{
  "id": 17206847,
  "title": "Ultra-wealthy families in Asia, including Singapore, lack succession and crisis planning: DBS report",
  "url": "https://urgent.news/2026/10/30/ultra-wealthy-families-in-asia-including-singapore-lack-succession",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T09:20:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/ultra-wealthy-families-in-asia-including-spore-lack-succession-and-crisis-planning-dbs-report"
  },
  "original_language": "en",
  "account": "SINGAPORE – A recent DBS report published on October 30 has revealed that many ultra-high-net-worth families in Asia are not adequately prepared to pass on their wealth to future generations. The report, titled DBS Asian Family Office Almanac 2026: Assessing The Risk Readiness Gap, is based on surveys and interviews conducted between January and May 2026. While 79% of these families aim to transfer wealth to two or more generations, only 21% claim their successors are actively involved in the wealth planning process. Moreover, 43% of families have not yet engaged the next generation in the planning process, highlighting a significant gap in succession and crisis planning.\n\nDBS Bank's Lee Woon Shiu emphasized that for a successful wealth transfer, both generations must share intentions and aspirations. He pointed out that if the initial generation solely bases the plan on their desires, it may not resonate with subsequent generations. To mitigate this issue, Lee recommended involving heirs early on to learn from experience and develop leadership capabilities. Ho Kwon Ping, founder and executive chairman of Banyan Group, shared his own experience of allowing his children to work outside the family business first, stating that external stints would enable them to gain working experience and build self-confidence.\n\nOne of the primary reasons for delayed wealth transfer is the matriarch's or patriarch's desire to remain in control, cited by 33% of respondents. Additionally, 54% of family offices hold assets in the founder's name, and 52% hold them under a personal investment company, creating uncertainty and risks in case of mental incapacitation. The report also identified key person risk, which arises when a family office or business relies too heavily on a few individuals, and 23% of surveyed families did not address this vulnerability.\n\nFurthermore, 23% of families did not plan for potential family conflicts, which can fracture the family legacy. DBS Bank's Aida Soon stressed the importance of open communication and frank dialogue to navigate complex issues related to leadership, governance, and succession. She noted that ultra-wealthy families are looking to transfer various forms of family capital, including intellectual, social, spiritual, and human capital. The report also highlighted that 85% of participating family offices either lack a formal business continuity plan (BCP) or rely on informal arrangements, which can lead to disrupted critical functions during times of change or disruption.",
  "summary": "The study also found that succession is often delayed because founders want to stay in control.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}