Keeping family wealth is serious business

Banks in Singapore said they have seen more interest in such schemes that allow parents to turn to initiatives that prepare the next generation to handle their wealth.
Banks in Singapore said they have seen more interest in such schemes that allow parents to turn to initiatives that prepare the next generation to handle their wealth.PHOTO: AFP

Some parents turn to banks' schemes to prepare offspring for handling their inheritance

Going into the jungles of Borneo to learn about sustainability or getting a taste of military training in Britain are all part of programmes that teach life lessons, so that the descendants to local fortunes can stay rich.

Maintaining family wealth is no longer just a matter of passing money down to children, but a serious business that has parents turning to initiatives that prepare the next generation to handle their wealth.

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A version of this article appeared in the print edition of The Straits Times on January 06, 2020, with the headline 'Keeping family wealth is serious business'. Print Edition | Subscribe