The "Franco Family Perth" most likely refers to the Franco family behind Mimaro Group, a Perth-based private family office built on decades of steel manufacturing and construction. Their estimated wealth sits around $650 million AUD, according to Business News Australia's family office rankings, though the real figure could reasonably be higher given their active property acquisitions as recently as May 2026. This is a private, business-owning family, not a celebrity or entertainer, so verified numbers are harder to pin down than you'd find for a public figure, but there's enough public record to build a credible picture.
Franco Family Perth Net Worth: Who They Are and Estimates
Marcus Holloway
13 Jun 2026
Who exactly is the "Franco Family Perth"?
The disambiguation matters here because "Franco" is a common surname and Perth has multiple people with that name in various industries. Within the context of public wealth and business prominence, the Franco family that stands out in Perth is the one headed by brothers Mario and Ernesto (Andy) Franco, who founded Fero Group, an industrial steel manufacturing and construction company, in 1972.
Mario's sons, including Michael Franco (who served as Managing Director) and another son in a finance director role, carried the business forward until its sale to DSI Underground in 2018. Business News Australia’s company page for DSI Underground says the acquisition was completed in October 2018 and that Fero Group was founded in 1972 by the Franco family [sold it to DSI Underground in 2018](https://www. businessnews. com.
au/Company/DSI-Underground). The family's investment vehicle is Mimaro Pty Ltd, described on their own website as a "private family office founded by the Franco Family. " If you've seen headlines about large land deals in Perth's northern corridor or a record-breaking mansion being built in Dalkeith, that's this family.
It's worth noting that other "Franco" names appear across Perth's professional landscape, and if you're looking for a different individual, such as someone in entertainment, sport, or a smaller business context, this profile may not match. The Mimaro Group Francos are specifically a business and property family, not public entertainers or athletes. That said, they're probably the most financially prominent Franco family connected to Perth in any searchable public record as of 2026.
What public records actually tell us
Because Fero Group was privately owned until its 2018 acquisition by DSI Underground (a subsidiary of DYWIDAG-Systems International), there were no ASX filings, shareholder registers, or annual reports available to the public for most of its operating life. Private companies in Australia are not required to disclose revenue or profit publicly unless they meet specific size thresholds that trigger ASIC reporting obligations. What we do have is a patchwork of useful sources.
- Business News Australia's family office wealth rankings, which list Mimaro's estimated wealth at $650 million AUD
- The January 2018 DSI Underground acquisition announcement, which confirms the Franco family as Fero Group's owners and notes Michael Franco's continued involvement post-sale
- The ACCC's August 2018 clearance of the DSI/Fero deal, confirming the transaction was material enough to require regulatory review
- A May 2026 Northern Valleys News article reporting that Mimaro Group transacted over 400 hectares of land in Bullsbrook, with deals totalling around $100 million AUD including a $15 million deal for 57 hectares
- PerthNow reporting from 2017 linking the Franco family to both Fero Group and the construction of what was described as WA's biggest home on Jutland Parade, Dalkeith
- A 2013 Queensland Parliament Hansard entry praising Fero Group as a family-owned business founded by Mario and Ernesto Franco in 1972
None of these individually give you a definitive balance sheet, but together they paint a consistent story: a family that built a significant industrial business over 46 years, sold it in a major transaction, and redeployed the proceeds through a professionally managed family office into property, mining, infrastructure, and debt instruments.
How net worth gets calculated, and why estimates vary
Net worth for a private family like the Francos is almost always an estimate rather than a confirmed figure, and it's worth understanding why numbers differ across sources. The basic formula is simple: total assets minus total liabilities. The hard part is that private families don't publish either figure. Analysts and journalists typically reverse-engineer wealth by identifying known assets, applying market value estimates, and factoring in reported transactions.
For a family like the Francos, the key variables include the sale price of Fero Group (which has not been publicly disclosed in full), the current market value of their Mimaro property and investment portfolio, and any debt held against those assets. A $100 million land transaction in Bullsbrook sounds large, but if leveraged, the equity position could be significantly smaller. Conversely, if Mimaro holds those assets outright, the portfolio is worth more than a single deal implies. Business News Australia's $650 million estimate is the most credible public figure available, but it's a snapshot estimate, not an audited number, and it could easily be conservative given the 2026 Bullsbrook transactions.
