Russia’s first generation wealthy are ill-prepared to pass on
their wealth to the next generation with many more focused on
wealth creation and immediate business needs following the
financial crisis, according to UBS-sponsored research.
The Campden Research study found more than half (56%) of wealthy
Russians did not involve family members in their businesses with
only 32% of respondents saying they would encourage their children
to become involved in the family business.
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72% said that family members did not currently
have a stake nor would be entitled to do so in the future.
Just 28% of respondents said they used wealth
management services frequently, while 20% admitted they had never
heard the term “family office”.
The research suggested the lack of next
generation involvement was because many were simply too young,
while 80% were in education in Russia or abroad.
Russians retain high-risk/high-return
expectations of their onshore wealth with real estate and equities
the overwhelming asset classes of choice.
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By GlobalDataRespondents also showed a limited
understanding of international financial markets and
instruments.
The 25 respondents to the study are all worth
over $50m, with more than half valuing their wealth at
$100-500m.
