The COVID-19 crisis fallout has caused Asian high net worth
(HNW) families to rethink their business continuity plans and has
acted as a catalyst for many to take stock of their wealth
succession plans.
In this piece, Alice Quek, Head of Private Client Services, Asia
at Hawksford, explores the unique features of Asian wealth
protection and how wealth transfer plans have changed due to the
COVID-19 pandemic.
Trusts: to have and to hold
According to research from EY, approximately 85% of
companies in Asia are owned by a family business. The economic
rollercoaster throughout the global pandemic has made it imperative
for these Asian family businesses to build wealth and explore
wealth protection. As such, the different layers of family
dynamics, history, and expectations can create unique
complexities.
