Julius Baer: Family Legacy Conversation Accelerates in Asia
Legacy has become a major discussion topic amongst ultra-rich families, especially in Asia which is transitioning beyond successsion, according to a report by Julius Baer.
Globally, the top three family topics being discussed amongst the ultra-wealthy were succession planning, individual and family growth opportunities, and building family legacy, according to a Julius Baer report jointly produced with PwC entitled «Family Barometer 2025». For the first time ever, legacy-building became a top three family-related topic with a particularly strong showing in Asia, where it was also ranked in third place.
«In Asia, the legacy conversation is accelerating. Families are moving beyond succession to articulate purpose, identity, and long-term impact across generations,» said Jimmy Lee, global wealth management committee member and Asia regional head at Julius Baer.
On investments, the top three topics discussed globally were geopolitical diversification, real estate investing and inflation protection. On societal topics, taxation was the leader, followed by political stability and intergenerational wealth transfer.
Asia Prefers SFOs
Within Asia, there has been a rapid emergence of single family offices (SFO) with over 2,000 established in Singapore and more than 2,700 in Hong Kong, according to government and industry data. This trend is expected to sustain with 74 percent of families served by a family office opting for the SFO model, according to the report.
Cost and complexity remain as key barriers to establishing dedicated family offices, which has driven interest in hybrid and collaborative models. In terms of functions, Asian family offices prefer to outsource liquidity management (as agreed by 73 percent), investment management (63 percent) and cybersecurity (48 percent) while retaining core control over wealth and succession planning as well as philanthropy advisory.
«In Asia, the family office conversation has evolved from a quiet curiosity into a confident, strategic priority,» the report added. «With generational wealth maturing and families becoming more globally dispersed, Singapore and Hong Kong have emerged as the region’s most dynamic hubs for those looking to simplify complexity and build enduring legacies.»
The report is based on responses from more than 2,800 Julius Baer, PwC and third party experts with 55 percent naming relationship managers as the primary professional touchpoint. The ultra-high net worth clients of these experts are mainly based in Europe (53 percent), Asia (17 percent),Middle East (12 percent) and North America (8 percent).
