Australian family offices have grown exponentially over the past decade and their CEOs are among the best paid.
Australia has witnessed a boom in family offices over the past decade as the country’s long recession-free streak delivered untold wealth to the richest families, new data shows.
Family offices are increasingly sophisticated, with 6 per cent of those surveyed having more than $1 billion in assets under management and 60 per cent having an investment committee. Australia has a number of larger family offices such as the Baillieu and Myer families’ joint firm Mutual Trust, the Victor Smorgon Group, representing the investments stemming from the late industrialist’s wealth, and the Lowy Family Group where David Lowy is the principal.
The KMPG report estimates that the growing family office space now employs 10,000 to 20,000 people. Australian family offices’ CEOs are among the best paid in the world, earning on average between $396,000 and $500,000, compared with $280,000 to $380,000 in the US. Australian offices are smaller than all other regions where family offices were surveyed including the US, the UK, Europe, Asia and the Middle East. Over half in Australia were made up of less than five employees.
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