Concerns are being raised amongst retirement village representative bodies as to the excessive transfer of family wealth to large multinationals.
President of the NSW Retirement Villages Residents Association Tom Gait is quoted “Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multinationals. Shame about elderly people not having enough money for aged care,”.
The table below gives an example where $1,030,045.30 is no longer destined for the family but is now in the hands of the retirement village operator, all this after just 7 years of retirement village occupancy.
Transfer of Family Wealth to Large Multinationals.