How Asia’s next generation is rewriting legacy through entrepreneurship

WHAT happens when the next generation does not want to inherit, but to build instead?

For decades, the expected path for heirs was to inherit the family business, preserve what was built and ensure continuity across generations. Today, that expectation is being re-examined.

Asia stands on the cusp of one of the largest intergenerational wealth transfers in history, with US$12 trillion set to change hands over the next 15 years.

Yet, the path from one generation to the next is becoming less linear, as more families consider what succession, ownership and legacy should look like in a changing world.

According to the UBS Global Entrepreneur Report 2026, one-third of entrepreneurs in the Asia-Pacific plan to transition business ownership within the next 10 years, while another 36 per cent expect to do so later, with the remainder not yet considering a transition.

Globally, only 23 per cent of those considering an ownership transition within the next five years intend to pass the business to the next generation.

UBS’ Billionaire Ambitions Report, published annually for the past 11 years, reflects this shift. In 2023, two-thirds of Apac’s multigeneration billionaires chose not to follow the family legacy.

By 2025, more than three-quarters of Apac billionaires surveyed indicated they wanted their children to succeed independently rather than rely on inherited wealth.

In our recent UBS Leadership Excellence and Development Series – or Leads – next-generation programme for 18-to-25-year-olds, which has been running in Singapore since 2005, many participants shared that their senior family members do not expect them to take over the family business.

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What stands out is their curiosity, energy and drive to build something of their own. This is not a rejection of legacy, but a reinvention.

Instead of stepping into established roles, many are seeking to expand the reach of the family enterprise, redeploying capital, networks and expertise into new sectors, geographies and business models. In doing so, they are transforming legacy from a fixed inheritance into a dynamic platform for growth.

Beyond legacy

The question, increasingly, is no longer whether to inherit, but how to build beyond that inheritance.

For many, legacy is no longer a destination but a launch pad. Next-generation entrepreneurs are founding and backing ventures that are digital-first, globally scalable and sector-diverse, often with a strong focus on sustainability and social impact.

Singapore offers a growing number of examples. Founders and Businessman of the Year winners such as Anthony Tan of Grab and Charles Wong of Charles & Keith have built platforms that extend far beyond traditional sectors and their home markets.

Wong and Tan – the latter founded his venture in Malaysia – have made Singapore their base for global expansion.

These are not isolated success stories. They point to a broader structural shift in how wealth, ambition and entrepreneurship intersect.

Ecosystems powering the next generation

Singapore and South-east Asia sit at the centre of this transformation. As a global wealth hub, Singapore provides access to capital, institutional expertise and a deep ecosystem of talent.

The rise of family offices, venture platforms and private capital networks in the city-state underscores how wealth is increasingly being mobilised towards new enterprise-building.

At the same time, Singapore serves as a strategic gateway to South-east Asia’s high-growth markets.

For the next generation of entrepreneurs, this creates a powerful combination: a stable base paired with access to dynamic growth markets. It allows them to anchor their operations in Singapore while building ventures that are regional in footprint and global in ambition.

Rather than waiting to assume leadership roles, many of the next generation are choosing to build in parallel, creating new ventures that complement and extend the reach of family business interests.

As this shift accelerates, the role of supportive ecosystems becomes increasingly important. Entrepreneurship at this level is rarely a solitary endeavour.

Access to structured networks, ranging from investor communities and founder platforms to cross-border industry groups such as the UBS Growth Entrepreneur Network and the Industry Leader Network, is playing an increasingly critical role.

These ecosystems facilitate collaboration, co-investment and knowledge exchange, while helping next-generation entrepreneurs navigate complex decisions around scaling, governance and capital deployment.

Just as important are close-knit communities of like-minded peers – such as the Young Investors Organization – which create spaces for the next generation to learn from one another in conducting cross-generational dialogue, and explore how family capital can be preserved while pursuing new opportunities.

While Apac multigenerational families turn to wealth managers as the top source of advice for the broader wealth transfer discussion, peer learning remains an important source of support for the next generation globally, the UBS Global Next Generation Report 2026 indicated.

In this context, the transition under way is not only from ownership to stewardship, but also from stewardship to active enterprise-building.

The defining characteristic of South-east Asia’s next generation is not whether they inherit, but how they choose to build.

Legacy, in this context, is no longer confined to preserving what has been created. It is being reimagined as a launch pad for reinvention, one that supports the creation of new industries, new business models and new forms of value.

For many, the question is no longer whether to step into existing shoes, but how to extend the journey into new terrain. They are not leaving legacy behind; they are redefining its boundaries.

The writer is co-head of global wealth management for Apac and country head, UBS Singapore