As the centre of gravity of world wealth tilts ever eastward, Asia is entering a pivotal chapter in its financial evolution; however, behind the region’s meteoric rise in wealth lies a quiet and complex story, one of family legacy, generational transition and the subtle but seismic task of succession, according to a recent report.

Asia is not just creating wealth, it is now confronting the challenge of preserving it, responsibly and collectively, across generations, finds the Asia Generational Wealth Report 2025 published by UOB Private Bank, Boston Consulting Group ( BCG ) and the National University of Singapore ( NUS ) Business School.

By 2029, Asia’s private wealth, the report notes, is forecast to reach in the region of US$99 trillion, accounting for a quarter of global holdings. However, this wave of prosperity is coming up against a demographic reality.

Over 60% of Asia’s high-net-worth ( HNW ) individuals are above the age of 60, with much of their wealth embedded in family enterprises, as such, succession, once seen as a matter of tradition, has now become a high-stakes corporate and in some instances, an emotional negotiation.

Legacy, leadership

At the heart of the report is a deep exploration of the values and vulnerabilities of succession planning. Founders, many of whom built empires during Asia’s growth decades, often tether their identity to their businesses.

Their successors, however, may bring an open-minded global education, wider social aspirations and a more diversified view of wealth.

Notably, 28% of founders cite a lack of interest among next-generation family members as a key succession concern. Yet, 72% still hope to hand over control to their children, even though a quarter of these successors are seen as underprepared. This reveals, the report argues, a deeper struggle: the tension between preserving a legacy and preparing heirs to transform it.

“I have seen how family decisions reverberate far beyond the household,” notes Yupana Wiwattanakantang, an associated professor from NUS Business School. “Strong family businesses drive growth, create jobs and shape communities. Helping families navigate this transition, therefore, is not only a private matter but holds broader economic and social importance.”

The risk of conflating ownership with control is a recurring theme throughout the report. Many families default to the model of “inherit and lead”, expecting heirs to seamlessly become business stewards.

Yet, this may not reflect, as the report articulates, the heirs’ strengths or ambitions. In fact, a growing number of next-gen individuals prefer to remain shareholders, using their influence to guide the business rather than manage it directly.

This calls for a professionalization of management. Exemplars like Toyota and Merck have demonstrated that family firms can thrive when leadership is handed to capable professionals, with the family retaining strategic oversight through carefully structured governance.

Asia, by contrast, still hesitates. Its family firms, younger on average than those in the US or Europe, tend to retain direct control. But that hesitancy could prove costly. Without structured governance, succession becomes a patchwork of informal influence, leaving room for confusion and fragmentation.

“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 institutionalized and tested governance structures,” says Chew Mun Yew, head of UOB Private Bank. “As a third-generation bank ourselves, we have seen how early engagement, thoughtful planning and guided conversations can transform succession. This white paper [report] 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.”

Contemporary succession

Succession is not a moment, the report also stresses, it is a process. And at the heart of that process lies governance. Family charters, shareholder forums and independent boards are not bureaucratic layers; they are mechanisms that align vision, prevent conflict and enable durable decision-making.

Yet, the data from the report is sobering. Nearly 40% of founders are willing to hand over power only under duress, whether through health deterioration or market pressures. This reluctance to “let go” hinders the empowerment of successors. As one interviewee in the report notes: “My brothers run the business, but still seek our father’s approval for all major decisions.”

Succession must be treated as a gradual empowerment, one that involves preparing the next generation, not just through formal roles, but with the intangible assets that define a family business: reputation, networks and values.

Another tension, the report underlines, is that of fragmentation. An equal division of wealth, seen as fair, can fracture business control. Among families with more than US$30 million in assets, 63% cite ownership structuring as a major challenge. The solution, it appears, lies in a stewardship mindset: deploying holding companies, family trusts and purpose-built foundations to balance equity with authority.

This is especially important as family estates diversify. The younger cohort increasingly favours digital assets and impact investing, alongside traditional real estate and equities. This evolving portfolio composition demands sophisticated structures to ensure smooth intergenerational transfer.

“Singapore and Hong Kong have emerged as key destinations for wealth inflows, with more than 80% originating within Asia,” adds Ernest Saudjana, head of BCG in Southeast Asia. “Much of this wealth remains tied to relatively young family businesses, where leadership transitions are complex and still evolving. More than 60% 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.”

Real success

What ultimately emerges from the report is not a checklist of succession tactics, but a philosophy. True succession, it argues, is not simply about transferring wealth, it is about preserving unity and purpose. Families that succeed do not only think about tax and control. They think about education, shared values, philanthropy and how to write a narrative that endures.

The report is not just a diagnostic of Asia’s wealth transfer challenge, it could be viewed as a call to action. It urges families to start early, professionalize boldly, structure wisely and govern transparently. Alongside intergenerational challenges, the report offers lessons and practical frameworks to support successful wealth transfers within families.

Asia’s great wealth handoff is well underway, and those who plan with both foresight and flexibility will not only safeguard their legacy, but redefine it. The road to generational success in Asia is not paved by inheritance alone, but by intention, clarity and cohesion.