Who is the richest person in albury

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It is great to see successful multigenerational family businesses gaining recognition from the media.

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Read the article to find out why, even in difficult times, these family groups manage to continue to increase their wealth. David Harland — Family Business Advisor.

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Names such as Tieck and Spooner are rarely mentioned in newspapers. The top 10 all have billion-dollar fortunes. More people means more agendas, more discussions and, sometimes, more trouble.

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Families face the challenge of diversifying assets and accommodating expanding pools of claimants. Wealth maintenance without growth is not an option.

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As a consequence, rich families invest differently to the Rich For the 50 richest families, it is just 48 per cent. In most cases wealth is built in a single company before it is sold and split across asset classes. Wealth is under continual review and reorganisation due to improvement in management processes and the engorgement of family sizes.

More and more of the wealthiest families are moving assets to fourth and even fifth-generation family members.

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Demographics are playing a big role. People are working and living longer and younger generations are sick of waiting for a patriarch or matriarch to die.

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The widening gap between the people in control of a fortune and the person who first built it increases the management challenge for wealthy families. The Rich Families typically have well-defined chains of command. The use of non-family managers is becoming more common as fortunes grow in size and complexity.

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In a difficult year, the average wealth of the returning members of the Rich Families list is up 1. Just one new family debuts on the list this year.

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Jack Hutchinson founded the business in and it is now under fourth-generation control. Low turnover on who is the richest person in albury Rich Families list is common and testament to how good they are at protecting their money.

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They tend to ride out bumps — such as the global financial crisis — much more smoothly than most investors. While the order has changed slightly, it is the same names on the top five this year and the Smorgons remain on top.

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The difference in the asset allocation preferences of the Rich Families, compared with the Richgives insight into their respective objectives. They have less of their wealth in volatile classes such as shares, and more of it in safe investments such as property and at-call cash investments. While there is a clear difference between the charts, they show that both groups are seeking a healthy mix of high growth and defensive investments.

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Rich families also have an apparent fondness for unfashionable industries. Take the Richards family. They have been in the rubbish collection game since Consolidation in the industry has left the Richards family business as the biggest waste management company in the country. Concrete and cement form the basis of the Wagner and Barro family fortunes.

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The cooling of the resources boom has hurt some of the Rich Families. Farming families have always had a strong presence on the Rich Families list.

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Others to have most of their money in rural investments include the Baiada, Menegazzo, McDonald and Casella families. The only family among this group to enjoy an increase in wealth this year are poultry farmers, the Baiada family.

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The Youngs provide the list with its most unusual inclusion. To find out more about growing and maintaining family wealth across the generations contact FINH on 07 Thank you for ing up.

Australia’s 50 wealthiest families

If you have a family business question, you can ask it here confidentially and we will respond within a day. Different Investment Styles Families face the challenge of diversifying assets and accommodating expanding pools of claimants. Playing It Safe The difference in the asset allocation preferences of the Rich Families, compared with the Richgives insight into their respective objectives.

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