In a report by DBS Private Bank and EY, The Asian family office: key to intergeneration planning, it is revealed that 70 percent of wealthy families typically lose their wealth by the second generation and by the third generation, it rises to 90 percent.
This knowledge coupled with economic, financial and regulatory risks, as well as the impact of the digital economy are the main reasons driving wealthy families to set up family offices in Asia’s financial centers such as Singapore and Hong Kong. Further, the desire to preserve family legacy is strong as the founding patriarchs and matriarchs advance in age.
To read the full report, click here.
