84% of ultra HNIs have been reassessing their attitudes to succession planning since covid-19 happened, says a report by Knight Frank on Attitudes Survey 2021.
Globally, around 60% of ultra HNIs have reassessed their succession planning during the pandemic. In countries like Canada (90%), Turkey (85%) and South Africa (80%) have primarily redefined succession planning.
According to the survey, 30% of ultra-wealthy Indians are worried about transferring wealth to the next generation. In fact, they placed this worry among their top three worries.
On the other hand, 16% ultra HNIs see transferring wealth to the next generation as an exciting opportunity.
In the global context, 28% of ultra HNIs respondents positioned this in the top three worries, and 23% of respondents see opportunity in 2021.
Survey: Have ultra HNIs reassessed their attitudes to succession planning during the pandemic?
|
%Respondents |
Canada |
Turkey |
India |
South Africa |
|
Yes |
90% |
85% |
84% |
80% |
|
No |
10% |
15% |
16% |
20% |
Source: Knight Frank Research
The survey finds out that 89% of ultra-wealthy Indians are excited about new investment opportunities opening up post covid-19.
Shishir Baijal, Chairman & MD, Knight Frank India said, “The hard-hit global pandemic has disproportionately affected the older generations for growing wealth, making them reassess their succession planning attitudes. The younger generation can lead their wealth to new heights as they come equipped with a different thinking process and tech-savvy background. Despite being a challenging year for the Indian economy and some sectors, Indian UHNWIs are more optimistic about the country’s economic growth and expect their wealth to increase in the year 2021. With its various economic reforms and policy amends, India has attracted global investors, which resulted in a positive outlook for the economy.”
The overall attitudes survey is based on responses from more than 600 private bankers, wealth advisors and family offices representing a combined wealth of more than $3.3 trillion.
