Australian former billionaire Hamish Douglass comes out as gay

Australian former billionaire Hamish Douglass has come out as gay.

Douglass, once one of Australia’s most prominent fund managers, opened up about his sexuality to journalist Joe Aston on the Rampart Talks podcast.

At the height of Magellan’s success, Magellan Financial Group co-founder Douglass was reported to be worth more than A$1 billion (£480 million). In the years following the firm’s downturn, Australian rich lists have estimated his wealth at closer to A$300 million (£144 million).

“My father was gay but he remained married to my mother, but he lived a secret life” – Hamish Douglass on his dad’s sexuality

He said he told his ex-wife Alexandra in May 2021 that he was gay, bringing an end to a marriage that had lasted nearly three decades. The couple share four children.

Douglass said he chose to be open with his family rather than keep his sexuality private, referencing his late father Gordon, who he said was also gay.

“My father was gay but he remained married to my mother, but he lived a secret life,” he said.

“And I kind of resented that. I didn’t resent the fact that he was gay, but I resented that he was living a life that was secret from the family, and I didn’t want to live a life behind the scenes.” 

He said he had not been with a man before separating from his wife.

“I was crying in a corner, I just couldn’t do this anymore” – Douglass on his mental breakdown

“I’d separated with my wife, but I wanted to find out who I was, and I wanted to do it openly and honestly with my family.”

Douglass also spoke about a severe mental health crisis during the period in which Magellan was losing funds and investor confidence. In February 2022, the company announced he was taking indefinite medical leave.

He said he had been experiencing suicidal thoughts at the time, explaining, “Many people at Magellan couldn’t understand because they said, ‘Oh, I saw Hamish the week before he spoke at a conference. He looked fine.’ I wasn’t fine.

“I was crying in a corner, I just couldn’t do this anymore. I then had a complete mental breakdown.”

Douglass was later diagnosed with post-traumatic stress disorder

He added: “Had my wife not picked me up at that moment, I don’t think I’d be here today.” 

The businessman said he was later diagnosed with post-traumatic stress disorder and spent several years recovering before agreeing to speak publicly again.

Douglass said he now has a new partner and remains on good terms with his former wife.