Wholesale client is also referred as sophisticated investor.
S708(8) of the Corporations Act characterises Sophisticated investors as:
(a) Investors making investments where the minimum amount payable for the securities on
acceptance of the offer by the person to whom the offer is made is at least $500,000; OR
(b) The amount payable for the securities on acceptance by the person to whom the offer is made
(i) Has net assets of over $2.5 million; OR
(ii) Has a gross personal income over the last 2 years of at least $250,000, which is evidenced by a Qualified Accountants Certificate.