Inheritance concerns differ by generation, Hanwha report finds

(Hanwha Life Insurance)

High-net-worth individuals in their 30s and 40s see the division of assets as the biggest source of inheritance conflict, while those in their 60s and 70s are more concerned about the timing of wealth transfer, according to a new report by Hanwha Life Insurance released Wednesday.

The inaugural Journey of Wealth 2025 report examines high-net-worth individuals across the two age groups, finding that differing historical and economic experiences have shaped distinct perspectives on wealth accumulation, transfer and inheritance.

Generational differences were also observed in approaches to business succession. Parents in their 60s and 70s who currently run family businesses expressed concerns that their successors’ capabilities are not yet sufficient, while a higher proportion of respondents in their 30s and 40s indicated confidence in their own abilities.

Respondents agreed that there is a general lack of preparation for inheritance and gifting, and stressed the need for long-term, personalized guidance that reflects each family’s unique circumstances

“Korean society is transitioning from an era of wealth accumulation to one of wealth transfer. Journey of Wealth 2025 captures the generational concerns and differences related to the high-net-worth wealth transfer process, making it a meaningful reference for both the generation transferring wealth and the generation receiving it to better understand each other,” Hanwha Life Insurance's co-CEOs, Vice Chair Kwon Hyeuk-woong and President Lee Kyung-keun, said in the foreword.

“Inheritance Solution Institute will continue to provide a wide range of insights and solutions, serving as a trusted partner and guide throughout our clients’ life journeys.”

The report was based on an online survey of roughly 1,000 high-net-worth individuals, alongside in-depth one-on-one interviews with 20 participants.

The institute was founded in 2024 to offer customized consulting services to high-net-worth individuals and family business owners. It plans to publish the report on an annual basis.