Wealthy Asians likely to bequeath US$2.54 trillion to their heirs by 2030, report says

Asia's Tech News Daily

Wealthy Asians likely to bequeath US$2.54 trillion to their heirs by 2030, report says

About 70,000 affluent Asians are likely to transfer an estimated total wealth of US$2.54 trillion by 2030, the third-largest amount after North America with US$10.6 trillion and Europe with US$3.58 trillion, according to the latest report by US-based wealth information and insights provider Wealth-X.

However, if the amount is divided by the total number of wealthy individuals or those whose net worth is more than US$5 million, Asians are likely to pass on an average of US$36.6 million to their heirs and beneficiaries, the second-biggest largesse behind the average of US$43 million from 11,875 citizens of Latin America and the Caribbean, whose total wealth is tipped at US$516 billion.

In North America, there are an estimated 455,490 rich individuals likely to pass on their wealth by 2030, while Europe has 102,828 of such individuals.

Globally, about 680,000 individuals will transfer a collective wealth of US$18.3 trillion, a sum that is “greater than China’s annual gross domestic product of US$14.9 trillion in 2020,” the report said. On average, the affluent set is likely to transfer US$27 million per individual.

There are an estimated 3 million super-rich individuals in the world and a quarter of them “will seek to pass on their estates to the next generation between now and 2030, which will involve the transfer of a staggering level of wealth,” says the report.

“At US$10.6 trillion, North America will account for almost 60 per cent of the cumulative wealth transferred,” according to the report. “The wealthy class in Europe will pass on US$3.6 trillion by 2030, with the region accounting for 15 per cent of all wealth transfers. This is some way ahead of third-ranked Asia, where we expect US$2.5 trillion of wealth to be passed on to the next generation.”

There are more wealthy Asians than Europeans today, but with the exception of Japan, the continent’s wealthy set is generally younger than their European peers, which means that “it will be several decades before a more significant share of these wealth holdings are set to be transferred.”

As of 2019, Europe had the oldest median age at 42, followed by North America at 35, according to a report by Switzerland-based World Economic Forum. In Asia, the median age was 31.

Those who are passing on their wealth are largely male, self-made and interested in sports and philanthropy, according to the report.

“Around 90 per cent are men, most are between the ages of 70 and 80, and at least two-thirds of donors, if not more, have created their own fortunes without the help of inheritance. Philanthropy and sports are their two most popular interests by far,” the report added.

In terms of philanthropy, most wealthy individuals are also likely to donate to education, arts and culture, and health care and medical research.

The world’s wealthy individuals, or those whose net worth exceeds US$30 million excluding their primary residences, largely weathered the Covid-19 pandemic in 2020, according to an April report by property consultancy Knight Frank.

China registered the largest increase of people joining the elite club with 16 per cent growth, followed by Sweden with 11 per cent, and Singapore with 10 per cent.

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