According to Barclays Wealth Insight series, 82% of the Indian wealthy trust the next generation to protect their inheritance
According to a survey conducted by Barclays Wealth Insight series, 82% of the Indian wealthy trust the next generation to protect their inheritance. Globally, that number is 65% which states that 35% of the global wealthy do not trust their children to protect their inheritance. In India, 81% of the wealthy surveyed believed it is important to follow in their parents’ footsteps. This is in sharp contrast to countries in the West like UK (8%), the US (12%) and Australia (9%).
The report also highlights that inheritance of wealth at times leads to a burden on the next generation. 50% of the families in India feel that inheritance is a burden against 29% globally. The report, “The Transfer of Trust: Wealth and Succession in a Changing World”, is based on a global survey of more than 2,000 high net worth individuals. It provides an in-depth examination of wealthy individuals’ attitudes towards wealth transfer and succession planning, as well as offering an insight into what the future holds for the next generation. Interestingly, it also looks at how wealth in many cases can act as a double-edged sword, leading to distrust and conflict.
The report reveals that 40% of global wealthy have had direct experience of family wealth leading to disputes. This figure was the highest amongst respondents in India, with 61% of those surveyed stating that they have encountered family conflict due to wealth – a sentiment echoed by respondents in Singapore (53%), Hong Kong (51%) and Monaco (51%). Interestingly, 50% Indian respondents have disinherited a family member out of their will.
Despite all the potential tensions associated with succession and wealth, the report shows that the world’s wealthy (96%) remain committed to passing on their assets to the next generation, with only four per cent of global respondents feeling that this should not be the case.
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