UOB Private Bank, in collaboration with Boston Consulting Group (BCG) and the National University of Singapore (NUS) Business School, has released a White Paper examining intergenerational wealth transfer among high-net-worth families in Asia. The report, titled “The Asia Generational Wealth Report 2025: Succession in a new era,” draws on insights from more than 220 individuals and families across the region.
The study finds that Asia’s private wealth is expected to reach USD 99 trillion by 2029. Despite this significant growth, nearly half of first-generation wealth holders are not taking proactive steps to plan for succession. The report notes that many Asian businesses are relatively young and lack established governance structures for transferring leadership and assets.
Mr Chew Mun Yew, Head of UOB Private Bank, stated, “The Asia region is rapidly expanding as a dominant force in the global private wealth market. We see this in UOB Private Bank’s HNW client base too, which has more than doubled from 2021 to today. 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.”
He added, “As a third-generation bank ourselves, we have seen how early engagement, thoughtful planning and guided conversations can transform succession. This White Paper pulls together helpful insights from both experts and regional HNW families, aiming to help other HNW families initiate meaningful conversations and provide practical guidance for smooth wealth succession.”
Mr Ernest Saudjana, Head of BCG in Southeast Asia, commented on the urgency of succession planning: “Asia’s private wealth is projected to reach USD 99 trillion by 2029, underscoring the urgency of succession planning today. 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. More than 60 per cent of the region’s HNW individuals are also already over 60, with much of their wealth tied to family businesses. With many founders now at the age of handover, continuity planning is no longer optional, but essential.”
According to the White Paper findings:
- Younger generations (aged 30-35) tend to invest more heavily in equities (52 percent) and digital assets (33 percent), while older generations (aged 60+) prefer traditional investments such as property.
- A large majority (91 percent) of first-generation business owners want leadership kept within the family; however, almost one quarter note heirs’ lack of interest.
- Many families delay discussing succession until prompted by health or business issues—37 percent cite health problems and 43 percent cite business circumstances as main triggers for handovers.
Associate Professor Yupana Wiwattanakantang from NUS Business School said: “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.”
The report recommends several strategies for successful generational transitions:
- Professionalising management through external appointments or partnerships.
- Establishing formal governance structures like family charters.
- Designing ownership models that balance control with fairness.
- Ensuring intangible assets such as networks and industry knowledge are transferred deliberately through mentorship or board participation.
Families are encouraged to work closely with relationship managers to develop customised plans that integrate both business continuity and personal legacy goals.
The full report can be accessed at https://go.uob.com/AsiaGenWealthReport2025.