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S-E Asia's super rich worry over succession, family rows
The Straits Times
|September 04, 2024
Poll shows they are more concerned over these issues than the rich in other regions
The super rich in South-east Asia are more worried that a lack of succession planning could lead to family disputes than those who are well-heeled in other regions, a poll has found.
A survey of 129 high net worth (HNW) advisers between early April and mid-May found that 41 per cent said their clients in the region are most worried about family disputes.
This is higher than the 27 per cent in North Asia, the Middle East and Europe.
Other concerns that the HNW individuals have are tax implications and delayed or inefficient asset distribution, said life insurer Transamerica Life Bermuda on Sept 4.
Family offices top the list among those polled in the succession and estate planning survey, accounting for a third of them. They are followed by wealth managers, private bankers, insurance brokers and others.
About 35 per cent of participants ranked health issues within the family as the top trigger for their HNW clients in the region to review or put in place succession plans. In other regions, it is about 30 per cent of those polled.
This story is from the September 04, 2024 edition of The Straits Times.
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