Tags: australia

Aussies caught up in tax probes

Hundreds of Australians have been caught up in an international tax evasion and money laundering investigation that has already triggered raids, arrests and the seizure of expensive property in Europe. The 346 Australians involved hold unnamed, numbered accounts with a Swiss bank. Minister for Revenue and Financial Services Kelly O’Dwyer said the Australians had links to […]

PwC sees new wealth trend

Australian family businesses are in the midst of the largest transfer of wealth in the nation’s history as baby boomer founders begin to retire and transition out of their businesses. Yet not all of these family businesses are being passed down to the next generation. At PwC we’re presently seeing a move away from business […]

Wealth goes down under

New Zealand can expect to see a 70 percent rise in ultra-wealthy individuals over the next decade. International property consultancy Knight Frank said New Zealand and Australia’s healthy economies and attractive lifestyle were proving attractive with the super-rich. In addition, New Zealand was listed among the most popular second home locations for UHNWIs. “The ongoing […]

Millionaires flee France

There’s been a surge in the number of millionaires around the world who are moving countries, marketwatch.com reports. Some 82,000 high-net-worth individuals, defined as those who have assets over $1 million, left their home countries last year, versus 64,000 in 2015, according to the “Global Health Review: Worldwide Wealth and Wealth Migration Trends.” published by […]

Australian wealth sets record

Australian wealth topped fresh levels in the September 2016 quarter, with most wealth held in property, but a rise in the share market also helped to propel household net wealth higher. However, some analysts are warning households are too highly leveraged and house values could correct over the medium term. As at the end of […]

Aussies confused over wealth

Ninety per cent of Australians, including those with the highest incomes, do not believe they are wealthy. A survey by National Australia Bank’s wealth unit MLC shows that when it comes to riches, Australians are not sure what it means but they do know they are not wealthy. About a third of those surveyed said […]

Australian managers target Deutsche’s funds

Local wealth managers are gearing up to have a crack at securing Deutsche Bank’s funds under management of as much as $500 million, Australia’s Financial Review reports. Street Talk understands between $300 million and $500 million is looking for a new home and Deutsche wants the transfer complete in the first half of 2017. Negotiations stem […]

HSBC targets Australia’s rich

HSBC is looking to cash in on the rising number of business people making multi-million dollar fortunes through closer ties with Asia, launching private banking services in Australia. As part of a local expansion plan, the banking giant is making a new pitch to very wealthy clients, mainly business owners and senior executives, who have […]

Bid to keep Kidman 100% Australian

A group of outback scions has bid A$386 million ($294 million) for all the shares of S. Kidman & Co., trumping an offer from billionaire Gina Rinehart and her Chinese business partner for one of Australia’s largest beef producers. The group, known as BBHO — an acronym based on the family names of directors Tom […]

Australia urged to impose inheritance tax

One of the world’s most controversial economists has suggested the Turnbull Government introduce an inheritance tax to help address rising wealth inequality, which is making it increasingly difficult for middle-income Australians to buy their own homes. Frenchman Thomas Piketty, who has been described as a “rock star economist” and packed out the Sydney Opera House […]