June 23, 2024

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

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Perth, the world’s most remote big city, becomes a family office hot spot.

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(Bloomberg Markets) — 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 lately there’s a new sign that the Perth elite are starting to tip over the line separating the merely rich from the fabulously so. Glance in a real estate agent’s window, and you’ll often see properties advertised with a telltale phrase: “Perfect for a family office.”

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Bloomberg News

2024-05-27 18:18:52

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