Catering to the Ultra-Rich Is a Booming Business in Australia

-- 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.Xi’s China EV Dream Came True. 10 Years On, Walls Are Going Up

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.

Family offices have some universal attractions. They typically have minimal disclosure requirements and let the rich exert tight control. But in Perth there’s an added fillip: Many locals have a deep-seated skepticism of outsiders. That most definitely includes representatives from big global wealth managers who want to run their money from far away.

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. CEOs commonly take home a salary of A$396,001 to A$500,000, with an additional annual bonus of 21% to 30%, according to a report from consulting firm KPMG and family office recruitment company Agreus Group. That’s more than their peers in Europe, though less than in the US.

Tayyab Mohamed, Agreus’ co-founder, says the market could well grow far bigger: “I wouldn’t be surprised if in a few years Perth becomes a bustling ecosystem.” —With Ben Stupples in LondonJudge rejects former Tim Hortons baker's proposed class action Amid inflation and pandemic-era restrictions, customers at grocery stores are growing increasingly irate — and taking it out on helpless, minimum-wage workers who have little recourse for protection.

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