HSBC Trustee Client Survey 2022: 23% of Next Generation Active in Philanthropy & 85% Preparing to Take Over Family Business, $92 Million Average Per Trust with Total of $221 Billion in 2,400 Trust Structures
14th December 2022 | Singapore
HSBC Global Private Banking has released the HSBC Trustee Client Survey 2022, interviewing HSBC Global Private Banking trustee clients worldwide between May & July 2022, with key findings including 23% of next generation active in philanthropy and 85% preparing to take over family business. More than 50% of families are training their heirs in financial & business fundamentals with ASEAN (55%) and Greater China (40%) sending their next generation to external training, education & employment, compared to around 1/3 (33%) for other region. On key philanthropic goals, 32% of families with foundations or endowments identified education as the key focus, 27% of ASEAN-based families highlighted humanitarian relief or emergency response, and 23% of Greater China families identified support for elderly as the 2nd most important goal. HSBC Trustee manages around $221 billion (Assets under Administration) in more than 2,400 trust structure, averaging $92 million per trust. HSBC Global Private Banking: “High-net-worth individuals and their families, those with a net worth of $5 million or more, are expected to transfer across generations a combined $18.3 trillion by 2030, of which Asia will account for $2.5 trillion.”
“ 23% of Next Generation Active in Philanthropy & 85% Preparing to Take Over Family Business, $92 Million Average Per Trust with Total of $221 Billion in 2,400 Trust Structures “
The HSBC Trustee Client Survey is a research study involving a selection of HSBC Global Private Banking’s trustee clients worldwide. This survey was conducted to provide insight into what these clients viewed as the top priorities, practices and changes they would like to see in the services HSBC provides them. All respondents were interviewed using an online survey conducted between May and July 2022.
HSBC Trustee’s client assets under administration totalled over $221 billion, with more than 2,400 trust structures, employing more than 300 employees globally and providing services from Hong Kong, Singapore, Delaware and New York in the US, and Jersey in the Channel Islands.
The Association of Southeast Asian Nations (ASEAN) comprises of 10 countries – Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Vietnam. Greater China refers to Taiwan, Hong Kong, Macau and Mainland China
HSBC Trustee Client Survey 2022
HSBC Trustee Client Survey 2022
The HSBC Trustee Client Survey is a research study involving a selection of HSBC Global Private Banking’s trustee clients worldwide. This survey was conducted to provide insight into what these clients viewed as the top priorities, practices and changes they would like to see in the services HSBC provides them. All respondents were interviewed using an online survey conducted between May and July 2022.
HSBC Trustee’s client assets under administration totalled over $221 billion, with more than 2,400 trust structures, employing more than 300 employees globally and providing services from Hong Kong, Singapore, Delaware and New York in the US, and Jersey in the Channel Islands.
Key Findings:
1) Next Generation
Next Generation Priorities:
- Strategy & Planning – 44%
- Finance – 36%
- Active in Philanthropy – 23%
Next Generation Taking over Family Business
- Already preparing – 85%
- Greater China – 90%
- ASEAN – 86%
Training Heirs / Next Generation
- Training Heirs in Financial & Business Fundamentals – More than 50%
Next Generation to External Training, Education & Employment
- ASEAN – 55%
- Greater China – 40%
- Other Region – 1/3 (33%)
2) Philanthropy
NextGen Involvement in Philanthropy by Region
- Greater China (Next Generation of 2nd & 3rd generation business) – 46%
- Greater China – 30%
- ASEAN – 27%
- Other Region – 9%
NextGen Involvement in Philanthropy by Business Generation:
- NextGen (of 2nd & 3rd generation business) – 29%
- NextGen (of 1st generation business) – 21%
Most Important Philanthropic Goal:
- Families with foundations or endowments – 32% identify education
- ASEAN based families – 27% highlighted humanitarian relief or emergency response
- Greater China – 23% identify support for elderly (23%) as the 2nd most important goal
Brent York, HSBC Global Private Banking Global Head of Trust & Fiduciary Services:
“We are witnessing a remarkable cross-generational transfer of wealth, with succession planning at the heart of this process. From a growing focus on philanthropy to utilising a variety of means to prepare the next generation, today’s families are making decisions that will have a lasting impact on our future. Our recent client survey provides a glimpse into their priorities and what we may expect as ownership and responsibilities change hands.
Professional wealth planning plays a critical role in helping families protect their financial wealth and ensure an orderly succession of assets. Meeting the unique needs of each family means tailoring strategies that reflect their values and priorities in preparing the next generation, a challenge that we are glad to work on with our clients each day.”
Dorothy Chan, HSBC Global Private Banking Head of Philanthropy Services & Advisory APAC:
“Families in Asia are engaging in philanthropy at an impressive rate and pioneering fresh approaches to meet local and regional needs.
Today’s philanthropists harbour grand visions for their endowments, approaching charitable activities quite differently from their predecessors. They value strategic giving and enjoy rolling their sleeves up and getting involved to further the impact of their resources.”
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The HSBC Trustee Client Survey
The HSBC Trustee Client Survey is a research study involving a selection of HSBC Global Private Banking’s trustee clients worldwide. This survey was conducted to provide insight into what these clients viewed as the top priorities, practices and changes they would like to see in the services HSBC provides them. All respondents were interviewed using an online survey conducted between May and July 2022.
Integral to HSBC Global Private Banking, HSBC Trustee has been working with families around the world and particularly in Asia for over 75 years, building bridges across generations of wealth. As of 30 September 2022, HSBC Trustee’s client assets under administration totalled over $221 billion, with more than 2,400 trust structures, employing more than 300 employees globally and providing services from Hong Kong, Singapore, Delaware and New York in the US, and Jersey in the Channel Islands.
About HSBC Global Private Banking
As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Private Banking seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Private Banking is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group.
The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2.992 trillion at 30 September 2022, HSBC is one of the largest banking and financial services organisations in the world.
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