Are HNW and ultra-HNW Chinese families from the Mainland adopting the appropriate strategies to enhance their business and family governance, to organise more structured and professional wealth planning and then to organise more effective estate and legacy transition? These and other key matters are the subject of the Hubbis Digital Dialogue of December 3.
The connection between family and family business wealth in China is as deep as ever. By some estimates, family businesses in China are the most significant sector and contribute 70% of national GDP, employing around 75% of the nation’s workforce. It is therefore of vital importance to them and to the nation at large how they deal with intergenerational wealth transfer and business succession. And it is just as essential to understanding how they are going global and building global enterprises that to some extent match the globalisation of their family wealth and lifestyles.
The wealth and advisory industry is therefore making great efforts to work with these families to help advise them of the family constitution, the family council, family and business governance, and to help them see the connections and to assist them in building their family legacy, potentially their family dynasties.
Mainland Chinese families have also diversified well beyond their home bases in China. So many of such wealthy and ultra-rich families have opened businesses in the US or expanded their assets there, or in Europe. So many of them have family members working in those jurisdictions, or permanently resident there and building their own families. All these developments mean that the right structures must be devised and continually refined in order to ensure that these families can operate and live and transfer wealth in a globally compliant manner.
All these fascinating issues, and others, will be debated by our panel of experts on December 3.
A community of leading organisations within Asian Wealth Management
Senior figures in Asian Wealth Management are speaking at this event
Chinese Families & Wealth – Overcoming Governance & Estate Planning Challenges
- Understanding the key issues faced by wealthy Chinese families in their estate and legacy planning
- What advances are we seeing in family and family business governance?
- How is the traditional Chinese family reconciling its traditions and culture with the demands of global compliance?
- How are the dynamics of multi-generational inclusion playing out, or are these families failing in this regard?
- What are the popular structures and jurisdictions that Mainland Chinese families are working towards and through, and why?
- What roles do Hong Kong and Singapore play in the region for Chinese family wealth, and for the consolidation of family wealth and estate planning through single-family offices?
- Who is doing well in winning these clients’ trust and confidence? Is it the private banks, the independent wealth management firms, the lawyers, or other specialist firms?
- And what are the vital ingredients of success with such clients?
Founder & Chief Executive Officer
Senior Consultant, Tax & Wealth Management
Baker McKenzieNovia Lu
Senior Business Development Manager
Partner, China Family Business and Private Client Services Leader
Withers WorldwidePeter Golovsky
Managing Director, Head of Private Wealth and Family Offices, Asia
Executive Director, Trust Services
Head of HNW Solutions Hong Kong & NE Asia