Catering to the ultra-rich is a booming business in Australia

After an almost two-decade-long mining boom, Perth, with a population of more than two million, has 64 centi-millionaires. — Bloomberg

PERTH: Peppermint Grove, a suburb of Perth in Western Australia, has all the trappings you’d expect of one of the wealthiest postal codes in the country: sprawling riverside mansions, exclusive schools and a yacht club.

But lately there’s a new sign that the Perth elite are starting to tip over the line separating the merely rich from the fabulously so. Glance in a real estate agent’s window, and you’ll often see properties advertised with a telltale phrase: “Perfect for a family office.”