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Rich enterprise house owners worldwide are more and more rethinking their plans for retirement within the fallout from the Covid-19 pandemic, a survey discovered.
Greater than half of the 920 people and households who personal companies surveyed by BNP Paribas SA and Aon mentioned they’re altering the timetable for stepping away from their firms, with 41% delaying or phasing extra slowly right into a transfer and 13% accelerating it. Entrepreneurs and households surveyed within the US had been extra seemingly than these elsewhere to be contemplating both delaying and accelerating their plans, the businesses mentioned in a report.
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The pandemic is forcing most of the world’s wealthy to rethink their succession preparations, whereas additionally inflicting staff throughout the US, Asia and Europe to reevaluate how they work and dwell. Billionaires will switch greater than $2 trillion throughout the subsequent 20 years to their kids, in response to analysis by UBS Group AG and PwC, and the virus helps speed up that wealth shift.
Wu Yajun, 57, certainly one of China’s richest ladies, put her daughter in command of their household workplace final yr after transferring a stake within the property empire that made their fortune. Mexico’s Juan Francisco Beckmann, 81, not too long ago handed over management of a New York condominium to his daughter after giving her a stake a couple of years earlier in Becle SAB, the proprietor of Jose Cuervo tequila.
Members of the following era “are being increasingly more empowered,” Vincent Lecomte, BNP Paribas Wealth Administration’s chief government officer, mentioned in an interview. Older enterprise house owners are sometimes delaying retirement to “guarantee a easy transition.”
© 2021 Bloomberg
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