UBS said Asia-Pacific’s next generation of wealthy heirs is relying more heavily on wealth managers and family offices for succession planning than peers in North America and Europe, signaling a shift in how the region’s ultra-rich families are preparing for the transfer of businesses, assets and decision-making authority.

The Swiss bank’s findings, released in its inaugural Global Next Generation Report and reported by Reuters on May 12, place the Asia-Pacific region at the forefront of a private-wealth transition that UBS estimates will move about $83 trillion in assets globally over the next two to three decades. The data suggest that succession planning in the region is becoming more formalized, more professionally advised and more closely linked to the future role of heirs in family businesses and investment structures.

According to UBS, more than 40% of Asia-Pacific families surveyed are either already transferring wealth or actively planning to pass wealth to the next generation. Roughly 72% of heirs in the region are looking first to wealth managers and family officers for succession support, compared with 42% in North America and 19% in Europe, Reuters reported.

The difference matters for private banks, advisers and family-office platforms because Asia-Pacific wealth creation has often been tied to first-generation entrepreneurs, family-owned businesses and cross-border assets. As founders age and younger family members assume larger roles, banks are competing not only on investment performance but also on governance, education, philanthropy, tax coordination, estate structuring and access to international networks.

Young Jin Yee, co-head of UBS Global Wealth Management Asia-Pacific, said the findings show that families in the region are taking a more structured and deliberate approach to intergenerational transition. She also said the next generation is telling UBS that access to a strong global network is a key factor that differentiates wealth managers.

The report’s conclusions sit within a broader reassessment of private banking strategy. For years, wealth managers have expected younger heirs to be more willing than their parents to change advisers, use digital platforms, allocate to private markets or impact investing, and question inherited governance structures. UBS’s findings suggest a more nuanced picture: next-generation clients may want faster service, broader networks and more modern investment discussions, but many still value institutional continuity and advisory relationships already embedded in their family’s financial affairs.

The Straits Times, citing the same UBS report, reported that 51% of respondents globally indicated a preference to continue working with either the same wealth manager as their parents or another adviser within the same institution. That finding challenges a common industry assumption that inheritance events automatically create a high risk of client attrition for incumbent private banks. For large wealth managers, it strengthens the case for engaging heirs before assets formally transfer, rather than waiting until estates are settled or ownership changes have already occurred.

Succession planning is increasingly being treated as a multi-year process rather than a single event. UBS’s report said nearly a third of surveyed families worldwide are already transferring wealth, while parents and senior wealth holders typically lead the first conversations. The bank’s broader report also said many next-generation family members believe transfer discussions should begin earlier, including during childhood or adolescence, because heirs often absorb expectations about responsibility long before they take legal ownership of assets.

For Asia-Pacific families, the issue can be especially complex. Many large fortunes in the region are tied to operating businesses, concentrated ownership stakes, property portfolios, family-controlled holding companies and cross-border residency or education patterns. Succession planning therefore extends beyond investment allocation. It can involve deciding who will manage the family business, how voting control is structured, how siblings or cousins share economic benefits, whether professional executives should play larger roles, and how family members communicate around sensitive subjects such as mortality, control and fairness.

UBS’s report frames wealth transfer as a transfer of responsibility as much as a transfer of assets. That distinction is central to the advisory opportunity. A bank that helps a family build governance structures, educate younger members and coordinate external legal or tax experts may become harder to replace than a bank positioned only as a portfolio manager. For heirs, the need for professional advice may increase as family balance sheets become more global and as younger decision-makers navigate investments, philanthropy, business succession and reputational issues at the same time.

The Asia-Pacific figures also indicate that family offices are becoming more important as institutions in their own right. In the region’s major wealth hubs, including Singapore and Hong Kong, family offices have grown as families seek more control over portfolio construction, private-market access, succession governance and philanthropy. Wealth managers increasingly work alongside those structures rather than simply serving as the sole adviser. UBS’s reference to both wealth managers and family officers reflects a market in which advisory ecosystems can include private bankers, investment consultants, lawyers, accountants, trustees, operating executives and family governance specialists.

The report arrives as global private banks are intensifying competition for Asian wealth. Singapore has expanded as a booking and family-office hub, Hong Kong remains a major gateway for mainland Chinese and regional capital, and other markets across Southeast Asia and India continue to produce new entrepreneurial wealth. For global banks, retaining the next generation is critical because assets under management can fragment when wealth passes from founders to multiple heirs, geographies or entities.

