Cowl of ‘Journey of Wealth 2025,’ a report printed by Hanwha Life’s Inheritance Resolution Institute / Courtesy of Hanwha Life
Excessive internet value people broadly share considerations that they’re insufficiently ready for inheritance and gifting, however sharp generational variations emerge over what drives battle in asset transfers, in keeping with a report printed Wednesday by Hanwha Life’s Inheritance Resolution Institute.
Rich respondents of their 30s and 40s recognized asset allocation as the first supply of pressure, whereas these of their 60s and 70s centered extra on the timing of wealth transfers. The report additionally revealed contrasting views on household enterprise succession.
The institute launched “Journey of Wealth 2025,” its first in-depth research tracing the total life cycle of wealth, from accumulation to switch by inheritance and gifting, considered by a life-stage perspective.
The research famous that Korea’s fast financial progress has produced distinct generational experiences amongst grandparents, mother and father and youngsters, leading to essentially totally different attitudes towards wealth.
Specializing in excessive internet value people of their 30s and 40s and people of their 60s and 70s — each pivotal age ranges for wealth switch — the report strikes past tax planning to look at broader questions of how wealth ought to be created, preserved and handed on.
To reinforce the objectivity and depth of its evaluation, the institute carried out an internet survey of greater than 1,000 rich people nationwide, complemented by in-depth one-on-one interviews with 20 members.
The findings revealed widespread nervousness over insufficient preparation for inheritance and gifting, alongside clear generational divides. Whereas youthful respondents emphasised asset allocation, older respondents positioned higher weight on switch timing and referred to as for long-term, family-specific steerage.
Related gaps had been noticed in household enterprise succession. Older house owners expressed considerations about successors’ readiness, whereas youthful respondents highlighted their very own capabilities, notably the power to develop methods to adapt to market adjustments.
Amongst these of their 30s and 40s who selected to not take over household companies, the commonest cause cited was the need to pursue a unique profession path, with most expressing satisfaction at independently shaping their futures.
“As Korea shifts from an period of wealth accumulation to at least one centered on wealth switch, ‘Journey of Wealth 2025’ carefully examines generational variations in perceptions and considerations surrounding asset succession,” Hanwha Life co-CEOs Kwon Hyuk-woong and Lee Kyung-keun mentioned in a joint foreword.
“The report goals to assist bridge the understanding hole between generations that move on wealth and people who obtain it. The institute will proceed to offer insights and options as a long-term accomplice all through purchasers’ life journeys.”
Established in 2024, Hanwha Life’s Inheritance Resolution Institute offers custom-made skilled consulting on inheritance, gifting and funding for prime internet value purchasers, whereas additionally facilitating networking alternatives. The institute plans to proceed figuring out rising areas of curiosity amongst rich purchasers and to publish the “Journey of Wealth” report yearly.
