Global growth over the past few decades has generated a record amount of wealth in many parts of the world.
Global growth over the past few decades has generated a record amount of wealth in many parts of the world. Asia is home to 48,245 ultra-high net worth individuals (as of 2018), according to Knight Frank. Europe is home to approx. 70, 627 UHNWIs and is expected to see the number of billionaires increase by 18% by 2023
Yet whether in Asia or Europe, there are lots of challenges that wealthy families face when looking to maintain and grow their wealth, including global economic uncertainty and other risks. These risks are compounded when families have not planned for succession or for a major event or misfortune to happen.
A lack of wealth planning can destroy a family fortune quickly. As businesses change hands from generation to generation or the original driver of the wealth passes away, the inevitable fight over assets and wealth can drain resources. Furthermore, a lack of adequate investment planning, especially across multiple jurisdictions, can lead to a loss of wealth and problematic exposure to foreign succession laws and taxation.
Wealth planning allows you to optimise and protect your assets for your family and future generations. This provides protection in the case of economic uncertainty as well as the passing-on of the main owner of the wealth. Furthermore, wealth planning also involves a lot of complex and very personal decisions and so it is best facilitated and guided by an experienced expert.
A good plan will cover your assets on a broad range of aspects including asset protection, wealth preservation, and integrated estate planning among other areas. It can also involve developing an education plan for the next generation, retirement planning and insurance, making sure that surviving family members’ financial security is not jeopardised. Importantly, it will ensure family members avoid the need to make complex decisions in the absence of the main decision-maker.
Wealth planning should not start when ‘something happens’, a plan should be created now and reviewed periodically. Contact the team of experts of Alpadis Group and start the conversation now. For more information please view our factsheets here