The wealth of the richest family in Australia sits at $2.767 billion and has been heavily invested in what has been the most in demand investment of late – property. Melbourne’s Smorgon family has topped the recent BRW Rich Families list for investments in property, cosmetics, horticulture and equities.
24% of the collective wealth of the 50 richest families in Australia also lies in property, second to investments at 28%. Sydney has the most number of families on the list with 20, while Melbourne comprises the biggest share of wealth on the list at 42%.
The full BRW Rich Families list can be found here.
Read more about this on the Property Observer website.