According to Dr Ronel Williams, Director of Private Clients and Trustee Services at TrustQore Mauritius, who spoke at the recent FISA Conference, there tends to be a depletion of family wealth over generations and this is true across cultures and countries.
Dr Williams cited a 20-year study by US wealth advisory The Williams Group on more than 3,200 families, which found that 70% of affluent families failed to maintain wealth past the second generation, rising to 90% past the third generation.
She unpacked the topic further, explaining pitfalls to be avoided and giving some practical estate planning guidelines to preserve wealth over generations.
Read the article here