Rich Australians Push Into Private Markets as Credit Risks Grow

Wealthy Australians are increasingly steering their money into private markets, reshaping the way the nation’s richest build their fortunes. But the shift is unfolding as global credit risks stir.

The number of high-net-worth individuals allocating money to private assets jumped 17% this year to 171,000, according to a report by LGT Wealth Management in November, with appetite for private credit particularly strong.

Underpinning this rise is the swelling ranks of affluent Australians: LGT estimates there are now 760,000 people regarded as high-net-worth, with assets of A$1 million to A$10 million ($661,000 to $6.6 million) or ultra-high-net-worth — a 10% increase ...