For ultra high net worth Chinese families, the ongoing economic globalization is an unprecedented challenge,but also an opportunity.They need optimal international practice strategies to manage their enterprises so they can expand their businesses into overseas markets, keep domestic and overseas assets independent of each other and deal with the multi-jurisdiction tax system. At the same time, their social responsibilities are also steadily increasing in line with their greater influence. In the ten years ahead, ultra high net worth families’ enterprises will pass into the hands of the next generation, but it remains a critically important question as to how to maintain the cohesive force of the family and ensure the inheritance process is smooth. In short, how do we realize the sustainable succession of a business empire?
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For ultra high net worth Chinese families, the ongoing economic globalization is undoubtedly an unprecedented challenge, but also an opportunity. With the rapid globalization of the Chinese economy and the deepening of reform and opening-up, the top echelon of financially successful Chinese families need to have a clear understanding of the domestic and international situation so they can apply a globalized vision in deciding the future direction of their development.
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There's a well-known Chinese saying that goes,“a rich family can't maintain its wealth for more than three generations”. In fact, that saying is not totally groundless. A family business study made by J. Astrachan indicates that 30% of family enterprises can survive to the 2nd generation, 9% to the 3rd but only 3% to the 4th. The study shows that intergenerational succession can be the leading killer of wealth unless there is professional system to help a careful planning and thoughtful arrangement.
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