A founding member of ASEAN, the Philippines is a middle-income
ASEAN Member State but is considered a 'tiger economy' due
to strong growth. In 2024, the Philippine economy maintained a
steady gross domestic product (GDP) growth of 5.6% – the
second fastest in ASEAN – and the outlook for 2025 also
remains bullish, fuelled by lower inflation and higher consumption
and investments.
According to McKinsey analysis*, between 2023 and 2030,
ultra-high-net-worth (UHNW) and high-net-worth (HNW) families in
the Asia-Pacific region are set to experience an intergenerational
wealth transfer estimated at USD5.8 trillion. The primary goal for
the majority of those transferring wealth is to ensure their
hard-earned wealth remains within the family and is used in the way
they would have wanted.
