Money Puzzle: Meet our billionaire families

Who are the families behind Australia’s biggest companies? Find out what they’re like — and what can we learn from them as investors.

The audacious $3.5 billion takeover bid for the Perpetual Group this week comes from the Soul Pattinson empire controlled by the Millner family. Who are they?

It turns out the Millner family are one of the more enduring rich list families, where Robert Millner still rules the roost flanked by his son Tom.

The Millner-backed bid has already been rejected by Perpetual but the family has such clout and connection in the Australian market that the story is far from over — the sharp jump in Perpetual stock proves this.

Robert Millner, second left, and Tom Millner, second right, are a powerful father-son duo at the head of Soul Pattinson. Picture: Hollie Adams

In this week’s Money Puzzle podcast we discover some of the secrets behind the established families of the rich list such as the Millners and their $1.2 billion fortune based on funds, building materials and coal.

Many of these families are low-key, they often sidestep the more glamorous trappings of major wealth (Millner family patriarch Robert drives around in an old Lexus) and they have a robust succession plan.

In an extended interview with The Australian columnist Damon Kitney ahead of the release of his latest book — The Fortune Tellers — we compare the contrasting stories of two of the richest scions in Australian business: Anthony Pratt and James Packer.

Anthony Pratt and his siblings inherited the Visy empire after smart succession planning from their father Richard Pratt. Picture: Lyndon Mechielsen

Kitney also explains how the best version of succession planning where everyone gets treated fairly and the process is transparent is one of the strongest assets a family can create.

The late Richard Pratt split the Visy empire carefully between his son Anthony and his daughters Heloise and Fiona. More than a decade after Richard Pratt passed away, it is clear the Visy succession plan has been a success.

We also examine some of the less well-known titans of Australian business such as the Wilson family behind the Reece plumbing empire.

Theirs is a family business that goes back to 1969 and has 9000 employees around the world, yet remain little-known outside business circles.

Then there is the Besen family which controls the Sussan fashion brands and its range of interests from shopping malls to wineries.

More recently Naomi Milgrom, daughter of the late Marc Besen, has come to fame with her MPavilon architecture initiatives and garnered her own entry in the The List: Australia’s Richest 250 with a valuation of $508m.

What’s the one trait that distinguishes the self made tycoon from their offspring?

“Humility”, says Kitney.

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