Australia’s Quiet Wealth Revolution: How Family Offices Are Changing the Game

Let’s talk about something that’s been happening quietly in the background of Australia’s wealth scene: the rise of family offices. If you haven’t heard much about them, you’re not alone. These private firms, set up to manage the fortunes of ultra-wealthy families, tend to keep a low profile. But make no mistake—they’re now some of the most powerful players in the investment world.

So, What’s a Family Office Anyway?

Think of a family office as a private company that looks after everything for a wealthy family: investments, tax, philanthropy, even succession planning. Unlike big super funds or banks, they don’t have to answer to the public or worry about quarterly results. That means they can move quickly and take a long-term view.

Where’s All This Wealth Coming From?

Here’s the thing: Australia’s millionaire population is booming. We’re expecting another 400,000 millionaires by 2028. A lot of this comes from property (which has more than doubled in value over the past decade), business sales, and big intergenerational transfers. And don’t forget superannuation—total super assets hit $4.2 trillion at the end of 2024. That’s a lot of capital looking for a home.

Who’s Running the Show?

Traditionally, family offices were run by the original wealth creators—think entrepreneurs and business founders. But now, we’re seeing the next generation step up. They’re bringing fresh ideas, international experience, and a real focus on impact investing and technology. According to Deloitte, most family offices in our region have only been around for about 15 years, and the sector is growing fast.

How Are They Investing?

Here’s where it gets interesting. Family offices aren’t just sticking to shares and property anymore. They’re diving into private equity, direct deals, and even digital assets like AI and blockchain. In fact, 70% of family offices are now active in private deals, and nearly 9 out of 10 are investing in artificial intelligence.

As Hannes Hofmann from Citi Wealth put it recently:

“These are exciting times for family offices worldwide. They’re refining priorities, reimagining operations, and building resilient portfolios.”

The Tech Advantage

Technology is a game-changer. Family offices are using cloud platforms, big data, and AI to manage complex portfolios and make smarter decisions. But there’s still room to grow—almost half admit they’re not using tech as much as they could.

What About the Next Generation?

Succession planning is a hot topic. Only about 1 in 5 Australian family businesses have a formal plan for handing over the reins, even though everyone agrees it’s important. The next generation is pushing for more ESG (environmental, social, governance) and impact-focused investments, making sure their family’s wealth does good as well as grows.

As Todd Bryant from Signature Wealth Partners warns:

“Without urgent action on succession planning, technology, and next-gen talent, the industry’s reputation—and clients—could be at risk.”

Why Does This Matter?

Family offices are now the quiet power brokers of Australia’s investment landscape. They’re nimble, long-term thinkers, and increasingly professional. As this sector matures, expect even more innovation, impact, and influence from these silent giants.