Local Asian wealth managers lose $10t transfer race to global rivals

Loyalty cannot be assumed, said Deloitte.

Over $10t of personal wealth is expected to be transferred between generations in Asia over the next 20 to 25 years, yet local financial institutions are struggling to capture it, according to estimates by Deloitte.

High net worth and investable assets in Asia reached $27t in 2024, second only to North America.

“Asia Pacific–headquartered firms are growing, yet global brands continue to dominate the league tables,” Deloitte wrote in a report published on 26 August 2026.

Providers face intensifying competition for existing customers, Deloitte said. The next generation also have different investment horizons, risk appetites, and preferences, it added.

“Incumbents can retain customers through advantages in trust, funding and risk, but loyalty cannot be assumed,” Deloitte said.

In China, approximately $3.09t of affluent households’ wealth is expected to be transferred to the next generation over the next decade, according to a report by the Bank of East Asia and Hurun Research published on 30 June.

In a separate report, McKinsey & Company said that relationship managers’ roles must shift from client service to client acquisition.

“Future RMs will require less breadth in product expertise but will need to manage client relationships beyond the beneficiary owner and engage the next generation, transitioning into “life coaches” or “family coaches,” McKinsey wrote in the report, “Building profit resilience in European private banking.”