economy
Asia's Rich Fear Losing the Family Fortune
Asia's wealthy families want to preserve their fortunes across generations, but many still lack basic succession plans, according to a new Lombard Odier survey.
TL;DR
- 64.2% of wealthy Asian families prioritize preserving wealth across generations.
- Only 26.9% have a full succession plan; 39.4% have none.
- This 'intention-implementation gap' poses risks, especially with looming generational wealth transfers.
- Japan, the Philippines, Malaysia, and Hong Kong show weak succession preparedness.
- Lack of communication and involving younger generations in governance are major hurdles.
- Cultural sensitivities and a lack of urgency delay succession discussions.