Asia's next generation, globally-educated and financially-literate, are taking control of their fortunes | Fortune

"Wealth managers are increasingly letting the next generation of Asia's wealthy "call the shots" in how to manage their money, amid an intergenerational wealth transfer that could shift as much as $5.8 trillion in assets by 2030. Previously, Asia's rich were "typically very busy with business, so they looked to bankers to help them manage their wealth," Alice Tan, head of group wealth management for Malaysian bank Maybank, tells Fortune. The next generation, however, usually has an overseas education and comfort with financial instruments. "Some are even the chief investment officer in their family offices," Tan says."

"Wealth management providers are thus taking a step back, allowing younger clientele to "call the shots," and instead engaging them in "healthy, intellectual discussions" on finance. Maybank is new to the wealth management space, establishing its private banking wing in 2013. Tan joined a year later, after stints at investment firms like Coutts & Co and Credit Suisse. Tan says she was drawn by the "opportunity to build something," particularly at a bank that had already achieved success in wholesale and commercial banking, yet lagged behind in serving high-net-worth individuals."

Next-generation heirs in Asia are taking primary roles in family investing, often due to overseas education and comfort with financial instruments. Some younger family members act as chief investment officers within family offices. Wealth management firms are responding by allowing younger clients to lead decisions while engaging in more intellectual financial discussions. Maybank launched its private banking wing in 2013 and expanded wealth offerings across privilege, premier, private, and Islamic segments. Maybank reported $15.1 billion revenue in 2024, holds $240 billion in assets, is Southeast Asia's largest Islamic bank, and is concentrated in Singapore, Malaysia, and Indonesia.

Read at Fortune