Andrew and Nicola Forrest have confirmed their separation, which they say will not impact their joint philanthropic and corporate ventures, which include with the mining giant Fortescue Metals Group.
"After 31 years of marriage, we have made the decision to live apart," the pair said in a statement.
"Our friendship and commitment to our family remains strong.
"There is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang.
"We will continue our shared mission to create and gift our wealth to tackle community and global challenges."
Dr Forrest is estimated to be the second richest person in the country, behind fellow mining billionaire Gina Rinehart.
In May, the Australian Financial Review Rich List put Dr Forrest's net worth at $33.29 billion.
The majority of his wealth comes from his stake in Fortescue, in which he and Ms Forrest hold a more than one-third interest.
The Forrests were the first Australians in 2013 to sign the Giving Pledge - a vow also taken by Warren Buffett, Bill Gates and Elon Musk - to give away most of their wealth during their lifetimes.
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