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Mr Lim Chow Kiat, CEO of GIC, Chairman of WMI
Distinguished speakers and guests
Ladies and gentlemen,
It is my great pleasure to welcome you to WMI’s Global-Asia Family Office Summit 2025, and especially to this Owner’s Symposium—a private and exclusive gathering designed for family principals only.
This session is intentionally separate from the rest of the Summit to create a small and intimate setting for families to come together.
Later this morning, we will be joined by professionals from single family offices, and tomorrow, the conversations will expand to include the wider family office ecosystem.
I want to begin by thanking each of you for making the time to be here this morning. We have a diverse group of families represented in the room, coming from the US, Europe, China, India, Japan, ASEAN, and Australia, spanning from the first to sixth generation, across industries as varied as manufacturing, retail, real estate, hospitality, finance, technology, healthcare, and many more.
Setting the Context
Across Asia and around the world, family leaders face a convergence of complex challenges and opportunities—from navigating global risks, making strategic investment decisions, managing the intergenerational transfer of wealth to professionalising family offices with stronger governance and talent strategies. These interconnected themes will be explored throughout the Summit.
Succession planning has emerged as one of the most significant priorities for families globally. McKinsey estimated that by 2030, Asia Pacific will see the largest intergenerational transfer of wealth in history involving US$5.8 trillion of assets, raising profound questions about legacy, leadership, and continuity.
It is against this backdrop that we, WMI, undertook a key research study on succession planning to better understand the barriers families face and the practical steps that can help them succeed.
Today, I am pleased to share highlights from this study.
First, succession is a living practice, not a one-time handover.
Many families get stuck because they see succession as a legal or financial transaction – something you do once and then it’s done. But the families who get this right see succession as a long-term process of capability-building and relationship-building.
Think of it as what we call the Legacy Flywheel. At the start, it can feel heavy and slow—especially when families are unsure where to begin. But with small, intentional steps—regular family conversations, agreed decision-making forums, and a clear sense of purpose—the momentum builds.
Over time, the process starts to run more smoothly, the family grows in confidence, and succession planning shifts from being a daunting task to a natural rhythm that unites and strengthens the family.
Second, philanthropy serves as a powerful bridge-builder in succession
Our research shows that philanthropy plays a pivotal role by serving as a low-conflict area where families can unite around shared values while engaging the next generation in meaningful stewardship development. When families work together on causes they care about, it creates natural opportunities for different generations to collaborate, make decisions jointly, and practice leadership skills in settings with clear purpose but lower stakes than business operations.
By giving younger family members meaningful roles in philanthropic activities, families create pathways for stewardship development that are authentic.
The research shows that families who use giving strategically often find it far easier to have the broader conversations about values, legacy, and stewardship that underpin successful business and wealth transitions.
Three Actions for Families
Our research highlights three simple but powerful actions families can take:
Taken together, these steps can transform succession from a one-time transition into a journey of renewal and unity.
For those who want to explore the findings in greater depth, please scan the QR code on screen to access the full report. You will be the first to receive it, as the report will only be officially released tomorrow.
Philanthropy and PBIG Task Force: A Timely Opportunity
With philanthropy emerging as a powerful bridge-builder in succession, it is timely that WMI is doubling down on our partnership with the Private Banking Industry Group (PBIG), supported by MAS, to take this work to the next level.
Together, we will focus our efforts on strengthening advisor capabilities so that philanthropy becomes a core part of holistic wealth advisory with clients, aligning financial strategies with long-term, purposeful legacy planning.
At the same time, we will partner with the wider ecosystem to foster impact knowledge among families and build a vibrant, enabling philanthropy ecosystem—so that Singapore is not only a leading hub for wealth management, but also a great place for families to do good, create impact, and leave a lasting legacy.
Programmes like WMI’s Changemaker Impact Endeavour Fellowship, CHIEF in short, are designed to support families translate wealth into purpose, scale strategic giving, and create lasting impact.
Fireside Chat Introduction
Ladies and gentlemen, it is now my greatest pleasure to introduce our first session of the Summit – Fireside Chat on Navigating Global Shifts in a Changed World.
We have a distinguished panel with us this morning:
We are privileged to have such exceptional leaders and thinkers with us today. They will share their insights on the big forces shaping our world and what they mean for families seeking to navigate uncertainty and seize opportunities.
With that, let’s dive straight into what promises to be a thought-provoking and inspiring conversation.
