Netwealth Group
ASX:NWLInvestment platform and portfolio administration for financial advisers.
Estimated % of Workforce
~33.2%
illustrative, not directly reported by the company
Destination Countries
Modern slavery statement: "We engage a third-party supplier to manage our offshore software development centre in Vietnam. As at 30 June 2025, the Vietnam Development Centre had a team of 102 people."
Financial Context
Market Cap
$5.5B
Revenue
$320M
Net Profit
$120M
Estimated Wage Differential
~$17M/yr
CEO: Matt Heine
$1,500,000
19x avg Australian worker
Illustrative wage differential: if the 204+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$17M/yr (~14.2% of reported net profit). This is an estimate based on industry averages, not company-specific data.
Would this company be profitable without offshoring?
Every dollar paid offshore leaves the Australian economy, reducing local wages, tax receipts, and economic circulation. Why it matters
Financial data: FY2024. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.
In Plain English
- In 2025, Netwealth Group was reported to have 204+ offshore contractors and staff.
- This represents ~33.2% when compared to its current workforce of 615 (illustrative comparison only, not directly reported by the company).
- 🇻🇳 204+ staff reported in Vietnam in IT, Engineering.
Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.
Department Breakdown
| Department | Country | Headcount | Confidence |
|---|---|---|---|
| IT | 🇻🇳 Vietnam | 102 | Estimated |
| Engineering | 🇻🇳 Vietnam | 102 | Estimated |
Offshoring Timeline
| Date | Department | Country | Headcount | Confidence |
|---|---|---|---|---|
| 1 Jan 2025 | Engineering | 🇻🇳 Vietnam | 102 | Estimated |
| 30 Jun 2025 | IT | 🇻🇳 Vietnam | 102 | Estimated |
Other Financial Services Companies That Offshore
Other companies in financial services with reported offshore operations.
| Company | ASX | Reported Offshore | Offshore Destinations |
|---|---|---|---|
| AMP | AMP | 1,000+ | 🇨🇳 China |
| KPMG Australia | 200+ | 🇵🇭 Philippines | |
| ASX | ASX | 100+ | 🇮🇳 India |
| Insignia Financial | IFL | 59+ | 🇵🇭 Philippines |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.
Additional Sources
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This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
Read whyShow less
This list is not complete, and never will be
If a company isn't listed here, that doesn't mean it doesn't offshore. And every number is the lowest we can prove, so the real figures can often be higher.
This started as an ASX 200 project and mostly still is. It has widened as stories landed from outside that list, so it now also covers employers that aren't ASX-listed, like Canva, Allianz Australia, SS&C and Crown Resorts, along with government departments and agencies. Companies get added when something surfaces about them, not by working through a list in order.
Australian companies are under no obligation to disclose where their work is done, and there is no register of offshored jobs. Everything here comes from something that surfaced publicly: an annual report, a modern slavery statement, a news article, a union statement, a government contract, or a tip from someone who was there.
So an absence usually means nobody has reported on that company and we haven't got to it yet, not that it keeps its work onshore. Some of the biggest offshorers say nothing at all. And because each figure counts only what a source actually stated, the real numbers can often run higher, sometimes much higher.
Every figure links to the source it came from, so you can judge it yourself rather than take our word for it. If you know something that is missing or wrong, tell us. Corrections are published, not quietly buried.
This profile reflects public information at the time of publication and may not match current operations. Is something wrong or missing about Netwealth Group? Submit a correction. We welcome input from companies, employees, and researchers.