Building successful business comes before growing personal wealth: report

SINGAPORE - Building a successful business comes before personal wealth growth, formal planning and wealth transfer structures, said a new survey.

Growing the business is the main goal for high net worth business owners in Asia, Africa and the Middle East, where 79 per cent cited it as a mid-term plan, and 58 per cent said it was a long-term plan.

It was a priority for many businesses, where a majority of those surveyed are relatively mature or more than 30 years old.

The report was released by Standard Chartered Private Bank, which was conducted in with Campden Wealth Research, looking at wealth management needs and preferences of high net worth business owners in Asia, Africa and the Middle East.

The research surveyed stakeholders in family businesses with a 2012 turnover, and family net worth in excess of US$100 million, as well as stakeholders in non-family businesses with a 2012 turnover and individual net worth in excess of US$25 million.

Increasing market share is the top goal for 82 per cent of respondents when it comes to growing the business, while 65 per cent also want to increase production capacity and 58 per cent want to expand internationally.