To preserve their family empires, they will have to learn a thing or two from their elders
firms, the heirs’ fluent English, foreign education and Western social circles makes them the ideal conduit. And these flows are growing: in the past two yearsinvestments in Asia averaged $150bn annually, more than half of America’s $280bn or so, and up from $11bn in 2012, when it was a quarter of America’s. The share of investments indeals in America coming from Asia has climbed, too, from less than 10% by value a decade ago to around a quarter in 2022, according to Dealroom, a data firm .
Impact investing and sustainability-related roles are popular among the millennial plutocrats. Rather than join Hyundai Group, Chung Kyungsun, grandson of its founder, Chung Ju-yung, has set up an impact-investment firm called Sylvan Group, which focuses on companies aligned withSustainable Development Goals. The shift to more vocally progressive views in some areas, like inequality, may be driven by pragmatism too.
Last year Campden Wealth, a consultancy, surveyed 382 global family offices, the investment vehicles that manage dynastic wealth. It found that the majority would prefer the next generation of owners to gain external work experience before taking on the reins.
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