Australia is in the middle of a boom in the relatively secretive financial creature that is the family office. The wealthiest Australians are getting richer – about 1.8 million have $US1 million ($1.5 million) or more, according to Credit Suisse – and more and more of them are deciding to set up financial vehicles to manage their wealth.
An estimated 2000 family or private offices are now operating in Australia, research from KPMG has found, a 150 per cent increase over the past 10 years. Sydney alone is home to 198 people with more than $US100 million in investible assets, and 30 billionaires, according to Henley & Partners, a firm focused on assisting the wealthy with ideal geographical locations for their investments.
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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
