Everyone talks about intergenerational wealth transfer, but it is still useful to see data on how fast this is now proceeding and what the implications are. A new study from Capital Group adds to the mix.

A survey of 600 high net worth individuals in Asia-Pacific, Europe and the US finds that they’re speeding up their transfer of wealth to heirs. Inheritors are receiving wealth at a younger age than in the past.

The data, collected by Capital Group, showed that almost half (47 per cent) of wealth holders inherited directly from their grandparents, a majority (55 per cent) having received between $1 million and $25 million. In Hong Kong, an even higher proportion (56 per cent) are inheriting directly from their grandparents than the global average, the figures showed. 

Intergenerational wealth transfer – comprising tens of billions of dollars/equivalents from the passing generation of Baby Boomers and younger – is a ubiquitous topic in wealth management. With reports noting that some HNW inheritors are often likely to fire their parents’ advisors, firms are understandably determined to connect with the Next Gen. 

“Trillions of dollars are estimated to be transferred from Baby Boomers across the US, Europe, and developed Asia to younger generations in coming decades. Millennials and Generation Z are receiving larger inheritances at a younger age and could benefit from a financial advisor’s market insights and long-term investment perspective,” Guy Henriques, president (main picture), Europe and Asia client group at Capital Group, said. 

“Finfluencers”
Globally, Millennials are more likely to turn to social media and “finfluencers” for investment advice when they inherit (27 per cent) than to financial advisors (18 per cent). In Hong Kong, they are also more likely to use social media than financial advisors.

Almost two-thirds (65 per cent) of Gen X and Millennial inheritors in the research say that they have regrets about how they used their inheritance money, with nearly two in five wishing they had invested more.

Three quarters of wealth holders report challenges in communicating succession planning.

Some 61 per cent said they rely on lawyers and 49 per cent on accountants to handle succession matters, while only about 15 per cent use financial advisors. The survey also found that 79 per cent will leave no specific wish on how their inheritance must be used. 

The study found that APAC inheritors are even more hands-off (82 per cent) in their succession planning.

Singapore 
Among Singapore-based inheritors, to give an example of a specific jurisdiction, 54 per cent of them are receiving wealth directly from their grandparents. Some 12 per cent of wealth holders in the city-state (versus 23 per cent globally) make use of finfluencers. A large number – 68 per cent – of Singaporean inheritors think that AI and other technologies will improve financial advice.

The Capital Group study was conducted by Financial Times Longitude in February and March 2025.