Crazy rich Asians: the next generation – and the struggle to make a success of succession

• As Asia’s richest families prepare to hand down US$2.5 trillion in wealth by 2030, long deferred succession plans have been thrown into sharp relief

• But intergenerational tensions persist over the way that money is handled and invested, and how family businesses should be run, wealth managers say

Nirvana Chaudhary, the eldest scion of Nepal’s wealthiest family, may run the day-to-day operations of a massive conglomerate whose businesses span financial services, packaging and communications, but when it comes to the big decisions, he’s beholden to the family’s investment committee.

“Believe it or not, there are times when I want to do so many things but the investment committee says no, and I have to respect that,” he said. “This is about discipline as well and we believe in having good constitutions, councils, and standard operating procedures.”

Su-Lin Tan

https://www.scmp.com/week-asia/people/article/3253023/crazy-rich-asians-next-generation-and-struggle-make-success-succession?campaign=3253023&module=perpetual_scroll_0&pgtype=article