According to a report released on December 24 by Hanwha Life’s Inheritance Solution Institute, individuals with substantial wealth in South Korea generally worry that they are not adequately prepared for inheritance and asset gifting. However, it is the stark generational differences that are shaping the root causes of conflict 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 greater emphasis on the timing of wealth transfer. The report also highlights contrasting views on family business succession.
The institute published Journey of Wealth 2025, its first in-depth study tracking the entire lifecycle 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 vastly different life experiences among grandparents, parents, and children, leading to fundamental differences in attitudes toward wealth.
Focusing on two key wealthy groups those aged 30–40 and 60–70, which are critical stages in wealth transfer the report goes beyond tax planning to explore broader questions such as how wealth is created, preserved, and passed on.
To enhance objectivity and depth, the institute conducted an online survey of more than 1,000 wealthy individuals nationwide, along with 20 in-depth interviews.
The findings reveal widespread concern about insufficient preparation for inheritance and gifting, alongside clear generational divides. Younger respondents prioritize fair and strategic asset allocation, while older respondents emphasize the timing of transfer and express a desire for long-term, family-tailored advisory support.
A similar gap appears in attitudes toward family business succession. Older generations worry about the capabilities of their heirs, while younger generations stress adaptability and the ability to develop strategies aligned with changing market conditions.
Notably, among those aged 30–40 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 being able to shape their own futures.
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 one focused on wealth transfer, Journey of Wealth 2025 closely examines generational differences in perceptions and concerns surrounding inheritance. This report aims to bridge the understanding gap between generations passing on wealth and those receiving it. The institute will continue to provide insights and solutions as a long-term partner throughout clients’ life journeys.”
Established in 2024, Hanwha Life’s Inheritance Solution Institute offers specialized advisory services to high-net-worth clients on inheritance, gifting, and investment, while also facilitating networking among entrepreneurs and investors. The institute plans to continue researching emerging concerns of the wealthy and to publish the Journey of Wealth report annually.
Sources: The Korea Times