(May 28): Asia’s rich baby boomers are failing to discuss wealth transfer with family members or establish formal governance structures despite wanting to preserve fortunes across generations, according to a survey from a Geneva-based private bank.
Only 26.9% of high-net-worth individuals surveyed across Asia-Pacific said they had a full succession plan in place, while 39.4% said they had no succession planning at all, according to a study by Switzerland’s Banque Lombard Odier & Cie SA.
The survey suggested older generations are keeping greater control over investment decisions, but also reflected what the report described as a “degree of complacency” towards succession planning.
Wealthy families around the world are preparing to pass down trillions to their heirs. In Asia, many ageing tycoons are grappling with whether to hand over the reins of their business dynasties to their offspring, or hire outside professionals to manage them.
A father-son feud inside Singapore’s richest family underscored what can go wrong, while in Hong Kong, the Cheng real estate dynasty’s debt troubles showed how the city’s next generation of scions faced difficulties in carrying forward their family legacy.
The survey highlighted a sharp divide between generations. Only 13.6% of boomers viewed a smooth transfer of ownership and leadership as a primary concern, compared with 37.4% of Millennials and 30% of Gen Z respondents.
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Regionally, Japan, the Philippines, Malaysia and Hong Kong emerged as some of the least prepared markets for succession, with about half of respondents in each saying they either had no succession plan or indicated such planning did not apply to them.
Generational gap
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The study also pointed to widening communication gaps within wealthy families. Only 5% of baby boomers said a lack of open communication could present problems, while 30% of Gen Z, 32.2% of Millennials, and 32.6% of Gen X respondents highlighted this as a big challenge, according to the survey.
“This could reflect a greater degree of confidence and assertiveness among Boomers, or it may suggest — ironically — a lack of openness by this older age group,” the survey added.
The bank surveyed more than 390 high-net-worth individuals in Australia, China, Hong Kong, Japan, Malaysia, Singapore, Taiwan, Thailand and the Philippines between December 2025 and February 2026. That number included Lombard Odier clients with at least US$1 million ($1.28 million) in investable assets.
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