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Between now and 2048, an estimated 124 trillion family assets will be approved thousands of years and General Z from Generation X, which is the first massive transfer of its kind. This is such an important event that its name is named after the transfer of great wealth, and this is an event that began to appear in the mid -2010’s, which is catalyst because of the retirement of the Baby Boomer.
Called a market research firm Seroli and Associates It is estimated that out of $ 124 trillion assets, which will be transferred, about $ 105 trillion will be inherited directly through heritage and $ 18 trillion will go to a charity. Swiss banking giant UBS in it 2024 Wealth Report, It is estimated that $ 83 trillion globally will be passed within the next two decades, and that these assets will be a major part of these assets in the Asia -Pacific region. A recent Mac Cancity Report These assets circulating in this eastern region could cost $ 5.8 trillion by 2030.
As a The heir of the fourth generation Hong Kong’s oldest transport company, from Koon Motor Bus Company, I inherited Family In a really young age due to premature death in my family. Nevertheless, I succeeded in advancing the business as a director and a figure head, which I believe in research shows that at least 90 % of family wealth is often lost by it. The third generation. I am in a unique position to talk about this topic because Baby Boomer is looking to move to young generations.
How will the older generation be transferred to wealth and successfully set up in the coming years, in the concerns that I understand the three most prominent points.
Related: Great transfer of wealth LOYSELF 3 Ways to prepare yourself
1. Thousand -year -olds and General Z’s financial interest
Most family elders, especially in Asia, are very concerned about how they will work on educating their children about family assets and businesses. How much will their heirs be willing to take over a business that lasted for more than a hundred years? This is a common concern because of the fact that families are currently organized in some ancient companies in the world.
This concern has grown beyond the fact that Baby Boomers and General X have significantly different attitudes about money than their heritage, as these races have been subject to the purpose of “job for life” with intense focus on retiring for retirement. According to an article of Financial timesThe thousand-year-old (1981-1996) lacks financial education, which is likely to increase credit card debt, while General Z is a short-term financial point of view compared to its elders.
2. Emotions can be on the path of discussion
Whenever a great transfer of wealth is mentioned in the family business, the game can have different feelings. Older generations usually hesitate to discuss more openly with the younger generation on financial matters, which can work as a hindrance to effective communication. In addition, it may be difficult for younger generations to talk about inheriting wealth and business, because they often mean death.
When it comes to running a company, even in the younger generations, their elders can have significantly different views, with evidence that they are more socially familiar with matters affecting the world, such as climate change, AI revolution and globalization, while the protection of the older generations is more conservative and more conservative. These differences can talk about business succession about hot and more disagreement and family disputes. This is one of the main reasons why families have delayed the important conversation that can negatively affect the smooth transfer.
Related: Family Company is a complicated business to move to the next generation
3. Rush for the transfer of wealth
An article that is written Embroidery It is evident that the outbreak of 2020 has intensified the transfer of inter -wealthy due to unexpected, non -time deaths. According to Treasury Statistics, many members of the younger generation, especially in the UK, are unexpectedly beneficial to air, which states that the inheritance tax record was collected between 2021 and 2022: $ 6.1 billion.
Research Capital Group It has also been found that the high network families are actually accelerating the transfer of wealth to their heritage, in a survey conducted by 600 European people, Asia -Pacific and the United States, the report states that 65 % of the general X and thousands of years of heirs said that they had increased their heritage in their heritage. I have increased.
With these concerns to be trapped in the minds of older generations, it is wise to plan well for family business only for a major transfer of wealth. Get these difficult conversations initially with your heritage so that unexpected shifts do not shake your family’s assets. And even more importantly, it is important to ensure that the purpose of family wealth is well described in this rapidly complex and unstable world, and for this, meaningful conversation between races needs to continue. Family businesses can no longer rest in their honor.
Related: Running a family business means you need to prepare your children to take power.
Between now and 2048, an estimated 124 trillion family assets will be approved thousands of years and General Z from Generation X, which is the first massive transfer of its kind. This is such an important event that its name is named after the transfer of great wealth, and this is an event that began to appear in the mid -2010’s, which is catalyst because of the retirement of the Baby Boomer.
Called a market research firm Seroli and Associates It is estimated that out of $ 124 trillion assets, which will be transferred, about $ 105 trillion will be inherited directly through heritage and $ 18 trillion will go to a charity. Swiss banking giant UBS in it 2024 Wealth Report, It is estimated that $ 83 trillion globally will be passed within the next two decades, and that these assets will be a major part of these assets in the Asia -Pacific region. A recent Mac Cancity Report These assets circulating in this eastern region could cost $ 5.8 trillion by 2030.
As a The heir of the fourth generation Hong Kong’s oldest transport company, from Koon Motor Bus Company, I inherited Family In a really young age due to premature death in my family. Nevertheless, I succeeded in advancing the business as a director and a figure head, which I believe in research shows that at least 90 % of family wealth is often lost by it. The third generation. I am in a unique position to talk about this topic because Baby Boomer is looking to move to young generations.
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