Only a quarter of Middle East HNWIs have succession plans for wealth, family businesses


Alliance magazine


Getting finances in order may be a top priority for many millionaires, but a majority don’t have a plan in place on how their fortunes and businesses will be passed on to the next generation, according to a new survey.

According to research by global wealth and asset manager Lombard Odier, only 24 per cent of established MENA region high-net-worth individuals have a full estate plan in place for their private assets.

The wealth management firm highlighted the importance of succession planning, citing that wealthy families in the region are fast approaching a major transition.

There is a generation gap between HNWIs thinking about estate planning. Over half of older respondents (55 per cent) said they have an estate plan for all their assets, compared to just nine per cent of younger residents.

Of all the 300 individuals surveyed, 27 per cent did not have any succession plan in place for their estate at all – though they are interested in creating one. A third (30 per cent) had a partial plan in place.

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