Next-gen challenge for the wealthy: How to raise good stewards of wealth and values

Raising responsible heirs isn’t easy. There is no shortage of external help, but families will need to step up

Genevieve Cua

Published Mon, Dec 18, 2023 · 6:00 am

Some US$5.2 trillion of wealth is set to be handed down to the next generation over the next two to three decades. But a survey of Apac family offices has found that most believe their heirs are “inadequately qualified” to take over.

ILLUSTRATION: PIXABAY

Mind the Gap

IT’S tempting to think that ultra-wealthy families have it made. Certainly, their resources afford them a lifestyle most can only dream of. Yet, there are more complex – and perhaps far more intractable – challenges too, as illustrated by two recent wealth reports.

The UBS Billionaires Ambitions Report 2023 found that inheritance has outstripped entrepreneurship for the first time as the path to wealth among new billionaires. This, the report said, is a trend that is set to accelerate.

What I found interesting was this: For more than half of billionaires (58 per cent), one of their greatest challenges was “instilling in their heirs the necessary values, education and experience to take...