Profits at the Paspaley family’s business empire have slid over the past year as the business increasingly pivots from its historical pearling roots towards a growing portfolio of hotels and luxury cruising operations.
With a fortune estimated by the Financial Review Rich List at $1.52 billion, the Paspaley family has long been the most prominent of the country’s big pearling dynasties, with a string of luxury boutiques. But their finances have long been opaque, with myriad entities for their businesses.