Families and Fortunes : Accumulation, Management Succession and Inheritance in Wealthy Families

Based on interviews with 43 individuals fromBusiness Review Weekly's 'Rich 200' list of Australia's largestfortune-holders, this study sheds light on the roles of family relationships inwealth accumulation, succession, and inheritance. Despite the decline of familycontrol in the largest companies around the world, the role of the family incapitalist enterprises continues to be important, as can be seen by itsdominant role in small and medium-sized enterprises (SMEs). Family relationships continually influence the process as small businessesgrow in size and complexity. They also play a pivotal role in the transmissionof wealth through generations. As business owners consider dynastic ambitions,tax minimization, and trust, they create "loose structures" such asholding companies and family offices to facilitate fortunes being dispersedamong individual family members. Moreover, it is possible that familyinstitutions reflect a rise in "network forms of organization" that aregrounded in personal trust, at the expense of large companies. (LKB)