Creating and sustaining a family legacy
Many Singapore pioneer business families have created a family legacy that can be passed down for many generations to come.
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CELEBRATING its 50th birthday this year, Singapore has seen a remarkable story of economic growth over the past decades and a special accolade goes to our country's pioneer entrepreneurs who have been the key drivers of this success story. According to the Wealth X UBS Ultra High Net Worth (UHNW) report 2014, 60 per cent of Singapore's UHNW population is fully self-made, which signifies the prevalent entrepreneurial culture of our population.
Many of these Singapore pioneer families have businesses that still thrive today and have left their indelible mark on various aspects of the community in Singapore. In short, they had created a family legacy that could be passed down for many generations to come. This requires careful forward planning and structure.
Indeed, many business families in Singapore and Asia are currently undergoing a generational transition and family succession planning is becoming an increasingly important topic to them.
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