The number of millionaire retirees turning to industry superannuation funds to manage their nest eggs has stabilised, signalling a fightback by retail super funds in attracting and retaining high-net-worth members.
Industry funds’ share of the high-net-worth super market – or accounts with a $1 million-plus balance – has remained steady at 58 per cent for the past three years, after rising from 36 per cent in 2016, analysis by NMG Consulting shows.
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Joanna Mather joined the AFR as an education reporter in 2008. She spent four years in the Canberra press gallery before becoming superannuation reporter in 2016, deputy news director in 2021 and wealth editor in 2023. Connect with Joanna on Twitter. Email Joanna at jmather@afr.com
Michelle writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