Net worth snapshot: range and what drives it
Taking the available evidence together, a reasonable net worth range for the Franco family (operating through Mimaro) as of mid-2026 is approximately $500 million to $750 million AUD. The $650 million BNA estimate sits comfortably in that range. The lower bound accounts for the possibility of significant leverage on property holdings; the upper bound reflects that ongoing acquisitions like the Bullsbrook deals are adding to the portfolio, and real estate values in Perth's growth corridors have increased materially since earlier estimates were made.
| Wealth Driver | Estimated Contribution | Notes |
|---|---|---|
| Fero Group sale proceeds (2018) | Largest single event | Sale price undisclosed; DSI acquisition was ACCC-reviewed, suggesting material size |
| Mimaro property portfolio | Major ongoing asset | $100M+ in Bullsbrook alone as of May 2026; Dalkeith residential property also held |
| Mining and resources investments | Significant passive allocation | Mimaro website cites mining/resources as a core investment category |
| Infrastructure investments | Moderate allocation | Part of Mimaro's stated multi-asset strategy |
| Debt instruments | Income-generating component | Mimaro describes debt instruments as part of its investment mix |
| Steel/construction legacy (pre-2018) | Historical base | Fero Group operated 46 years before sale; underlying business value fed into family office capital |
Breaking down the assets and income streams
Fero Group: the original wealth engine
Mario and Andy Franco founded Fero Group in 1972 as a steel manufacturing and construction business. Over 46 years it grew into a company large enough that its 2018 sale to DSI Underground required ACCC approval, which is a meaningful threshold. The ACCC review process for mergers and acquisitions in Australia is typically triggered when a target has annual revenue above $10 million or the transaction raises genuine competition concerns in a market. The clearance happening without opposition in August 2018 confirms the deal closed cleanly. The family agreed to reinvest part of the sale proceeds back into DSI, which suggests the total transaction value was substantial enough to leave meaningful liquidity after that reinvestment.
Mimaro Group: the family office model
After the Fero sale, the family formalised Mimaro Pty Ltd as their investment vehicle. This is a classic ultra-high-net-worth move: take liquidity from a business exit and deploy it through a professional family office structure that can access deals and asset classes that aren't available to retail investors. Mimaro's stated focus areas (mining and resources, infrastructure, property, and debt instruments) reflect a diversification strategy designed to generate both capital growth and income across economic cycles. The Bullsbrook land transactions, managed in partnership with Effective Property Solutions, show the family is still making active, large-scale acquisitions rather than simply managing a passive portfolio.
Perth residential property
The Dalkeith mansion on Jutland Parade was reported in 2017 as potentially the biggest home ever built in Western Australia. A May 6, 2017 PerthNow report described the Franco family as owners of Fero Group and said they were building what was believed to be WA’s biggest home on Jutland Parade in Dalkeith biggest home ever built in Western Australia. Dalkeith is one of Perth's most expensive suburbs, with premium waterfront addresses consistently selling above $10 million. The family was also reported to be selling parts of their broader residential property portfolio around the same time, suggesting a consolidation and reallocation strategy rather than simply accumulating property for its own sake.
Cross-checking estimates and avoiding the usual mistakes
When you see a net worth figure for a private family online, the most important question is: what's the source, and when was it calculated? The $650 million BNA estimate is the most traceable figure available for the Francos, but it's an aggregated estimate from a business publication, not a forensic audit. A few things to watch for when cross-checking any number you find:
- Check the date. Property portfolios fluctuate with the market. Perth property values have shifted significantly in recent years, meaning a 2020 estimate could be materially different from a 2026 one.
- Look for the methodology. Does the source explain how they got to their number? BNA's family office list is relatively transparent about being an estimate. Sites that present a single exact figure with no explanation are usually just recycling someone else's guess.
- Don't conflate revenue with wealth. Fero Group would have had significant annual revenue as a major steel manufacturer, but revenue is not profit, and profit is not net worth. The family's actual wealth depends on what margin they earned and retained over 46 years.
- Be cautious with leverage. A $100 million property transaction doesn't mean $100 million in equity. If the deal is 50% debt-funded, the equity contribution is $50 million and the net worth impact is far smaller.
- Separate family members. Mario, Andy, Michael, and other family members may hold assets individually rather than all through Mimaro. The aggregate family wealth might be spread across multiple structures.
If you're looking for a different Franco from Perth
It's genuinely possible your search for "Franco Family Perth" had someone else in mind entirely. Perth has a diverse population and Franco is a surname found across Italian, Spanish, Portuguese, and broader European communities in Australia. If the person you're looking for is an entertainer, athlete, restaurateur, or professional in a different field, the Mimaro Group Francos are not your match. In that case, the most practical step is to use more specific search terms combining the individual's first name, profession, and any known employer or club affiliation.
