With 85% of Asia’s billionaires still the founders of their family businesses – in other words, first generation wealth creators – Asian families are on the cusp of the largest and most significant transition of wealth between first and second generations.
According to the UBS/PwC Billionaires Insights 2019 report, the global billionaire population increased by a whopping 38.9% in the five years leading up to the end of 2018, with 589 individuals becoming billionaires for the first time. Among these, entrepreneurs from China have quickly risen to become the world’s second largest billionaire group, overtaking Russia and second only to the United States. Given this fast-growing wealth in Asia and the impending inter-generational wealth transfer, it is not surprising that Asian families are starting to plan ahead and institutionalise the management of their family wealth.
In my new article published by Wealth & Society, I take a look at how evolving the family office function can support Asian families on this crucial journey. Click below to read: