Peppermint Grove, a suburb of Perth in Western Australia, has all the trappings you’d expect of one of the wealthiest postal codes in the country: sprawling riverside mansions, exclusive schools and a yacht club.
After an almost two-decade-long mining boom, Perth, with a population of more than 2 million, has 64 centi-millionaires. That places it among the richest cities in the world by that measure, tied with Stockholm and ahead of Berlin and Dublin, according to data from citizenship consulting firm Henley & Partners.
Shaun Parkin, who helps families set up and manage their offices, says he works, or has had meetings, with more than 20 of these companies, each of them overseeing more than A$200 million in assets. “A lot of the ones that I meet, I had no idea that there was that level of wealth,” says Parkin, founder of local consulting firm Hall Road Investments. “And I would say that most people haven’t, either.
“I’m just a person that enjoys the cut and thrust of being in business, putting time and effort into picking good opportunities and backing them up,” he says. Cookie-cutter pitches are of little interest. “To invest with someone, I’ve got to meet you, I’ve got to understand you, I’ve got to know you, I’ve got to feel comfortable with you.”
Family offices are typically run by a CEO or chief investment officer and as many as 10 staff members. Insiders say the top job tends to go to someone who’s worked in the founder’s business operations and is already a trusted adviser.
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