Wealthy business owners around the world are increasingly rethinking their retirement plans in the wake of the fallout from the Covid-19 pandemic, survey finds.
More than half of the 920 individuals and families who own businesses surveyed by BNP Paribas SA and Aon said they are changing their business exit schedule, with 41% delaying or moving more slowly towards a move and 13% l ‘accelerating.
Entrepreneurs and families surveyed in the United States were more likely than those elsewhere to consider delaying or accelerating their plans, the companies said in a report.
The pandemic is forcing many of the world’s wealthy to reconsider their succession arrangements, while forcing employees in the United States, Asia and Europe to reassess the way they work and live.
According to research from UBS Group AG and PwC, billionaires will transfer more than $ 2 trillion over the next two decades to their children, and the virus is helping to accelerate this change in wealth.
Wu Yajun, 57, one of China’s richest women, entrusted her daughter with running their family office last year after transferring a stake in the real estate empire that made their fortune.
Mexican Juan Francisco Beckmann, 81, recently handed over control of a New York condominium to his daughter after selling her a stake in Becle SAB, owner of tequila Jose Cuervo a few years earlier.
Members of the next generation “are increasingly empowered,” said Vincent Lecomte, CEO of BNP Paribas Wealth Management, in an interview.
Older business owners often delay retirement to “ensure a smooth transition.”
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