SYDNEY – 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.
But the wealthy don’t live only in global glamour cities. Family offices are now popping up in places like Perth, on the coast of the Indian Ocean, 2,100km from Adelaide, the nearest major metropolitan area, and closer to Jakarta than Sydney. Tattarang’s “bespoke model” helps its founders fund “strong and sustainable businesses across sectors where we believe we will have the greatest impact–for example, renewable energy, critical minerals, agri-food and health technology,” a spokesman said
Consider Perth native Rod Jones, a founder of the education company Navitas. In 2019 a group led by private equity firm BGH bought Navitas for A$2.1 billion, so it was no secret Jones might need wealth management. Other Western Australia family offices share this desire for familiarity. Many are clustered within walking distance of one another in what’s known as the Golden Triangle, an exclusive group of suburbs between the Swan River and the coast.
“Think about how mining eventuates,” he said. “You go out in the middle of nowhere, starting from the most remote capital city in the world. And then from there you drive out 3, 4, 500km, and you start looking around the desert for mining assets and digging.”Australia scraps ‘buy-a-visa’ scheme for wealthy foreigners and shifts focus to skilled migrants
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