Australia is ahead of the game when it comes to single family offices, according to new research, with the Asia-Pacific country boasting 250 out of the estimated 2,700 that exist globally.
Tables compiled by Eureka Report, an Australian investment website, reveal the country’s top 20 family offices are worth AU$103.9 billion (€73.2 billion), while the top 20 are worth AU$177.5 billion.
The family office of mining tycoon Gina Rinehart tops the list with a reported AU$29.2 billion. Other well known faces from the top 10 include the Lowy family (AU$6.5 billion),behind the Westfield shopping mall chain, and the Packer family (AU$5.2 billion), who made their wealth in media.
According to the research Australia accounts for 9% of single family offices worldwide, while the country commands less than 2% of global GDP.
Approximately a fifth of Australian single family offices acquired their wealth through real estate, while 11% made their money in retail and fashion. Only 5.5% of single family office wealth originated from financial services.
New South Wales is home to the biggest number of single family offices and have average assets under management of US$820 million (€623.9 million). Western Australia has the smallest number of single family offices but their average assets under management total US$1.8 billion.