Asia’s private wealth is forecasted to reach one quarter of global total and hit US$99 (S$129.9) trillion by 2029, according to a whitepaper on intergenerational wealth transfer.
Entitled The Asia Generational Wealth Report 2025: Succession in a new era, the report was published by UOB Private Bank, Boston Consulting Group (BCG) and NUS Business School on Nov 11.
The publication notes that Asia’s share of global private wealth has risen from 6% to 21% over the last 25 years, with Singapore and Hong Kong as the main wealth hubs. This is powered by a CAGR of 11%, doubled that of the west.
Presently, with more than 60% of the region’s high-net-worth individuals (HNWI) aged at least 60 years-old, Asia stands at a crossroads for intergenerational wealth transfer. Most of the wealth created by these HNWI are tied to family businesses that operate across diverse jurisdictions and are affected by family dynamics.
UOB’s head of private bank Chew Mun Yew says that wealth transfer is an urgent issue for many of these Asian family-owned companies. He says, “ For many of these businesses, they're only beginning to grapple with wealth transfer for the first time and … are approaching an age where they need to think about these things.
“The next chapter of the region’s wealth will be defined by the complex task of wealth transfer, with many Asian businesses being relatively young and hence lacking in institutionalised and tested governance structures. As a third-generation bank ourselves, we have seen how early engagement, thoughtful planning and guided conversations can transform succession.”
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Ernest Saudjana, Head of BCG in Southeast Asia, says, “Singapore and Hong Kong have emerged as key destinations for wealth inflows, with more than 80 per cent originating within Asia. Much of this wealth remains tied to relatively young family businesses, where leadership transitions are complex and still evolving. With many founders now at the age of handover, continuity planning is no longer optional, but essential”.
One challenge to the wealth transfer process is the lack of proactive planning, leading to reactive decisions. Main triggers for business handovers include health issues (37%) and business circumstances (43%).
Associate Professor Yupana Wiwattanakantang from NUS Business School says, “I have seen how family decisions reverberate far beyond the household. Strong family businesses drive growth, create jobs, and shape communities. Helping families navigate this transition is therefore not only a private matter but holds broader economic and social importance.”
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Associate Professor Yupana cites Toyota as a successful example of an Asian business executing proper succession planning and wealth transfer, with its current chairman the grandson of the company’s founder. She adds that well-planned handovers for listed companies – that are also family businesses – ensure organisational stability and can add value to shareholders.
The report features perspectives from 228 high-net-worth (HNW) individuals who were randomly selected from Asia across seven Asian markets (Mainland China, Hong Kong, Taiwan, Indonesia, Malaysia, Singapore, and Thailand). In addition, nine in-depth interviews were conducted with families mostly with net worth exceeding US$30 ($39.1) million, spanning markets including Mainland China, Singapore, Indonesia, and Thailand.
