12. Paspaley family

Published 24 July 2013 14:28, Updated 24 July 2013 16:35

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12. Paspaley family

Nick Paspaley of Paspaley Pearls. Photo: Andrew Quilty

$915 million

up $15 million

  • SECTORS: RURAL (PEARLING), PROPERTY, AVIATION
  • MAIN RESIDENCES: SYDNEY, DARWIN

While the Paspaley name is most readily associated with South Sea pearls, the Paspaley Group has been generating its wealth from a diverse range of interests under chairman Nick Paspaley.

Paspaley and his sisters, Marilynne Paspaley and Roslynne Bracher, inherited the business from their late father, Nicholas Paspaley snr. Nick began working in the family business in 1970 after finishing university, and his son James is executive director of Paspaley Pearls.

The Paspaley Group’s interests include aviation, rural and industrial investments and a portfolio of properties in Australia, Hong Kong and the United States. About 10 family members are still involved in the business.

In December 2012, they began construction on the 20-storey Charles Darwin Centre in Darwin, which will provide offices for the Northern Territory Government and the new Paspaley Pearls headquarters. The family is responsible for about 70 per cent of Australia’s annual pearl production.

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