There is a strong trend towards ‘giving back’
Melanie Ison, managing director, Nerine Group, Hong Kong, also says that Asian HNWs are less driven by tax issues and more motivated to ensure their wealth is preserved for future generations.
What changes do you see in Chinese UHNW immigration to the UK and the US?
Chinese people looking to immigrate have historically looked to the United States and the United Kingdom, as well as countries like Canada. The younger generations are often schooled in North America and the UK so it is natural that their move overseas is to these places.
Tell us about your UHNW cases.
Regardless of cultural or geographical individuality, almost all high net worth individuals and families are focused on wealth and business succession and transitioning wealth between generations plays a large part of this thinking. There is also a much bigger focus around governance from both a business and a family perspective.
Do you find yourself advising your clients about philanthropy or charitable projects?
Increasingly we are advising clients on philanthropic activities. There is a strong trend towards ‘giving back’ and this can form any number of variations from a structuring perspective. From the settlor’s view to teaching their children to consider charitable giving.
What trends do you see in the private client sector?
Asian clients are becoming more aware of their wealth planning options and becoming highly selective on who they choose to work with. Asian HNWs are less driven by tax issues and more motivated to ensure their wealth is preserved for future generations and their legacies are wisely looked after by experts they trust and with whom they have built sound, long-term relationships.