Netwealth Group
ASX:NWLUnverifiedEstimated % of Workforce
~16.6%
illustrative — not directly reported by the company
Destination Countries
Financial Context
Market Cap
$5.5B
Revenue
$320M
Net Profit
$120M
Estimated Wage Differential
~$9M/yr
CEO
Matt Heine
CEO Total Pay
$1,500,000
CEO earns
14x the average Australian worker
avg Australian salary $110K+/yr
Illustrative wage differential: if the 102+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$9M/yr (~7.5% of reported net profit). This is an estimate based on industry averages, not company-specific data.
Would this company be profitable without offshoring?
Financial data: FY2024. Estimate uses avg AU cost of $110,000+/yr (salary only, excluding super, office, recruitment) 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 102+ offshore contractors and staff.
- This represents ~16.6% when compared to its current workforce of 615 (illustrative comparison only — not directly reported by the company).
- 🇻🇳 102+ staff reported in Vietnam in IT.
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 |
Financial Services Peers
How Netwealth Group's known offshore percentage (16.6%+) compares to reviewed financial services peers.
| Company | ASX | Known Offshore* | Offshore Destinations |
|---|---|---|---|
| AUB Group | AUB | None found | - |
| Challenger | CGF | None found | - |
| Generation Development Group | GDG | None found | - |
| GQG Partners | GQG | None found | - |
| HUB24 | HUB | None found | - |
What Public Sources Say
All information below is sourced from publicly available documents and reporting. Excerpts are direct quotes. Click source links to verify.