The report, Next-Generation Wealth: The New Face of Affluence, surveyed 53 families, 73% of which had a net worth of more than US$100 million.
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According to the report, 79% of the next-generation respondents considered being a good steward of the family’s wealth extremely important and the desire for more involvement was universally significant. But the older next-gen, those in the 40-49 age bracket, tended to have more information, involvement and control of the family wealth compared with those aged 30-39.
The survey report added that 30% of the next-generation inheritors had already created significant wealth of their own and 17% of the next generation said they were involved with entrepreneurial ventures.
Among the older generation, 29% of the inheritors had also built on family on family wealth. 45% of the next-gen respondents said wealth re-creation was highly important to them, but 28%, a significant minority, said wealth re-creation was of little importance to them.
In general, the older generation planned to pass on more of their wealth to their children than the younger generation did. More than half (60%) of the older generation planned to leave substantially all of their wealth to their children, compared to just 44% of the next generation who felt this way.
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By GlobalData"For ultra-affluent families, wealth transfer can be a complicated process, both emotionally and practically. A goal of the research is to provide unique insights into the needs and concerns of the next generation and those of their elders as they face the challenges of wealth transition," said Douglas Ketterer, head of Morgan Stanley Private Wealth Management in the US.
"These findings have important implications for financial professionals who serve families of significant wealth. One is that they need to think like family advisors in the fullest sense, attuned to the attitudes and psychological disconnects that may exist between generations," Ketterer said.
