Lombard Odier’s research shows that wealthy Asians want to preserve their wealth across generations, but many still lack basic succession planning.
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Wealthy families in Asia want to preserve their wealth across generations, but many still lack basic succession planning, according to new research from Lombard Odier.
In a survey of more than 390 high-net-worth individuals in Asia Pacific with net investable assets of $1 million or more, 64.2% of respondents said preserving family wealth across generations is their top priority when considering wealth transfers.
However, only 26.9% said their family had a complete succession plan in place, and 39.4% said they had no succession plan at all.
The findings highlight what the Swiss private bank described as an “intent-execution gap” among Asia’s high-net-worth individuals, many of whom remain unprepared despite increased awareness of succession risk.
The issue is becoming increasingly urgent as large-scale intergenerational wealth transfers occur in Asia and the rest of the world, especially among first-generation entrepreneurs looking to pass on their businesses and fortunes to their children.
John Woods, Asia chief investment officer at Lombard Odier, warned that without stronger governance and planning frameworks, many families risk wasting their wealth.
“These kinds of concerns about this discrepancy are concerning to me,” Woods said during a roundtable discussion accompanying the report’s release.
“If (the majority of) the customers we surveyed weren’t seriously thinking about estate planning, they wouldn’t hold on to their assets for long,” he added.
In the Asia-Pacific region as a whole, Japan, the Philippines, Malaysia, and Hong Kong stand out as having weaker succession preparations. Approximately half of respondents in these markets said they either had no succession plan or felt such a plan was not relevant to them.
The study also found that many older families still do not meaningfully involve younger generations in discussions about governance and wealth. More than a quarter of baby boomers surveyed said their families have never discussed clear shared goals regarding wealth.
Louisa Lu, head of Asia wealth planning at Lombard Odier, said many wealthy Asians continue to delay succession negotiations, citing cultural sensitivities and a lack of urgency.
Communication remains a major barrier, especially in Asia, where discussions of inheritance and wealth transfer are often considered taboo. Almost 29% of respondents cited lack of open communication as a key governance challenge.
“Many families are completely unprepared when something unexpected happens,” she says.
