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KPMG Private Enterprise and the STEP Project Global Consortium have teamed up to bring together personal insights from the experiences of top family business leaders combined with data on the impact of family legacies in its latest report.
The growth of local family offices in the past five years is driving an increase in demand for investment and management staff, according to KPMG's Australian Family Office Benchmark Report 2023.
Family businesses make up around 70 per cent of all businesses in Australia.
Echoing similar findings by UBS, KPMG has found that of the estimated 70% of Australian businesses that are family-run, only 30% have an established succession plan.