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 |
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
This profile is based on publicly available information at the time of publication. It may not reflect current operations and should not be treated as a complete picture. We publish what we can verify — not everything that exists.
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