For comparison, this site covers a range of Franco-named public figures across different industries and professions. Some operate in Perth or broader Western Australia; others are based elsewhere in Australia or internationally. Looking at how different Francos built their wealth across industries, whether through business, sport, or entertainment, reveals genuinely different patterns. A Franco in steel manufacturing and property operates on a completely different financial timeline and scale than, say, a Franco in professional sport or hospitality.
You may also see separate mentions of Franco Stevens net worth, but the figures for this Perth family are still best treated as estimates based on business and property records Franco in steel manufacturing and property. The business-building path tends to produce larger absolute numbers over longer timescales, while entertainment or sport can generate high peak earnings that don't always compound the same way.
What you can reasonably conclude as of June 2026
The Franco family of Perth, operating through Mimaro Group, is a legitimate high-net-worth family with an estimated wealth in the range of $500 million to $750 million AUD. The foundation of that wealth was Fero Group, a 46-year steel manufacturing and construction business sold to DSI Underground in 2018.
Since then, the family has actively redeployed capital through Mimaro into property (including major Bullsbrook land acquisitions worth over $100 million as of May 2026), mining and resources, infrastructure, and debt instruments. The most credible third-party estimate, from Business News Australia's family office rankings, puts the figure at $650 million, and ongoing acquisitions suggest that number is holding or growing. This is private wealth, so treat any single figure as a well-informed estimate rather than a confirmed balance sheet.
FAQ
Is the Franco Family Perth net worth figure the same as Mimaro Pty Ltd’s wealth?
Not exactly. The family’s net worth is their overall balance sheet across assets and liabilities, while Mimaro Pty Ltd is mainly the holding and investing vehicle they use to manage those assets. If Mimaro owns some properties or investments outright, those values may overlap with the family’s net worth, but assets held personally, through trusts, or via other entities can cause differences.
How can the same Franco family net worth number look different across websites?
Most discrepancies come from different valuation dates and assumptions, especially for property and private investments. A source that values Bullsbrook land at a different market price, or assumes different debt levels against the holdings, can shift the estimate by tens or even hundreds of millions.
Why isn’t there an audited net worth statement for this Franco family in Perth?
Because private groups in Australia typically do not publish a complete balance sheet unless they meet specific reporting triggers. Even when there are meaningful corporate records, family-level liabilities and total asset ownership across trusts and entities are often not presented in a single public document.
Does the sale of Fero Group to DSI Underground mean the family is automatically “worth” the sale price?
No. The sale price is only the starting point. What matters for net worth is the after-tax proceeds, how much was reinvested, how much was paid out to stakeholders, and the leverage or debts that remained or were added afterward.
What does leverage do to a Franco family wealth estimate?
Leverage reduces equity. If the family owns large property holdings but those assets are financed with substantial debt, the net worth can be much lower than the gross asset value implied by headline property transactions.
If Bullsbrook land deals were large in May 2026, can net worth be higher than the $650 million estimate?
It’s possible. The $650 million figure is a time-specific estimate from a rankings publication, not a live valuation. If land prices rose further after the estimate date, and if acquisitions were purchased with more equity than assumed, the updated net worth could land above that number.
How can I confirm I’m looking at the right Franco family in Perth (and not another Franco)?
Use identifiers tied to the business and the investment vehicle, for example Mimaro Pty Ltd and Fero Group, plus the founders’ names Mario and Ernesto (Andy) Franco. If the source mentions entertainers, athletes, or unrelated companies, it’s likely a mismatch.
What’s the most useful way to sanity-check a “net worth” article for the Franco family?
Check whether the piece explains asset drivers and debt assumptions, such as property valuations, known investment activity, and whether it cites a credible time reference. If it gives a single number without a valuation basis or date, treat it as lower confidence.
Can the family’s net worth be meaningfully different if their investments are held through trusts or other entities?
Yes. Public reporting may reveal some ownership indirectly but not the full structure. Trust holdings can separate control, tax outcomes, and liabilities from what appears in simple corporate ownership snapshots, which can skew estimates if not accounted for.
Is there a practical range I should use when referencing Franco Family Perth net worth?
A practical approach, based on the article’s logic, is to treat the estimate as a range rather than a point. Use the stated mid-2026 range ($500 million to $750 million AUD) when communicating to avoid implying a level of certainty the underlying data cannot support.
