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Across those countries surveyed, the level of preparedness and behaviors are very different in each jurisdiction. Now this may be due to the differences in economic opportunities or regulatory environments, or even the inherent culture within each of these jurisdictions.

Additionally, the Wealth Transfer Report highlights some of the differences between Asia’s HNW families and Western HNW families. Some of these key differences are:

- 64 percent of Asia HNW families have conditions attached to the wealth transfer but in the West, only 26 percent have conditions imposed.
- 51 percent of Asia HNW families intend to gradually gift assets to the next generation during their lifetime but in the West, only 29 percent intend to do so.
- 47 percent of Asia HNW families were told of the value of transfer but in the West, 73 percent of benefactors were told the value of the transfer.

These differences are interesting as they speak to the distinctions in their respective culture’s approach to speaking about money and how money is in fact passed from one generation to the next.

Have you noticed if the next generations will be continuing with family businesses or do they intend to sell them and diversify?

While our report doesn’t cover this, I’ve found in my experience that increasingly the second generations of Asia’s HNW families are well-travelled, educated abroad, and through their own networks, they have their own business opportunities that they are keen to pursue, compared to continuing with a family business.

The drive I’m seeing among the next generation is that they want to be entrepreneurs themselves. I’m also seeing that families are now much more open to supporting the next generation in their entrepreneurial pursuits, including by providing them with the seed money for their ventures.

Some families intend to liquidate their businesses, especially when they see success in the business ventures of the next generation, and of course there are some families that will continue their businesses but prefer hiring professional help to continue to run their business.

Tho Gea Hong is head of wealth management Southeast Asia, at RBC Wealth Management based in Singapore. Prior to RBC, Gea Hong was head of private banking, South East Asia at EFG Bank AG. She was also previously managing director and market director for Singapore, Malaysia and financial advisory center at Merrill Lynch Global Wealth Management.