Singapore poll: South-east Asia’s uber rich fear family feuds most, succession planning is the new priority
Malay MailWed, 4 September 2024 at 3:54 pm GMT+83-min read
Malay Mail
SINGAPORE, Sept 4 — A recent poll reveals that ultra-wealthy individuals in South-east Asia are more concerned about potential family disputes arising from inadequate succession planning compared to their counterparts in other regions.
According to The Straits Times (ST), a survey conducted between early April and mid-May with 129 high net worth (HNW) advisers revealed that 41 per cent of their clients in South-east Asia are most concerned about family disputes.
This figure surpasses the 27 per cent reported in North Asia, the Middle East, and Europe.
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In addition to family conflicts, concerns among HNW individuals also include tax issues and delays or inefficiencies in asset distribution, according to a report by Transamerica Life Bermuda today.
ST reported some 35 per cent of participants cited health issues within the family as the primary reason for high net worth clients in the region to review or establish succession plans, compared to around 30 per cent in other regions.
While family offices are the leading concern in the succession and estate planning survey, representing a third of those surveyed. They are followed by wealth managers, private bankers, insurance brokers, and others.
Over half (58 per cent) of those surveyed indicated that minimising taxes and legal fees is the least important goal in succession and estate planning. This is nearly double the 29 per cent reported in other regions.
