According to a report released Dec. 24 by Hanwha Life’s Inheritance Solution Institute, people with significant wealth in South Korea generally fear that they are not adequately prepared for inheritance and asset gifting. However, it is stark generational differences that are driving the root causes of conflicts in wealth transfer, the Korea Times reported.
Wealthy individuals in their 30s and 40s tend to view asset allocation as the main source of tension, while those in their 60s and 70s place more emphasis on the timing of wealth transfer. The report also highlights conflicting views on the succession of family businesses.
The institute has released Journey of Wealth 2025, its first in-depth study that traces the entire life cycle of wealth, from accumulation to transfer, through inheritance and gifting, analyzed through the lens of different life stages.
The study found that South Korea’s rapid economic growth has created very different life experiences among grandparents, parents and children, leading to fundamental differences in attitudes towards wealth.
Focusing on two key wealth groups, those in their 30s and 40s and 60s and 70s, who represent critical stages in wealth transfer, the report goes beyond tax planning to explore broader issues such as how wealth is created, preserved and transmitted.
To improve objectivity and depth, the institute conducted an online survey of more than 1,000 high-net-worth individuals nationwide, along with 20 in-depth interviews.
The findings reveal widespread concern about insufficient preparation for inheritance and donation, as well as clear generational gaps. Younger respondents prioritize fair and strategic asset allocation, while older respondents emphasize the timing of the move and express a desire for long-term, family-tailored advisory support.
A similar gap appears in attitudes towards family business succession. Older generations worry about the capabilities of their heirs, while younger generations emphasize adaptability and the ability to develop strategies in line with changing market conditions.
In particular, among those aged between 30 and 40 who do not wish to take over a family business, the most common reason is the desire to pursue an independent career path. Most expressed satisfaction with the opportunity to shape their future.
In a joint foreword, Kwon Hyuk-woong and Lee Kyung-keun, co-CEOs of Hanwha Life, wrote: “As South Korea transitions from an era of wealth accumulation to an era focused on wealth transfer, Journey of Wealth 2025 takes a closer look at generational differences in perceptions and concerns related to inheritance. This report aims to bridge the gap in understanding between the generations that pass on wealth and those that receive it. The institute will continue to provide insights and solutions as a long-term partner for all customers’ journeys of life.”
Founded in 2024, Hanwha Life’s Inheritance Solution Institute offers specialized advisory services to high net worth clients on inheritance, gifting and investments, while facilitating networking between entrepreneurs and investors. The institute plans to continue researching the emerging concerns of the wealthy and release the Journey of Wealth report annually.
Sources: The Korea Times
