Asia's Rich Kids Take Wealth Management Reins

Asia's wealthy are increasingly empowering the younger generation to manage their fortunes, a trend driven by an intergenerational wealth transfer expected to involve up to $5.8 trillion in assets by 2030. Unlike previous generations focused on business and relying on bankers, today's heirs often possess global financial acumen and even lead family offices. This has led wealth managers to adopt a more consultative approach, engaging younger clients in financial discussions.

Maybank, a significant player in Southeast Asian banking with $15.1 billion in 2024 revenue, is adapting to this evolving landscape. Established in 2013, its private banking wing now oversees diverse wealth segments. The bank, Southeast Asia's largest Islamic bank with $240 billion in assets, also sees broad appeal in its Islamic finance offerings, which are attracting non-Muslims interested in ethical investment principles.

The bank aims to expand its wealth management services into markets like Cambodia and the Philippines, leveraging its existing infrastructure. Maybank also eyes growth in Vietnam and Greater China, aspiring to solidify its position as a leading ASEAN financial institution. This strategic expansion reflects a broader confidence in Southeast Asia's economic potential, fueled by a young population and steady growth.