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YOUR FAMILY OFFICE FUTURE Turn a bad reputation around


Zinzan Cunningham talks with Ms Z, a young Chinese national studying in Australia, about her insights into the offspring of UHNW Chinese.


T


he wealth that is passed down to the next generation doesn’t last and can be poorly managed because the heir did not go


through the same hardships and doesn’t understand the value of money,” says Ms Z. But, she says, that’s not completely the


fault of the children. “Chinese parents are overly protective


of their children. They don’t want to see their offspring experience what they had to go through. Therefore they spoil their kids and make sure they get the best of everything. “That’s why the second generation


of the wealthy have such a bad reputation. They are irresponsible, unambitious, intolerant, unappreciative and think money can solve everything, which results in their completely different view on value.” She says the ultra-rich parents are now


aware that they have to change the way their children are educated otherwise the family fortune won’t last. “As China is now more open to Western


In a nutshell


Ö Family Offices in Asia-Pacific are growing in maturity. Ö There is a rapid growth of HNWIs in Asia, with China having the second highest concentration of billionaires in the world.


Ö Intergenerational transition of assets and control will provide a boom to the Family Office business in the region, though such a concept is new in the region.


Ö The number of Family Offices, numbering just over 100, does not reflect the boom in regional wealth.


Source: Capgemini Analysis, 2012


culture and has seen the precedence of successful family business last through many generations in other countries, most of the ultra-wealthy families send their children to study overseas and work their way through university to learn the value of money and to gain experience. “In some instances where the family


fortune is passed down to the next generation, they were given the responsibility of managing it; and in a lot of cases they don’t have the skill or the knowledge to be able to do that. They are tied down and are not able to do what they want to do. “So having a Family Office will give them


the flexibility and the chance to succeed with their personal goals and at the same time know their inheritance is being well managed.”


24 FAMILY OFFICE: THE FUTURE


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