Nearly 71 per cent of Australian family offices surveyed tried to hide their wealth.
David Werdiger, the son of Nathan Werdiger, said this can be unhealthy.
Australia has experienced a boom in family offices over the last decade.
The vast majority of Australia’s rich want to conceal their true wealth from family and friends, according to a new survey of family offices – but it’s a practice that one Rich Lister warns can end badly for the relatives left in the dark.
The survey by the Private Wealth Network, which connects wealthy families and family offices – increasingly popular vehicles used to preserve and grow prosperity – also reported a high level of concern about passing on too much wealth to one’s children.
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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
