Goldman Sachs is promoting legacy planning — from succession strategies to philanthropy — as Asia braces for a US$6.1 trillion intergenerational wealth transfer over the next two decades, according to the South China Morning Post.
Carra Cote-Ackah, head of legacy planning and philanthropic engagement at Goldman Sachs’ private wealth management division, told the Post that the Asia-Pacific region’s high proportion of family-owned firms and the rapid growth of family offices made this a “particularly important period” for generational transition. Industry estimates suggest that about 85% of companies in the region are family-run.
“Your family legacy is what you build together, not just what you leave behind,” Cote-Ackah said. She stressed that succession planning should begin early to avoid crisis-driven leadership changes caused by illness or sudden retirement. Clear role definitions within family businesses, she added, can prevent conflicts that often strain multigenerational enterprises.
The call for early and structured planning comes amid high-profile disputes, such as the inheritance battle involving the late Zong Qinghou’s children over China’s Wahaha Group. Without referring to specific cases, Cote-Ackah said family unity relies on continuous communication, sound governance, and “iterative planning,” which can include regular family meetings and a formal constitution outlining members’ responsibilities.
According to research by Altrata, US$31 trillion in wealth is expected to pass to heirs worldwide by 2048, with Asia accounting for about a fifth of the total. The lower share, despite the region’s large number of wealthy individuals, is attributed to donors being younger on average — except in Japan.
Philanthropy, Cote-Ackah said, is emerging as a key tool for fostering shared values across generations. She noted that new wealth creators in Asia are considering charitable giving earlier than their Western counterparts, driven by priorities such as education, elderly care, and environmental issues. Cerulli Associates projects that nearly US$18 trillion — around 15% of global wealth transfers — will go to charitable causes over the next 25 years.
“There is a common narrative that business will fail in three generations, which is not inevitable,” Cote-Ackah said. “We encourage clients to adopt intentional practices that manage risk, promote trust, and strengthen family performance to protect and grow their legacy.”
