Asia Rich Lack Succession Plans as Wealth Nears $99 Trillion

Asian private wealth is projected to reach $99 trillion by 2029, yet many of the region’s wealthiest families are unprepared for the handover of their soaring fortunes, according to a report on Tuesday.

Nearly half of the region’s first-generation wealth holders haven’t made proactive succession plans, according to research by UOB Private Bank, Boston Consulting Group and the National University of Singapore. They found that many only make plans when forced to, with 37% waiting for a health crisis and 43% acting only when business circumstances demand it.