The findings also have implications for adviser hiring and product design. If younger heirs in Asia-Pacific put a premium on global networks, wealth managers may need to combine local relationship coverage with cross-border capabilities in investment banking, asset management, philanthropy, private markets and estate planning. Advisers who can connect families to education programs, peer networks, business contacts and institutional opportunities may become more valuable than advisers focused narrowly on portfolio reporting.

UBS’s broader report says the next generation covers a wide age range, including inheritors, leaders and founders who may be under 21 or above 45, with many respondents between 26 and 40. That broad definition is important because the transition of responsibility can happen gradually. Some heirs may begin by attending family business meetings or investment reviews; others may take board roles, manage philanthropy, lead a family office, or assume responsibility for a specific portfolio sleeve before becoming principal decision-makers.

The shift may also reshape investment conversations. UBS’s public summary of the report said 30% of surveyed next-generation family members are interested in sustainable and impact investing, while The Straits Times reported that traditional assets such as stocks and bonds remain dominant among respondents and that cryptocurrency holdings remain relatively limited. That combination suggests younger heirs may seek to broaden mandates around purpose and long-term impact without necessarily abandoning mainstream portfolio construction.

For wealth managers, that means succession advice cannot be separated from portfolio strategy. A family preparing to transfer assets may need liquidity planning for tax or inheritance obligations, diversification away from concentrated business exposure, governance rules for private investments, and a framework for philanthropic or impact commitments. The more complex the transition, the more likely families are to seek institutional support from advisers with experience across jurisdictions and asset classes.

The Asia-Pacific emphasis on professional advice also reflects cultural and generational change. In some families, succession discussions have historically been delayed because of sensitivities around hierarchy, death, control or unequal roles among family members. UBS’s findings suggest younger heirs and senior wealth holders are increasingly willing to approach the topic earlier and more formally. That change could support more durable family governance, but it may also raise expectations for advisers to manage emotional and interpersonal dynamics rather than only technical planning.

The private banking industry has long viewed the great wealth transfer as both an opportunity and a risk. The opportunity lies in advising families through one of the most important financial transitions they will face. The risk is that assets can leave incumbent institutions when heirs choose new advisers or divide family wealth among multiple platforms. UBS’s report suggests that, at least in Asia-Pacific, professional advisory relationships may become more important during the transition, not less.

The competitive stakes are significant for UBS, which is one of the world’s largest wealth managers and has a major presence in Asia-Pacific. After its acquisition of Credit Suisse, UBS has expanded its scale across global wealth management, though the integration also increased the importance of client retention, relationship continuity and disciplined growth. Succession planning offers a way to deepen relationships with ultra-high-net-worth families beyond transactional investment services.

The report may also influence how regional private banks position themselves against global rivals. Domestic and regional institutions can emphasize local knowledge, cultural fluency and family-business relationships, while global banks can highlight international booking centers, investment access and cross-border advisory infrastructure. The UBS findings indicate that the most successful firms may need both: trusted local relationships and the ability to connect heirs to global networks.

For family offices, the report reinforces the need for institutionalized processes. As more families prepare for transition, informal decision-making may become harder to sustain. Families may need investment committees, family councils, constitutions, education programs, conflict-resolution procedures and clear rules for joining the family business or accessing shared capital. Advisers able to support those structures may capture more durable mandates.

For heirs, the increased use of professional advice does not necessarily mean a passive approach. UBS’s report indicates that next-generation family members often step forward once transfer conversations begin. That can create a more collaborative model in which senior wealth holders initiate discussions, but younger family members help define future priorities, including global diversification, entrepreneurship, philanthropy, technology adoption and impact investing.

The broader market context is also changing. Volatile interest rates, geopolitical tensions, shifting tax regimes and uneven growth across major economies make long-term wealth transfer more complex. Families with assets across jurisdictions may need to account for regulatory changes, currency exposure, residency decisions and business continuity risks. In that environment, succession planning becomes a strategic wealth-management function rather than a purely legal or administrative exercise.

UBS’s findings point to a central conclusion for the wealth industry: Asia-Pacific heirs are not merely waiting to inherit. They are preparing to manage, govern and reinterpret family wealth through professional networks. That preparation gives large private banks, family offices and specialist advisers a growing role in shaping how capital moves between generations, how family enterprises evolve and how younger wealth holders define stewardship.

As the $83 trillion global transfer unfolds over the coming decades, the firms that build relationships with both current wealth owners and their successors may be better positioned to retain assets and win new mandates. In Asia-Pacific, UBS’s report suggests that the next generation is already sending a clear message: succession planning is becoming earlier, more structured and more professionally guided.