by Suman Gupta
Mumbai, March 16, 2021: Knight Frank, an international property consultancy, in their Attitudes Survey 2021, cited that 84% of Indian UHNWIs have reassessed their attitudes to succession planning in light of Covid-19. UNHWI’s from countries such as Canada (90%), Turkey (85%) and South Africa (80%) has primarily redefined succession planning; globally, around 60% of UHNWIs have reassessed their succession planning during the pandemic.
According to the survey, 30% of ultra-wealthy Indians placed ‘transferring of wealth to the next generation’ in the top three worries than 16% who see it as an exciting opportunity. In the global context, 28% of UHNWIs respondents positioned this in the top three worries, and 23% of respondents see opportunity in 2021. When asked respondents whether they had reviewed their succession plans towards property investment owing to the on-going pandemic, globally, 48% of family offices have reassessed their attitudes to succession planning, compared with almost 60% of UHNWIs.
Survey: Have UHNWIs reassessed their attitudes to succession planning during the pandemic?
(Top 4)
%Respondents |
Canada |
Turkey |
India |
South Africa |
Yes |
90% |
85% |
84% |
80% |
No |
10% |
15% |
16% |
20% |
Source: Knight Frank Research
Survey: Worrying and exciting sign for UHNWIs wealth in 2021
%Respondents |
India |
Asia |
Global |
Wealth transfer to the next generation(Worrying) |
30% |
4% |
28% |
Wealth transfer to the next generation(Exciting) |
16% |
29% |
23% |