Asia’s wealth boom accelerates: Who will control $99 trillion by 2029

According to The Asia Generational Wealth Report 2025: Succession in a New Era, published by UOB Private Bank and Boston, Asia’s share of global private wealth has risen from 6% to 21% over the past 25 years, driven by rapid economic expansion and the rise of family-owned enterprises in economies such as China, Singapore, and Indonesia. Singapore and Hong Kong remain the region’s key financial centers, with Singapore serving as a politically neutral, tax-friendly hub, and Hong Kong acting as the main bridge to Mainland China’s economy.

As the region’s financial power grows, the report highlights an emerging challenge: intergenerational succession. More than 60% of Asia’s high-net-worth individuals are over 60 years old, and much of their wealth is tied to family businesses. Without structured inheritance planning, large portions of these fortunes risk fragmentation. The study notes that nearly one-third of founders maintain full control over family assets, while 28% have wills that remain undisclosed to heirs, often leading to internal disputes and loss of cohesion.

Researchers emphasize that succession remains a sensitive topic for many families. While 72% of founders consider their children likely successors, almost a quarter believe they are not yet ready to lead. The report calls for early planning, transparent communication, and the establishment of family governance mechanisms such as charters, councils, and trusts to ensure unity and effective wealth transfer across generations.

The findings also reveal shifting attitudes among younger heirs. Many prefer launching independent ventures or pursuing social-impact initiatives instead of inheriting family enterprises. This trend, combined with the growing share of digital assets-now among the top three holdings for more than a quarter of respondents-adds complexity to succession and estate planning. The authors recommend integrating digital and cross-border assets into comprehensive frameworks to avoid disputes and ensure smooth transfers.

The report concludes that the main threat to Asia’s wealth is not market volatility but inadequate succession preparation. Families are encouraged to replace secrecy with structured, open dialogue and to plan transitions that preserve both financial assets and family harmony.

As Qazinform News Agency reported earlier, a recently published Oxfam report stated that billionaire wealth increased by $2 trillion in 2024, growing three times faster than in 2023.