High net worth women across Asia say they have an obligation to transfer both wealth and values to the next generation, a new report has found. This intersection raises interesting implications.
More than two thirds of high net worth women (HNW) in Singapore believe society has become more inclusive, and over half said it is more open to wealth generation. The findings form part of a new research report commissioned by RBC Wealth Management and conducted by The Economist Intelligence Unit.
RBC wealth management's 2018 Wealth and Legacy Report explores the changing needs of HNW women as they play an increasing role in wealth management and legacy planning, with a focus on Hong Kong, Mainland China and Singapore.
Greater Availability of Resources
A large proportion of women across the three surveyed markets believe their increased ability to generate wealth is predicated on greater availability of resources that support starting a business. This is augmented by increased openness to wealth generation in society. In Singapore, 42 percent and 58 percent of HNW women agreed with these statements, respectively
High net worth women in Singapore also say they have an obligation to transfer both wealth (69 percent) and values (77 percent) to the next generation. From this perspective, wealth transfer emerges as a potential conduit for values transfer as well.
Interesting Implications
«The intersection of these two points raises interesting implications for investment service providers,» said Peter Corry, head of RBC wealth management Asia. «As more women start businesses and grow wealth across Asia wealth managers have an opportunity and duty to understand and serve the distinct needs of this client segment,» Corry added.
