Single-family offices are thriving in Australia. The 14th biggest economy in the world has evolved a family office ecosystem to rival most other big economies, helped by a dynamic advisory community to support them.
The country’s two biggest cities – Sydney and Melbourne – are equally important in the country’s family office community, with both cities having 20 family offices each in Family Capital’s list of the top 50 – CLICK BELOW FOR THE LIST (PREMIUM CONTENT).
The Western Australian city of Perth, with its strong connections with the country’s vast mineral wealth, is also an important and growing centre for family offices.
Old money fortunes, build by media, retail, and real estate dynasties pepper the list. New money billionaires, with tech and mineral wealth driving growth here, are also well represented. Among the old money groups, new money fortunes are been made, leading to multiple family offices within two generations of the same family.
Maybe because of the distances between the other large economies, a number of the country’s family offices have opened subsidiaries in foreign locations, with the US (California and New York City) by far the favourite location to do so.
All the family offices on the list are owned by Australians. Although many Asian family offices have acquired assets in the country, they have yet to take root in Australia by opening branches there – or even relocating.
But, as time goes on, and with concern over Hong Kong’s viability as a financial hub as China’s control there deepens, places like Sydney and Melbourne will look increasingly attractive as relocation alternatives.
That enticement will be helped by a thriving advisory sector, geared to the family office sector, with Syndey, Melbourne, and Perth all able to offer world-class financial and legal expertise to support family offices.