UOB Private Bank, in collaboration with Boston Consulting Group (BCG) and the National University of Singapore (NUS) Business School, has released a White Paper addressing intergenerational wealth transfer in Asia. The report, titled “The Asia Generational Wealth Report 2025: Succession in a new era,” is based on input from over 220 high-net-worth individuals and families across the region.
The White Paper examines the challenges Asian families face as they plan for wealth succession. It notes that while Asia’s private wealth is expected to reach USD 99 trillion by 2029, many first-generation wealth holders are not actively preparing for handovers. According to Mr Chew Mun Yew, Head of UOB Private Bank, “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.”
Mr Chew 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, highlighted 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.”
Key findings show that generational differences affect investment preferences; younger cohorts aged 30-35 tend to hold equities and digital assets among their top asset classes while older generations prefer traditional assets such as investment properties. The report also finds that most first-generation business owners want leadership kept within the family but nearly a quarter note heirs lack interest in taking over.
Another issue identified is delayed discussions about succession; many business founders only begin planning after health or business issues arise rather than proactively.
Associate Professor Yupana Wiwattanakantang from NUS Business School stated: “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 White Paper suggests several approaches for successful transfers: professionalising management through external appointments or partnerships; establishing structured governance like formal charters; designing ownership structures early to maintain control; and deliberately passing on intangible assets such as industry knowledge through mentorship.
Families are encouraged to integrate their wealth planning with business continuity strategies and consult relationship managers for tailored solutions.
The full report can be accessed at https://go.uob.com/AsiaGenWealthReport2025.
