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HomeBusinessCatering to the ultra-wealthy is a booming business in Western Australia

Catering to the ultra-wealthy is a booming business in Western Australia

Peppermint Grove, a suburb of Perth in Western Australia, has everything you’d expect from one of the country’s wealthiest postcodes: sprawling riverside mansions, exclusive schools and a yacht club.

But lately there has been a new sign that Perth’s elite is starting to cross the line between the merely wealthy and the fabulously wealthy. Take a look in any real estate agent’s window and you’ll often see properties advertised with the telltale phrase: “Perfect for a family office.”

Financial centers such as Dubai, London, New York and Singapore have long dominated the rarefied world of family offices – companies that typically focus on a single client worth more than $100 million with services such as money management, taxes, charitable donations and even domestic help . .

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