It is important to keep in mind that in family dynasties, ultra-wealthy families share more than financial interests across generations; they also share values and goals. According to Cliff Oberlin, Chairman and CEO of Oberlin Wealth Partners and co-author of Family Fortunes: How Family Enterprises Thrive Across Generations,“These shared moral standards and objectives give family members a solid ongoing commitment to the family. For a family dynasty to exist, each generation must transfer the family fortune in one form or another, along with their core belief system, to subsequent generations.
A family dynasty is defined as a cohesive economic entity where the perpetuation of family wealth, values and objectives lasts for five or more generations. As the research is based on a worldwide sample, we find the appeal of family dynasties is extensive and widespread. For example…“In working with families from Singapore, China, and Korea, who have wealth with family inside and outside their home countries, we find that many of them are interested in the concept and want to know what steps they can possibly take to pass on their legacies across multiple generations,” says Aaron Yen, Senior Partner, Ascendent LLP. “For many of theses families, creating a family dynasty is a high agenda concern.”
