monday 
• The couple spoke about the death of their daughter Matilda, who was stillborn
• Nicola shared how the tragedy has driven the family's philanthropic efforts 
• She also revealed why their other kids will not inherit their $25billion fortune
• The mother said 'children don't benefit from thinking they're going to inherit'

Just two days after Sophia Forrest announced her engagement to actress Zara Zoe, her mining magnate parents have revealed why she won't inherit their $25billion fortune.  

Sophia took to Instagram on Saturday to announce her engagement, including a toast from her father Andrew 'Twiggy' Forrest and his wife Nicola.

On Monday night, Nicola opened up about the devastating death of their stillborn third child and how the tragedy has driven their philanthropy and they way they think about money.

Nicola, who has largely remained in the shadow of her husband's high-profile career,  took centre stage on ABC's Australian Story on Monday to offer insight into the women behind the nation's second richest family. 

The matriarch spoke about her passion for helping others, her role behind the scenes in her husband's work, and why 'children don't benefit from thinking they're going to inherit a huge amount of money'.

She said she doesn't want their three children - Grace, Sophia, and Sydney to be burdened' by a handout.

Instead they will give the money away to charitable causes. 

While the Forrests have long been committed to charitable causes, one personal loss close to Nicola and Andrew's hearts has shaped their benevolent pursuits.

In 1998, the couple lost their daughter Matilda to stillbirth after a 'perfect pregnancy', inspiring their work to help other families and children through their organisation, Minderoo Foundation.

Speaking through tears, Nicola recalled how she learnt the news during a routine doctor's appointment in Perth days before her due date of June 22. 

'I went into the appointment, I said, "Oh, I didn't think I was going to make this appointment." And he said, "Why not?" And I said, "Because I haven't felt the baby move for 24 hours",' Nicola said.

'There's a saying that when a baby goes quiet, it's just before it's going to be born. And [after doing a check] he went, "Oh, this machine must be broken. "I'm going to send you down the road for an ultrasound.

'That's the moment I knew.'

Nicola said she had been preparing the couple's older two daughters, Grace and Sophia, now 26 and for their new baby sister and she immediately blamed herself, thinking 'What have I done wrong?'. 

A post-mortem commissioned by the family found there was nothing wrong and their daughter, albeit stillborn, was a 'perfect, beautiful little girl'.

Andrew said their third child, who they intended to call by the nickname 'Tilly', was a blessing to their family. 

'Matilda really was a fabulous gift, not ours to hold,' he said.

'But whenever we're asked about our children, certainly in a quiet environment, we'll say, "Yeah, we've got four kids - three on earth and one in heaven."'

While Andrew has spent the past few decades running - and founding - West Australian iron ore mines with Fortescue Metals, Nicola has been the machine behind the family's numerous charitable activities. 

Motivated by their personal loss, the Forrests fund research and programs aimed at helping 'all Australian children reach their full potential', with Nicola currently lobbying politicians to integrate early education reform into their federal election promise.

In 2013, the couple became the first Australian billionaires to sign up The Giving Pledge, a campaign where extremely wealthy people vow to contribute the majority of their riches to charitable causes. 

Their children were told as kids they would not be left with their parent's fortune. 

Revealing their stance on the matter, Nicola said 'children don't benefit from thinking they're going to inherit a huge amount of money'.

'We live in a home and I have a great life - but the things that are most important in life, money doesn't buy that,' she said.

'I think its [inheritance] a burden.' 

Andrew added: 'The decision to give away everything but the personal things and goods was easy'.

'You know, let's not die wealthy. What's the point of that?'

The Minderoo Foundation's core initiatives include reducing disparity between Indigenous and non-Indigenous Australians, cancer research and fire and flood resilience. 

It made record-breaking donations of $400 million in 2017 and $655 million in 2019.

Although media attention has centred on Andrew, Sophia said her mother is a major - and often uncredited - pillar behind the family's success. 

She said it was frustrating to hear her mother, who is the convenor of the Prime Minister’s Community Business Partnership and a member of the Telethon Kids Institute CoLab Advisory Council, referred to in headlines as 'Andrew Forrest's wife'.

'Mum and Dad, I think, have always worked together as a team, so with the enormous success that Dad has had, Mum's always been right there behind him,' she said.

'While I'm so immensely proud of the work Dad does, it [would be] frustrating when your own work is constantly tied to that.' 

Despite their humanitarian work, the businessman has at times carved a controversial figure over his iron ore company, Fortescue Metals Group, over indigenous land clearing and climate change concerns. 

However, Andrew has since become a crusader to end fossil fuels for the sake of the planet, last year announcing he is now investing in green renewable energy projects.

The revelations come after Sophia broke the news of her engagement on Saturday by sharing a video on Instagram of Zara flashing a diamond ring.

'She makes heaven a place on earth,' Sophia wrote, alongside a ring emoji and the date '21.4.22'. 

The clip showed the newly engaged couple then sharing dinner with friends, before celebrating by drinking champagne with Andrew and Nicola.